Mechanics Bank Trust Department Boosts Stock Holdings in Cisco Systems, Inc. (NASDAQ:CSCO)

Mechanics Bank Trust Department grew its holdings in Cisco Systems, Inc. (NASDAQ:CSCO - Free Report) by 8.6% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 66,761 shares of the network equipment provider's stock after buying an additional 5,310 shares during the period. Mechanics Bank Trust Department's holdings in Cisco Systems were worth $4,120,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Tallon Kerry Patrick bought a new position in shares of Cisco Systems in the 4th quarter worth $603,000. Brighton Jones LLC increased its position in shares of Cisco Systems by 49.5% during the fourth quarter. Brighton Jones LLC now owns 74,187 shares of the network equipment provider's stock worth $4,392,000 after acquiring an additional 24,562 shares in the last quarter. Revolve Wealth Partners LLC boosted its stake in Cisco Systems by 37.0% during the 4th quarter. Revolve Wealth Partners LLC now owns 9,156 shares of the network equipment provider's stock valued at $542,000 after purchasing an additional 2,474 shares during the last quarter. GFS Advisors LLC bought a new stake in Cisco Systems during the 4th quarter worth approximately $2,884,000. Finally, Great Diamond Partners LLC raised its stake in shares of Cisco Systems by 3.1% in the fourth quarter. Great Diamond Partners LLC now owns 6,129 shares of the network equipment provider's stock worth $363,000 after purchasing an additional 185 shares during the last quarter. 73.33% of the stock is currently owned by institutional investors.

Cisco Systems Stock Up 0.0%

NASDAQ:CSCO traded up $0.03 on Wednesday, reaching $64.39. 14,550,027 shares of the stock traded hands, compared to its average volume of 20,172,965. The company has a current ratio of 0.87, a quick ratio of 0.79 and a debt-to-equity ratio of 0.43. The company has a market capitalization of $254.98 billion, a price-to-earnings ratio of 28.12, a PEG ratio of 4.16 and a beta of 0.88. Cisco Systems, Inc. has a 12 month low of $44.50 and a 12 month high of $66.50. The company's fifty day simple moving average is $59.40 and its 200 day simple moving average is $60.20.

Cisco Systems (NASDAQ:CSCO - Get Free Report) last issued its earnings results on Wednesday, May 14th. The network equipment provider reported $0.96 EPS for the quarter, beating the consensus estimate of $0.92 by $0.04. Cisco Systems had a return on equity of 26.08% and a net margin of 16.96%. The business had revenue of $14.15 billion for the quarter, compared to the consensus estimate of $14.05 billion. During the same period last year, the business posted $0.88 EPS. The company's revenue was up 11.4% compared to the same quarter last year. Equities analysts predict that Cisco Systems, Inc. will post 3.04 EPS for the current fiscal year.

Cisco Systems Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Wednesday, July 23rd. Shareholders of record on Thursday, July 3rd will be paid a dividend of $0.41 per share. This represents a $1.64 annualized dividend and a yield of 2.55%. The ex-dividend date of this dividend is Thursday, July 3rd. Cisco Systems's dividend payout ratio is currently 66.94%.

Cisco Systems announced that its board has initiated a stock buyback plan on Wednesday, February 12th that authorizes the company to buyback $15.00 billion in shares. This buyback authorization authorizes the network equipment provider to buy up to 6% of its shares through open market purchases. Shares buyback plans are typically a sign that the company's board believes its stock is undervalued.

Analyst Ratings Changes

CSCO has been the subject of several analyst reports. JPMorgan Chase & Co. increased their target price on shares of Cisco Systems from $70.00 to $73.00 and gave the company an "overweight" rating in a report on Thursday, May 15th. UBS Group raised their price objective on shares of Cisco Systems from $62.00 to $70.00 and gave the stock a "neutral" rating in a report on Thursday, February 13th. Barclays reiterated an "equal weight" rating on shares of Cisco Systems in a research report on Wednesday, May 21st. New Street Research reissued a "neutral" rating and set a $70.00 price objective on shares of Cisco Systems in a research note on Friday, May 16th. Finally, Wells Fargo & Company upgraded Cisco Systems from an "equal weight" rating to an "overweight" rating and lifted their price target for the company from $72.00 to $75.00 in a research report on Thursday, May 15th. Eight investment analysts have rated the stock with a hold rating, twelve have given a buy rating and three have issued a strong buy rating to the company's stock. Based on data from MarketBeat, Cisco Systems currently has a consensus rating of "Moderate Buy" and a consensus target price of $68.00.

Insider Activity

In related news, EVP Thimaya K. Subaiya sold 2,065 shares of the firm's stock in a transaction that occurred on Wednesday, March 12th. The shares were sold at an average price of $60.70, for a total value of $125,345.50. Following the transaction, the executive vice president now owns 191,184 shares of the company's stock, valued at approximately $11,604,868.80. This trade represents a 1.07% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, EVP Deborah L. Stahlkopf sold 9,643 shares of the company's stock in a transaction that occurred on Friday, May 16th. The shares were sold at an average price of $63.50, for a total transaction of $612,330.50. Following the sale, the executive vice president now directly owns 181,186 shares of the company's stock, valued at approximately $11,505,311. This represents a 5.05% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 41,616 shares of company stock valued at $2,640,095 in the last 90 days. 0.01% of the stock is currently owned by insiders.

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 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.