King Luther Capital Management Corp lessened its position in shares of Cisco Systems, Inc. (NASDAQ:CSCO - Free Report) by 1.7% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 545,862 shares of the network equipment provider's stock after selling 9,721 shares during the quarter. King Luther Capital Management Corp's holdings in Cisco Systems were worth $32,315,000 as of its most recent SEC filing.
Other large investors have also added to or reduced their stakes in the company. Swedbank AB increased its stake in Cisco Systems by 0.6% during the third quarter. Swedbank AB now owns 9,029,594 shares of the network equipment provider's stock worth $480,555,000 after acquiring an additional 52,711 shares during the last quarter. Baker Avenue Asset Management LP boosted its holdings in shares of Cisco Systems by 21.7% in the 3rd quarter. Baker Avenue Asset Management LP now owns 16,235 shares of the network equipment provider's stock worth $864,000 after purchasing an additional 2,894 shares during the period. Tyler Stone Wealth Management increased its position in shares of Cisco Systems by 88.8% during the 3rd quarter. Tyler Stone Wealth Management now owns 5,435 shares of the network equipment provider's stock valued at $289,000 after purchasing an additional 2,556 shares during the last quarter. Ashton Thomas Securities LLC purchased a new stake in Cisco Systems during the 3rd quarter valued at $216,000. Finally, Jaffetilchin Investment Partners LLC lifted its position in Cisco Systems by 5.2% in the third quarter. Jaffetilchin Investment Partners LLC now owns 22,559 shares of the network equipment provider's stock worth $1,201,000 after buying an additional 1,123 shares during the last quarter. Institutional investors own 73.33% of the company's stock.
Insider Buying and Selling at Cisco Systems
In related news, EVP Thimaya K. Subaiya sold 3,042 shares of the stock in a transaction that occurred on Thursday, December 12th. The shares were sold at an average price of $59.19, for a total transaction of $180,055.98. Following the completion of the sale, the executive vice president now owns 207,798 shares of the company's stock, valued at $12,299,563.62. This represents a 1.44 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, SVP Maria Victoria Wong sold 586 shares of Cisco Systems stock in a transaction on Thursday, December 12th. The stock was sold at an average price of $58.69, for a total transaction of $34,392.34. Following the completion of the transaction, the senior vice president now directly owns 50,767 shares in the company, valued at $2,979,515.23. This represents a 1.14 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 67,348 shares of company stock valued at $4,318,181. 0.01% of the stock is currently owned by insiders.
Analyst Upgrades and Downgrades
A number of research firms have weighed in on CSCO. Morgan Stanley boosted their price objective on shares of Cisco Systems from $62.00 to $68.00 and gave the company an "overweight" rating in a research report on Tuesday, December 17th. BNP Paribas upgraded shares of Cisco Systems from a "neutral" rating to an "outperform" rating and set a $72.00 price target on the stock in a report on Tuesday, January 28th. Melius Research raised shares of Cisco Systems from a "hold" rating to a "strong-buy" rating in a research note on Monday, January 6th. Rosenblatt Securities raised Cisco Systems from a "neutral" rating to a "buy" rating and upped their target price for the company from $66.00 to $80.00 in a research note on Thursday, February 13th. Finally, Bank of America raised their price target on Cisco Systems from $60.00 to $72.00 and gave the stock a "buy" rating in a research note on Thursday, November 14th. Seven research analysts have rated the stock with a hold rating, fifteen have given a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $66.63.
View Our Latest Analysis on CSCO
Cisco Systems Trading Down 2.2 %
NASDAQ:CSCO opened at $60.67 on Wednesday. The company has a debt-to-equity ratio of 0.43, a quick ratio of 0.79 and a current ratio of 0.87. The firm has a 50-day simple moving average of $61.72 and a 200-day simple moving average of $57.60. Cisco Systems, Inc. has a one year low of $44.50 and a one year high of $66.50. The firm has a market cap of $241.36 billion, a P/E ratio of 26.49, a P/E/G ratio of 4.16 and a beta of 0.79.
Cisco Systems (NASDAQ:CSCO - Get Free Report) last posted 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 fiscal year.
Cisco Systems announced that its Board of Directors has authorized a stock repurchase program on Wednesday, February 12th that allows the company to repurchase $15.00 billion in shares. This repurchase authorization allows the network equipment provider to reacquire up to 6% of its shares through open market purchases. Shares repurchase programs are usually an indication that the company's board believes its shares are undervalued.
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 issued a $0.41 dividend. The ex-dividend date is Thursday, April 3rd. This is an increase from Cisco Systems's previous quarterly dividend of $0.40. This represents a $1.64 dividend on an annualized basis and a yield of 2.70%. Cisco Systems's payout ratio is currently 71.62%.
Cisco Systems Company Profile
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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.
Further Reading
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