Bank of Nova Scotia grew its position in Cisco Systems, Inc. (NASDAQ:CSCO - Free Report) by 73.6% during the 4th quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 2,646,681 shares of the network equipment provider's stock after purchasing an additional 1,121,857 shares during the period. Bank of Nova Scotia owned about 0.07% of Cisco Systems worth $156,684,000 as of its most recent filing with the SEC.
Several other large investors have also made changes to their positions in CSCO. Mainstream Capital Management LLC acquired a new stake in shares of Cisco Systems in the fourth quarter valued at $132,000. GAMMA Investing LLC increased its position in Cisco Systems by 13.1% in the 4th quarter. GAMMA Investing LLC now owns 93,357 shares of the network equipment provider's stock valued at $5,527,000 after acquiring an additional 10,813 shares in the last quarter. Proficio Capital Partners LLC raised its stake in shares of Cisco Systems by 76.4% in the fourth quarter. Proficio Capital Partners LLC now owns 16,947 shares of the network equipment provider's stock worth $1,003,000 after acquiring an additional 7,338 shares during the last quarter. Oddo BHF Asset Management Sas acquired a new position in shares of Cisco Systems during the third quarter worth approximately $502,000. Finally, Nordea Investment Management AB grew its stake in shares of Cisco Systems by 1.2% during the fourth quarter. Nordea Investment Management AB now owns 18,718,195 shares of the network equipment provider's stock valued at $1,107,930,000 after purchasing an additional 216,632 shares during the last quarter. Institutional investors own 73.33% of the company's stock.
Wall Street Analysts Forecast Growth
Several research firms recently weighed in on CSCO. Citigroup restated an "overweight" rating on shares of Cisco Systems in a research report on Thursday, March 6th. UBS Group upped their price target on Cisco Systems from $62.00 to $70.00 and gave the company a "neutral" rating in a research note on Thursday, February 13th. The Goldman Sachs Group lifted their price objective on Cisco Systems from $56.00 to $63.00 and gave the stock a "neutral" rating in a research report on Thursday, February 13th. Barclays restated an "equal weight" rating on shares of Cisco Systems in a research report on Thursday, March 6th. Finally, StockNews.com downgraded shares of Cisco Systems from a "strong-buy" rating to a "buy" rating in a research note on Wednesday, March 5th. Seven investment analysts have rated the stock with a hold rating, fifteen have issued a buy rating and two have issued a strong buy rating to the company's stock. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average price target of $66.00.
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Cisco Systems Stock Up 1.3 %
CSCO traded up $0.74 during trading on Friday, reaching $57.33. The company had a trading volume of 23,031,744 shares, compared to its average volume of 20,100,346. The company has a market cap of $228.08 billion, a P/E ratio of 25.04, a PEG ratio of 4.16 and a beta of 0.86. Cisco Systems, Inc. has a 12 month low of $44.50 and a 12 month high of $66.50. The company has a debt-to-equity ratio of 0.43, a current ratio of 0.87 and a quick ratio of 0.79. The business's fifty day moving average price is $61.30 and its 200 day moving average price is $59.01.
Cisco Systems (NASDAQ:CSCO - Get Free Report) last announced its earnings results on Wednesday, February 12th. The network equipment provider reported $0.77 earnings per share for the quarter, missing analysts' consensus estimates of $0.91 by ($0.14). Cisco Systems had a return on equity of 26.08% and a net margin of 16.96%. Equities analysts anticipate that Cisco Systems, Inc. will post 3.04 EPS for the current year.
Cisco Systems Increases Dividend
The company also recently announced a quarterly dividend, which will be paid on Wednesday, April 23rd. Shareholders of record on Thursday, April 3rd will be paid a $0.41 dividend. This is a boost from Cisco Systems's previous quarterly dividend of $0.40. The ex-dividend date is Thursday, April 3rd. This represents a $1.64 annualized dividend and a yield of 2.86%. Cisco Systems's payout ratio is presently 71.62%.
Cisco Systems announced that its board has initiated a stock buyback program on Wednesday, February 12th that permits the company to buyback $15.00 billion in outstanding shares. This buyback authorization permits the network equipment provider to repurchase up to 6% of its shares through open market purchases. Shares buyback programs are usually a sign that the company's management believes its stock is undervalued.
Insiders Place Their Bets
In related news, EVP Deborah L. Stahlkopf sold 11,808 shares of the company's stock in a transaction dated Friday, February 21st. The stock was sold at an average price of $64.37, for a total transaction of $760,080.96. Following the sale, the executive vice president now owns 200,191 shares in the company, valued at approximately $12,886,294.67. This represents a 5.57 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, SVP Maria Victoria Wong sold 762 shares of the business's stock in a transaction that occurred on Wednesday, March 12th. The stock was sold at an average price of $60.99, for a total value of $46,474.38. Following the transaction, the senior vice president now directly owns 44,155 shares in the company, valued at $2,693,013.45. This trade represents a 1.70 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 66,547 shares of company stock valued at $4,275,553 in the last quarter. 0.01% of the stock is currently owned by insiders.
About Cisco Systems
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Free Report)
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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