American Century Companies Inc. lessened its holdings in shares of Cisco Systems, Inc. (NASDAQ:CSCO - Free Report) by 11.3% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 7,025,142 shares of the network equipment provider's stock after selling 897,065 shares during the period. American Century Companies Inc. owned approximately 0.18% of Cisco Systems worth $415,888,000 at the end of the most recent quarter.
A number of other large investors have also modified their holdings of CSCO. Swedbank AB lifted its position in shares of Cisco Systems by 0.6% during the 3rd quarter. Swedbank AB now owns 9,029,594 shares of the network equipment provider's stock valued at $480,555,000 after buying an additional 52,711 shares in the last quarter. Massachusetts Financial Services Co. MA acquired a new position in Cisco Systems during the third quarter worth $16,798,000. Pacer Advisors Inc. grew its stake in shares of Cisco Systems by 5.8% in the 3rd quarter. Pacer Advisors Inc. now owns 682,132 shares of the network equipment provider's stock valued at $36,303,000 after buying an additional 37,424 shares during the period. Lathrop Investment Management Corp raised its position in Cisco Systems by 0.9% in the third quarter. Lathrop Investment Management Corp now owns 214,557 shares of the network equipment provider's stock valued at $11,419,000 after purchasing an additional 1,932 shares during the period. Finally, First County Bank CT lifted its holdings in shares of Cisco Systems by 5.1% in the 3rd quarter. First County Bank CT now owns 21,805 shares of the network equipment provider's stock worth $1,160,000 after acquiring an additional 1,055 shares during the last quarter. Hedge funds and other institutional investors own 73.33% of the company's stock.
Cisco Systems Stock Up 1.3 %
Shares of CSCO stock traded up $0.81 during trading on Wednesday, reaching $61.80. The company's stock had a trading volume of 30,617,380 shares, compared to its average volume of 18,078,896. Cisco Systems, Inc. has a one year low of $44.50 and a one year high of $66.50. The business has a fifty day moving average price of $62.03 and a 200-day moving average price of $58.34. The company has a market cap of $245.86 billion, a price-to-earnings ratio of 26.99, a price-to-earnings-growth ratio of 4.16 and a beta of 0.79. The company has a quick ratio of 0.79, a current ratio of 0.87 and a debt-to-equity ratio of 0.43.
Cisco Systems (NASDAQ:CSCO - Get Free Report) last issued its earnings results on Wednesday, February 12th. The network equipment provider reported $0.77 EPS for the quarter, missing the consensus estimate of $0.91 by ($0.14). Cisco Systems had a return on equity of 26.08% and a net margin of 16.96%. Analysts anticipate that Cisco Systems, Inc. will post 3.04 earnings per share for the current year.
Cisco Systems declared that its board has approved a share buyback program on Wednesday, February 12th that authorizes the company to repurchase $15.00 billion in outstanding shares. This repurchase authorization authorizes the network equipment provider to purchase up to 6% of its shares through open market purchases. Shares repurchase programs are typically an indication that the company's board of directors believes its shares are undervalued.
Cisco Systems Increases Dividend
The business also recently announced a quarterly dividend, which will be paid on Wednesday, April 23rd. Stockholders of record on Thursday, April 3rd will be issued a dividend of $0.41 per share. This is a positive change from Cisco Systems's previous quarterly dividend of $0.40. This represents a $1.64 annualized dividend and a dividend yield of 2.65%. The ex-dividend date of this dividend is Thursday, April 3rd. Cisco Systems's dividend payout ratio is 71.62%.
Insider Buying and Selling
In other news, CFO Richard Scott Herren sold 19,929 shares of the business's stock in a transaction on Friday, February 14th. The stock was sold at an average price of $64.41, for a total transaction of $1,283,626.89. Following the completion of the transaction, the chief financial officer now owns 335,605 shares of the company's stock, valued at approximately $21,616,318.05. The trade was a 5.61 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Thimaya K. Subaiya sold 2,065 shares of Cisco Systems stock in a transaction that occurred on Wednesday, March 12th. The shares were sold at an average price of $60.70, for a total transaction of $125,345.50. Following the sale, the executive vice president now directly owns 191,184 shares in the company, valued at $11,604,868.80. This trade represents a 1.07 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 66,547 shares of company stock worth $4,275,553. Company insiders own 0.01% of the company's stock.
Wall Street Analyst Weigh In
CSCO has been the subject of several recent research reports. UBS Group raised their price objective on shares of Cisco Systems from $62.00 to $70.00 and gave the company a "neutral" rating in a research note on Thursday, February 13th. DZ Bank upgraded Cisco Systems from a "hold" rating to a "buy" rating in a research report on Tuesday, February 18th. StockNews.com cut shares of Cisco Systems from a "strong-buy" rating to a "buy" rating in a report on Wednesday, March 5th. Wells Fargo & Company reaffirmed an "equal weight" rating on shares of Cisco Systems in a report on Thursday, March 6th. Finally, Melius Research raised Cisco Systems from a "hold" rating to a "strong-buy" rating in a report on Monday, January 6th. Seven research analysts have rated the stock with a hold rating, fifteen have issued a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat, Cisco Systems currently has a consensus rating of "Moderate Buy" and an average price target of $66.63.
Read Our Latest Stock Report on CSCO
About Cisco Systems
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Cisco Systems, Inc designs, manufactures, and sells Internet Protocol based networking and other products related to the communications and information technology industry in the Americas, Europe, the Middle East, Africa, the Asia Pacific, Japan, and China. The company also offers switching portfolio encompasses campus switching as well as data center switching; enterprise routing portfolio interconnects public and private wireline and mobile networks, delivering highly secure, and reliable connectivity to campus, data center and branch networks; wireless products include wireless access points and controllers; and compute portfolio including the cisco unified computing system, hyperflex, and software management capabilities, which combine computing, networking, and storage infrastructure management and virtualization.
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