Cullinan Associates Inc. increased its stake in Cisco Systems, Inc. (NASDAQ:CSCO – Get Rating) by 5.9% in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 377,720 shares of the network equipment provider’s stock after purchasing an additional 20,962 shares during the quarter. Cisco Systems accounts for 1.1% of Cullinan Associates Inc.’s investment portfolio, making the stock its 17th largest position. Cullinan Associates Inc.’s holdings in Cisco Systems were worth $21,062,000 as of its most recent filing with the Securities & Exchange Commission.
Several other hedge funds and other institutional investors also recently made changes to their positions in CSCO. Woodmont Investment Counsel LLC lifted its holdings in shares of Cisco Systems by 0.4% during the 4th quarter. Woodmont Investment Counsel LLC now owns 41,425 shares of the network equipment provider’s stock worth $2,625,000 after acquiring an additional 180 shares during the period. Autus Asset Management LLC raised its stake in Cisco Systems by 2.7% during the fourth quarter. Autus Asset Management LLC now owns 6,898 shares of the network equipment provider’s stock worth $437,000 after purchasing an additional 181 shares during the period. Pinnacle Bancorp Inc. grew its stake in shares of Cisco Systems by 1.0% during the 4th quarter. Pinnacle Bancorp Inc. now owns 19,212 shares of the network equipment provider’s stock valued at $1,217,000 after buying an additional 183 shares during the period. Sara Bay Financial increased its holdings in shares of Cisco Systems by 1.1% during the 4th quarter. Sara Bay Financial now owns 17,723 shares of the network equipment provider’s stock worth $1,123,000 after buying an additional 186 shares during the last quarter. Finally, Ballast Inc. raised its position in shares of Cisco Systems by 0.7% in the 4th quarter. Ballast Inc. now owns 27,471 shares of the network equipment provider’s stock worth $1,740,000 after buying an additional 188 shares during the period. Hedge funds and other institutional investors own 73.18% of the company’s stock.
Several brokerages have commented on CSCO. KGI Securities upgraded Cisco Systems from a “neutral” rating to an “outperform” rating in a research note on Thursday, May 19th. JPMorgan Chase & Co. cut their price target on shares of Cisco Systems from $67.00 to $62.00 and set an “overweight” rating on the stock in a report on Thursday, May 19th. Evercore ISI cut their target price on shares of Cisco Systems from $62.00 to $50.00 and set an “outperform” rating on the stock in a research note on Thursday, May 19th. Deutsche Bank Aktiengesellschaft cut their price objective on Cisco Systems from $59.00 to $51.00 and set a “hold” rating on the stock in a research report on Thursday, May 19th. Finally, Wells Fargo & Company dropped their target price on Cisco Systems from $65.00 to $52.00 and set an “equal weight” rating on the stock in a report on Thursday, May 19th. One equity research analyst has rated the stock with a sell rating, eleven have given a hold rating and fourteen have given a buy rating to the company. Based on data from MarketBeat, Cisco Systems currently has a consensus rating of “Moderate Buy” and an average target price of $55.05.
In other news, SVP Prat Bhatt sold 3,700 shares of Cisco Systems stock in a transaction on Monday, May 23rd. The stock was sold at an average price of $43.34, for a total transaction of $160,358.00. Following the transaction, the senior vice president now directly owns 80,784 shares in the company, valued at approximately $3,501,178.56. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, COO Maria Martinez sold 4,674 shares of the company’s stock in a transaction on Monday, June 13th. The shares were sold at an average price of $43.33, for a total value of $202,524.42. Following the completion of the sale, the chief operating officer now owns 286,033 shares of the company’s stock, valued at approximately $12,393,809.89. The disclosure for this sale can be found here. Insiders have sold a total of 25,326 shares of company stock worth $1,103,159 over the last 90 days. 0.02% of the stock is owned by insiders.
Cisco Systems stock opened at $42.60 on Monday. 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, Inc. has a one year low of $41.02 and a one year high of $64.29. The company has a 50-day simple moving average of $46.03 and a 200-day simple moving average of $52.95. The firm has a market capitalization of $176.41 billion, a P/E ratio of 14.95, a P/E/G ratio of 2.19 and a beta of 0.98.
Cisco Systems (NASDAQ:CSCO – Get Rating) last posted its earnings results on Wednesday, May 18th. The network equipment provider reported $0.87 EPS for the quarter, topping 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 previous year, the business posted $0.75 earnings per share. As a group, sell-side analysts forecast that Cisco Systems, Inc. will post 3 earnings per share for the current 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 issued a $0.38 dividend. This represents a $1.52 annualized dividend and a yield of 3.57%. The ex-dividend date of this dividend is Tuesday, July 5th. Cisco Systems’s payout ratio is currently 53.33%.
Cisco Systems 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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