Vestcor Inc Sells 47,162 Shares of Cisco Systems, Inc. (NASDAQ:CSCO)

Vestcor Inc trimmed its position in shares of Cisco Systems, Inc. (NASDAQ:CSCO - Free Report) by 9.9% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 428,730 shares of the network equipment provider's stock after selling 47,162 shares during the quarter. Cisco Systems makes up about 0.7% of Vestcor Inc's investment portfolio, making the stock its 24th largest holding. Vestcor Inc's holdings in Cisco Systems were worth $22,817,000 at the end of the most recent reporting period.

Other large investors have also made changes to their positions in the company. Summit Securities Group LLC acquired a new stake in shares of Cisco Systems in the second quarter worth about $25,000. West Financial Advisors LLC lifted its holdings in Cisco Systems by 116.6% in the 3rd quarter. West Financial Advisors LLC now owns 574 shares of the network equipment provider's stock worth $31,000 after purchasing an additional 309 shares during the last quarter. Quarry LP boosted its position in Cisco Systems by 222.4% during the second quarter. Quarry LP now owns 661 shares of the network equipment provider's stock worth $31,000 after purchasing an additional 456 shares during the period. RPg Family Wealth Advisory LLC acquired a new position in Cisco Systems during the third quarter valued at approximately $40,000. Finally, Hobbs Group Advisors LLC bought a new position in shares of Cisco Systems in the second quarter valued at approximately $36,000. Institutional investors own 73.33% of the company's stock.

Analyst Ratings Changes

A number of research firms recently issued reports on CSCO. Evercore ISI raised their target price on shares of Cisco Systems from $55.00 to $60.00 and gave the company an "outperform" rating in a research note on Friday, September 20th. Deutsche Bank Aktiengesellschaft lifted their price objective on Cisco Systems from $52.00 to $53.00 and gave the stock a "hold" rating in a research note on Thursday, August 15th. HSBC upgraded Cisco Systems from a "hold" rating to a "buy" rating and increased their target price for the company from $46.00 to $58.00 in a research note on Friday, August 16th. UBS Group lifted their price target on Cisco Systems from $55.00 to $62.00 and gave the stock a "neutral" rating in a research report on Thursday, November 14th. Finally, Citigroup increased their price objective on Cisco Systems from $62.00 to $64.00 and gave the company a "buy" rating in a research report on Thursday, November 14th. Ten equities research analysts have rated the stock with a hold rating, eleven have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $59.94.

Insider Buying and Selling

In related news, EVP Thimaya K. Subaiya sold 1,328 shares of the company's stock in a transaction dated Thursday, September 12th. The shares were sold at an average price of $48.92, for a total transaction of $64,965.76. Following the transaction, the executive vice president now owns 132,910 shares in the company, valued at $6,501,957.20. This represents a 0.99 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Kristina M. Johnson sold 7,500 shares of the firm's stock in a transaction dated Friday, December 6th. The shares were sold at an average price of $59.87, for a total transaction of $449,025.00. Following the completion of the sale, the director now owns 65,915 shares of the company's stock, valued at $3,946,331.05. The trade was a 10.22 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 351,860 shares of company stock worth $20,231,558 in the last three months. Insiders own 0.01% of the company's stock.

Cisco Systems Price Performance

Shares of CSCO traded down $0.23 during mid-day trading on Tuesday, reaching $58.72. The company had a trading volume of 14,477,143 shares, compared to its average volume of 19,067,916. The company's 50-day moving average is $56.65 and its 200-day moving average is $51.05. The company has a debt-to-equity ratio of 0.43, a current ratio of 0.88 and a quick ratio of 0.80. The company has a market capitalization of $233.87 billion, a P/E ratio of 25.20, a P/E/G ratio of 4.46 and a beta of 0.85. Cisco Systems, Inc. has a twelve month low of $44.50 and a twelve month high of $60.23.

Cisco Systems (NASDAQ:CSCO - Get Free Report) last issued its earnings results on Wednesday, November 13th. The network equipment provider reported $0.91 EPS for the quarter, beating the consensus estimate of $0.87 by $0.04. The company had revenue of $13.84 billion for the quarter, compared to the consensus estimate of $13.78 billion. Cisco Systems had a net margin of 17.73% and a return on equity of 25.70%. The firm's revenue for the quarter was down 5.6% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.98 EPS. On average, equities analysts anticipate that Cisco Systems, Inc. will post 2.97 EPS for the current year.

Cisco Systems Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, January 22nd. Stockholders of record on Friday, January 3rd will be issued a $0.40 dividend. This represents a $1.60 annualized dividend and a dividend yield of 2.72%. The ex-dividend date of this dividend is Friday, January 3rd. Cisco Systems's payout ratio is currently 68.67%.

Cisco Systems Profile

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.