New York State Common Retirement Fund cut its stake in Cisco Systems, Inc. (NASDAQ:CSCO - Free Report) by 1.5% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 5,631,112 shares of the network equipment provider's stock after selling 86,143 shares during the quarter. New York State Common Retirement Fund owned about 0.14% of Cisco Systems worth $333,362,000 at the end of the most recent quarter.
A number of other institutional investors and hedge funds have also made changes to their positions in the stock. Highline Wealth Partners LLC grew its stake in Cisco Systems by 76.7% during the 4th quarter. Highline Wealth Partners LLC now owns 599 shares of the network equipment provider's stock worth $35,000 after buying an additional 260 shares during the last quarter. RPg Family Wealth Advisory LLC purchased a new position in Cisco Systems during the 3rd quarter worth $40,000. Decker Retirement Planning Inc. purchased a new position in Cisco Systems during the 4th quarter worth $49,000. Capital Performance Advisors LLP purchased a new position in Cisco Systems during the 3rd quarter worth $51,000. Finally, FSA Wealth Management LLC purchased a new position in Cisco Systems during the 3rd quarter worth $56,000. 73.33% of the stock is currently owned by hedge funds and other institutional investors.
Cisco Systems Price Performance
NASDAQ CSCO traded down $0.69 during trading hours on Friday, reaching $63.98. The company's stock had a trading volume of 18,884,987 shares, compared to its average volume of 19,763,086. The firm has a market capitalization of $254.53 billion, a price-to-earnings ratio of 27.94, a P/E/G ratio of 4.17 and a beta of 0.84. Cisco Systems, Inc. has a 1-year low of $44.50 and a 1-year 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 company's 50-day moving average is $60.55 and its two-hundred day moving average is $56.01.
Cisco Systems (NASDAQ:CSCO - Get Free Report) last released its quarterly 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%. On average, equities analysts predict that Cisco Systems, Inc. will post 3.04 EPS for the current year.
Cisco Systems Increases Dividend
The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, April 23rd. Shareholders of record on Thursday, April 3rd will be paid 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 yield of 2.56%. The ex-dividend date of this dividend is Thursday, April 3rd. Cisco Systems's payout ratio is 71.62%.
Cisco Systems announced that its board has initiated a share repurchase plan 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 buy up to 6% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company's board of directors believes its shares are undervalued.
Wall Street Analyst Weigh In
CSCO has been the topic of several research analyst reports. Melius upgraded Cisco Systems from a "hold" rating to a "buy" rating and boosted their target price for the stock from $66.00 to $73.00 in a research note on Monday, January 6th. Bank of America lifted their price target on Cisco Systems from $60.00 to $72.00 and gave the stock a "buy" rating in a research report on Thursday, November 14th. Wells Fargo & Company lifted their price target on Cisco Systems from $60.00 to $72.00 and gave the stock an "equal weight" rating in a research report on Thursday, February 13th. DZ Bank raised Cisco Systems from a "hold" rating to a "buy" rating in a research report on Tuesday. Finally, Rosenblatt Securities raised Cisco Systems from a "neutral" rating to a "buy" rating and lifted their price target for the stock from $66.00 to $80.00 in a research report on Thursday, February 13th. Seven equities research analysts have rated the stock with a hold rating, fourteen have issued a buy rating and three have assigned a strong buy rating to the company's stock. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $66.53.
Check Out Our Latest Analysis on Cisco Systems
Insiders Place Their Bets
In other Cisco Systems news, SVP Maria Victoria Wong sold 586 shares of the business's stock in a transaction that occurred 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 sale, the senior vice president now directly owns 50,767 shares in the company, valued at approximately $2,979,515.23. The trade was a 1.14 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Charles Robbins sold 31,983 shares of the business's stock in a transaction that occurred on Friday, February 14th. The stock was sold at an average price of $64.41, for a total value of $2,060,025.03. Following the sale, the chief executive officer now owns 736,120 shares of the company's stock, valued at approximately $47,413,489.20. This trade represents a 4.16 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 67,921 shares of company stock worth $4,298,667. Corporate insiders own 0.01% of the company's stock.
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.
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