Moreno Evelyn V reduced its holdings in Cisco Systems, Inc. (NASDAQ:CSCO) by 20.4% in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 5,651 shares of the network equipment provider’s stock after selling 1,445 shares during the period. Moreno Evelyn V’s holdings in Cisco Systems were worth $245,000 as of its most recent filing with the Securities & Exchange Commission.
Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Stony Point Wealth Management Inc. lifted its holdings in Cisco Systems by 50.2% during the fourth quarter. Stony Point Wealth Management Inc. now owns 9,935 shares of the network equipment provider’s stock valued at $430,000 after purchasing an additional 3,320 shares in the last quarter. Bristol Advisors LLC grew its holdings in shares of Cisco Systems by 2,077.8% in the fourth quarter. Bristol Advisors LLC now owns 98,000 shares of the network equipment provider’s stock valued at $4,246,000 after purchasing an additional 93,500 shares in the last quarter. CX Institutional grew its holdings in shares of Cisco Systems by 145.3% in the fourth quarter. CX Institutional now owns 4,231 shares of the network equipment provider’s stock valued at $183,000 after purchasing an additional 2,506 shares in the last quarter. Spirit of America Management Corp NY grew its holdings in Cisco Systems by 2.9% during the 4th quarter. Spirit of America Management Corp NY now owns 39,150 shares of the network equipment provider’s stock worth $1,696,000 after acquiring an additional 1,100 shares in the last quarter. Finally, Centre Asset Management LLC acquired a new position in Cisco Systems during the 4th quarter worth approximately $5,980,000. Institutional investors own 69.14% of the company’s stock.
Several analysts recently commented on the stock. Goldman Sachs Group downgraded shares of Cisco Systems from a “conviction-buy” rating to a “buy” rating and upped their price target for the company from $58.00 to $62.00 in a research report on Tuesday, April 16th. KeyCorp increased their price objective on shares of Cisco Systems from $55.00 to $58.00 and gave the company an “overweight” rating in a research note on Monday, March 25th. Jefferies Financial Group increased their price objective on shares of Cisco Systems to $55.00 and gave the stock a “buy” rating in a report on Thursday, February 14th. They noted that the move was a valuation call. Citigroup increased their price objective on shares of Cisco Systems from $52.00 to $56.00 and gave the company a “buy” rating in a research report on Thursday, February 14th. Finally, Credit Suisse Group raised their price target on shares of Cisco Systems from $44.00 to $47.00 and gave the stock a “neutral” rating in a research report on Thursday, February 14th. Six investment analysts have rated the stock with a hold rating, nineteen have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Cisco Systems has an average rating of “Buy” and an average target price of $54.09.
Cisco Systems (NASDAQ:CSCO) last announced its quarterly earnings results on Wednesday, February 13th. The network equipment provider reported $0.73 earnings per share for the quarter, beating analysts’ consensus estimates of $0.72 by $0.01. The firm had revenue of $12.45 billion for the quarter, compared to analysts’ expectations of $12.43 billion. Cisco Systems had a return on equity of 27.58% and a net margin of 25.31%. The business’s revenue was up 4.7% compared to the same quarter last year. During the same period in the prior year, the business posted $0.63 earnings per share. Equities analysts forecast that Cisco Systems, Inc. will post 2.75 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Wednesday, April 24th. Stockholders of record on Friday, April 5th will be paid a dividend of $0.35 per share. This represents a $1.40 annualized dividend and a dividend yield of 2.48%. The ex-dividend date is Thursday, April 4th. This is a positive change from Cisco Systems’s previous quarterly dividend of $0.33. Cisco Systems’s dividend payout ratio is 59.83%.
Cisco Systems announced that its board has authorized a stock buyback program on Wednesday, February 13th that permits the company to buyback $15.00 billion in shares. This buyback authorization permits the network equipment provider to purchase up to 6.5% of its shares through open market purchases. Shares buyback programs are generally an indication that the company’s management believes its stock is undervalued.
In related news, EVP David Goeckeler sold 30,000 shares of the stock in a transaction dated Tuesday, March 12th. The stock was sold at an average price of $52.07, for a total transaction of $1,562,100.00. Following the completion of the transaction, the executive vice president now directly owns 419,439 shares in the company, valued at $21,840,188.73. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, CFO Kelly A. Kramer sold 70,000 shares of the stock in a transaction that occurred on Thursday, February 28th. The shares were sold at an average price of $51.70, for a total value of $3,619,000.00. Following the transaction, the chief financial officer now directly owns 420,696 shares of the company’s stock, valued at $21,749,983.20. The disclosure for this sale can be found here. Insiders sold 115,000 shares of company stock worth $5,926,000 in the last three months. Insiders own 0.03% of the company’s stock.
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Cisco Systems Company Profile
Cisco Systems, Inc designs, manufactures, and sells Internet Protocol based networking and other products related to the communications and information technology industry worldwide. The company offers switching products; routing products that interconnect public and private wireline and mobile networks; data center products; and wireless access points for use in voice, video, and data applications.
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