The Manufacturers Life Insurance Company cut its stake in Cisco Systems, Inc. (NASDAQ: CSCO – Get Rating) by 6.9% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 6,146,788 shares of the network equipment provider’s stock after selling 457,259 shares during the period. The Manufacturers Life Insurance Company’s holdings in Cisco Systems were worth $ 389,528,000 at the end of the most recent quarter.
Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Econ Financial Services Corp acquired a new position in Cisco Systems during the 4th quarter worth approximately $ 29,000. Sandy Cove Advisors LLC purchased a new stake in shares of Cisco Systems during the 4th quarter worth $ 33,000. Evolution Advisers Inc. acquired a new stake in Cisco Systems in the fourth quarter valued at $ 33,000. Regency Capital Management Inc. DE purchased a new stake in Cisco Systems during the fourth quarter worth approximately $ 34,000. Finally, Steward Financial Group LLC purchased a new stake in Cisco Systems in the fourth quarter valued at $ 36,000. 73.18% of the stock is owned by hedge funds and other institutional investors.
CSCO opened at $ 42.91 on Wednesday. Cisco Systems, Inc. has a one year low of $ 41.02 and a one year high of $ 64.29. The company has a market cap of $ 177.69 billion, a price-to-earnings ratio of 15.06, a PEG ratio of 2.23 and a beta of 0.99. The business’s fifty day moving average is $ 48.41 and its two-hundred day moving average is $ 54.26. The company has a debt-to-equity ratio of 0.21, a quick ratio of 1.40 and a current ratio of 1.49.
Cisco Systems (NASDAQ: CSCO – Get Rating) last announced its quarterly earnings results on Wednesday, May 18th. The network equipment provider reported $ 0.87 earnings per share (EPS) for the quarter, beating the consensus estimate of $ 0.86 by $ 0.01. Cisco Systems had a net margin of 23.28% and a return on equity of 31.22%. During the same period in the prior year, the firm earned $ 0.75 EPS. On average, analysts predict that Cisco Systems, Inc. will post 2.99 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, July 27th. Investors of record on Wednesday, July 6th will be paid a dividend of $ 0.38 per share. This represents a $ 1.52 dividend on an annualized basis and a dividend yield of 3.54%. The ex-dividend date is Tuesday, July 5th. Cisco Systems’s payout ratio is currently 53.33%.
Cisco Systems announced that its board has approved a share repurchase program on Wednesday, February 16th that permits the company to buyback $ 15.00 billion in shares. This buyback authorization permits the network equipment provider to purchase up to 6.4% of its stock through open market purchases. Stock buyback programs are generally an indication that the company leadership believes its stock is undervalued.
A number of analysts have recently commented on the company. Wells Fargo & Company cut their target price on Cisco Systems from $ 65.00 to $ 52.00 and set an “equal weight” rating on the stock in a research report on Thursday, May 19th. Jefferies Financial Group decreased their price objective on Cisco Systems from $ 65.00 to $ 52.00 and set a “buy” rating for the company in a report on Thursday, May 19th. Cowen lowered their target price on shares of Cisco Systems to $ 58.00 and set a “neutral” rating on the stock in a research report on Thursday, May 19th. Raymond James reduced their price target on shares of Cisco Systems from $ 64.00 to $ 63.00 and set an “outperform” rating for the company in a research report on Thursday, February 17th. Finally, Barclays lowered their price target on shares of Cisco Systems from $ 68.00 to $ 55.00 and set an “overweight” rating on the stock in a research report on Thursday, May 19th. One investment analyst has rated the stock with a sell rating, eleven have assigned a hold rating and fourteen have given a buy rating to the company stock. According to MarketBeat, the company has a consensus rating of “Buy” and an average price target of $ 55.05.
In other Cisco Systems news, COO Maria Martinez sold 4,674 shares of the firm’s stock in a transaction dated Monday, June 13th. The stock was sold at an average price of $ 43.33, for a total value of $ 202,524.42. Following the sale, the chief operating officer now directly owns 286,033 shares of the company stock, valued at approximately $ 12,393,809.89. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, CEO Charles Robbins sold 12,717 shares of the company stock in a transaction dated Wednesday, May 25th. The shares were sold at an average price of $ 43.79, for a total transaction of $ 556,877.43. Following the transaction, the chief executive officer now directly owns 651,577 shares of the company stock, valued at approximately $ 28,532,556.83. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 25,326 shares of company stock worth $ 1,103,159. 0.02% of the stock is owned by insiders.
Cisco Systems Company Profile: (Get Rating)
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. It provides infrastructure platforms, including networking technologies of switching, routing, wireless, and data center products that are designed to work together to deliver networking capabilities, and transport and / or store data.
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