Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Bank of New York Mellon Corp boosted its holdings in Cisco Systems by 193,168.7% in the 3rd quarter. Bank of New York Mellon Corp now owns 104,741,949 shares of the network equipment provider’s stock valued at $5,095,693,000 after purchasing an additional 104,687,754 shares during the period. Morgan Stanley lifted its holdings in shares of Cisco Systems by 15.9% during the 2nd quarter. Morgan Stanley now owns 50,957,358 shares of the network equipment provider’s stock worth $2,192,694,000 after acquiring an additional 7,009,359 shares during the period. Charles Schwab Investment Advisory Inc. bought a new position in shares of Cisco Systems during the 2nd quarter worth about $279,790,000. Putnam Investments LLC increased its position in shares of Cisco Systems by 44.9% during the 2nd quarter. Putnam Investments LLC now owns 7,610,821 shares of the network equipment provider’s stock worth $327,494,000 after purchasing an additional 2,359,159 shares in the last quarter. Finally, Fisher Asset Management LLC increased its position in shares of Cisco Systems by 11.9% during the 3rd quarter. Fisher Asset Management LLC now owns 20,099,819 shares of the network equipment provider’s stock worth $977,856,000 after purchasing an additional 2,129,952 shares in the last quarter. 68.78% of the stock is owned by institutional investors and hedge funds.
Shares of CSCO traded down $0.34 during trading hours on Thursday, reaching $51.33. The stock had a trading volume of 5,563,708 shares, compared to its average volume of 21,507,230. Cisco Systems, Inc. has a 12 month low of $40.19 and a 12 month high of $52.09. The company has a quick ratio of 1.74, a current ratio of 1.80 and a debt-to-equity ratio of 0.39. The stock has a market cap of $248.01 billion, a P/E ratio of 21.93, a P/E/G ratio of 2.62 and a beta of 1.16.
Cisco Systems (NASDAQ:CSCO) last issued its earnings results on Wednesday, February 13th. The network equipment provider reported $0.73 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.72 by $0.01. Cisco Systems had a return on equity of 27.58% and a net margin of 25.31%. The company had revenue of $12.45 billion for the quarter, compared to analysts’ expectations of $12.43 billion. During the same period last year, the business earned $0.63 EPS. Cisco Systems’s quarterly revenue was up 4.7% compared to the same quarter last year. On average, analysts expect that Cisco Systems, Inc. will post 2.74 EPS for the current year.
Cisco Systems declared that its Board of Directors has authorized a stock repurchase plan on Wednesday, February 13th that authorizes the company to buyback $15.00 billion in outstanding shares. This buyback authorization authorizes the network equipment provider to repurchase up to 6.5% of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s management believes its shares are undervalued.
The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, April 24th. Shareholders of record on Friday, April 5th will be paid a dividend of $0.35 per share. The ex-dividend date is Thursday, April 4th. This is a boost from Cisco Systems’s previous quarterly dividend of $0.33. This represents a $1.40 annualized dividend and a yield of 2.73%. Cisco Systems’s dividend payout ratio (DPR) is 56.41%.
In other Cisco Systems news, CFO Kelly A. Kramer sold 70,000 shares of the firm’s stock in a transaction on Thursday, February 28th. The stock was sold at an average price of $51.70, for a total transaction of $3,619,000.00. Following the transaction, the chief financial officer now directly owns 420,696 shares in the company, valued at approximately $21,749,983.20. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director M Michele Burns sold 4,744 shares of the firm’s stock in a transaction on Wednesday, December 19th. The shares were sold at an average price of $44.06, for a total value of $209,020.64. Following the transaction, the director now owns 74,164 shares in the company, valued at $3,267,665.84. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 114,744 shares of company stock worth $5,772,421. Company insiders own 0.03% of the company’s stock.
Several research firms have weighed in on CSCO. Robert W. Baird restated an “outperform” rating and issued a $53.00 price objective on shares of Cisco Systems in a research report on Thursday, November 29th. Morgan Stanley lowered shares of Cisco Systems from an “overweight” rating to an “equal weight” rating and reduced their price objective for the stock from $51.00 to $49.00 in a research note on Tuesday, February 12th. Wells Fargo & Co reissued an “outperform” rating and set a $57.00 price objective (up previously from $52.00) on shares of Cisco Systems in a research note on Wednesday, February 13th. MKM Partners lifted their price target on shares of Cisco Systems to $54.00 and gave the company a “neutral” rating in a research note on Thursday, February 14th. Finally, Deutsche Bank lifted their price target on shares of Cisco Systems from $55.00 to $60.00 and gave the company a “buy” rating in a research note on Thursday, November 15th. Seven analysts have rated the stock with a hold rating, nineteen have issued a buy rating and one has assigned a strong buy rating to the stock. The stock currently has a consensus rating of “Buy” and an average price target of $53.36.
ILLEGAL ACTIVITY NOTICE: “Cisco Systems, Inc. (CSCO) Position Increased by Summit Securities Group LLC” was published by Baseball Daily News and is owned by of Baseball Daily News. If you are reading this story on another domain, it was copied illegally and republished in violation of United States & international trademark & copyright legislation. The legal version of this story can be accessed at https://www.baseballdailydigest.com/news/2019/03/07/cisco-systems-inc-csco-position-increased-by-summit-securities-group-llc.html.
Cisco Systems Company Profile
Cisco Systems, Inc designs, manufactures, and sells Internet Protocol based networking and other products related to the communications and information technology industry worldwide. The company offers switching products; routing products that interconnect public and private wireline and mobile networks; data center products; and wireless access points for use in voice, video, and data applications.
Recommended Story: How to Invest in the Dividend Aristocrat Index
Want to see what other hedge funds are holding CSCO? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Cisco Systems, Inc. (NASDAQ:CSCO).
Receive News & Ratings for Cisco Systems Daily – Enter your email address below to receive a concise daily summary of the latest news and analysts’ ratings for Cisco Systems and related companies with MarketBeat.com’s FREE daily email newsletter.