Other hedge funds have also recently bought and sold shares of the company. Bank of New York Mellon Corp grew its position in Cisco Systems by 193,168.7% during the third 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 acquiring an additional 104,687,754 shares during the period. TIAA CREF Investment Management LLC boosted its position in shares of Cisco Systems by 1.7% in the third quarter. TIAA CREF Investment Management LLC now owns 33,285,440 shares of the network equipment provider’s stock worth $1,619,337,000 after buying an additional 558,313 shares during the period. Fisher Asset Management LLC boosted its position in shares of Cisco Systems by 36.0% in the fourth quarter. Fisher Asset Management LLC now owns 27,338,574 shares of the network equipment provider’s stock worth $1,184,580,000 after buying an additional 7,238,755 shares during the period. Loomis Sayles & Co. L P boosted its position in shares of Cisco Systems by 1.0% in the third quarter. Loomis Sayles & Co. L P now owns 23,312,087 shares of the network equipment provider’s stock worth $1,134,133,000 after buying an additional 230,344 shares during the period. Finally, Teachers Advisors LLC boosted its position in shares of Cisco Systems by 3.1% in the third quarter. Teachers Advisors LLC now owns 16,278,554 shares of the network equipment provider’s stock worth $791,952,000 after buying an additional 482,109 shares during the period. 69.17% of the stock is owned by hedge funds and other institutional investors.
In other Cisco Systems news, CFO Kelly A. Kramer sold 70,000 shares of the company’s stock in a transaction that occurred 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 sale, the chief financial officer now owns 420,696 shares in the company, valued at $21,749,983.20. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, Director Roderick C. Mcgeary sold 15,000 shares of the company’s stock in a transaction that occurred on Tuesday, February 19th. The shares were sold at an average price of $49.66, for a total value of $744,900.00. Following the sale, the director now owns 102,898 shares in the company, valued at approximately $5,109,914.68. The disclosure for this sale can be found here. Insiders have sold 115,000 shares of company stock worth $5,926,000 in the last 90 days. 0.03% of the stock is currently owned by insiders.
Several equities research analysts have recently weighed in on CSCO shares. Goldman Sachs Group downgraded Cisco Systems from a “conviction-buy” rating to a “buy” rating and upped their target price for the stock from $58.00 to $62.00 in a research report on Tuesday, April 16th. Bank of America reaffirmed a “buy” rating and issued a $56.00 target price on shares of Cisco Systems in a research report on Thursday, February 14th. Jefferies Financial Group upped their target price on Cisco Systems to $55.00 and gave the stock a “buy” rating in a research report on Thursday, February 14th. They noted that the move was a valuation call. Citigroup upped their target price on Cisco Systems from $52.00 to $56.00 and gave the stock a “buy” rating in a research report on Thursday, February 14th. Finally, Robert W. Baird reaffirmed a “buy” rating and issued a $53.00 target price on shares of Cisco Systems in a research report on Tuesday, February 12th. Six equities research analysts have rated the stock with a hold rating, nineteen have issued a buy rating and one has issued a strong buy rating to the company. Cisco Systems has a consensus rating of “Buy” and an average price target of $54.35.
Shares of CSCO opened at $54.94 on Friday. The stock has a market capitalization of $264.67 billion, a P/E ratio of 23.48, a price-to-earnings-growth ratio of 2.91 and a beta of 1.21. Cisco Systems, Inc. has a one year low of $40.25 and a one year high of $57.53. The company has a quick ratio of 1.74, a current ratio of 1.80 and a debt-to-equity ratio of 0.39.
Cisco Systems (NASDAQ:CSCO) last announced its quarterly earnings data on Wednesday, February 13th. The network equipment provider reported $0.73 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.72 by $0.01. Cisco Systems had a return on equity of 27.58% and a net margin of 25.31%. The firm had revenue of $12.45 billion for the quarter, compared to analysts’ expectations of $12.43 billion. During the same quarter in the prior year, the firm posted $0.63 earnings per share. Cisco Systems’s revenue for the quarter was up 4.7% compared to the same quarter last year. On average, research analysts anticipate that Cisco Systems, Inc. will post 2.75 EPS for the current year.
Cisco Systems announced that its Board of Directors has initiated a stock buyback plan on Wednesday, February 13th that permits the company to buyback $15.00 billion in outstanding shares. This buyback authorization permits the network equipment provider to buy up to 6.5% of its stock through open market purchases. Stock buyback plans are typically a sign that the company’s leadership believes its stock is undervalued.
The company also recently disclosed a quarterly dividend, which was paid on Wednesday, April 24th. Shareholders of record on Friday, April 5th were paid a dividend of $0.35 per share. The ex-dividend date of this dividend was Thursday, April 4th. This represents a $1.40 annualized dividend and a yield of 2.55%. This is a boost from Cisco Systems’s previous quarterly dividend of $0.33. Cisco Systems’s dividend payout ratio is presently 59.83%.
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About Cisco Systems
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.
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