Kentucky Retirement Systems trimmed its position in shares of Cisco Systems, Inc. (NASDAQ:CSCO - Free Report) by 1.5% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 272,618 shares of the network equipment provider's stock after selling 4,238 shares during the period. Cisco Systems makes up 0.5% of Kentucky Retirement Systems' portfolio, making the stock its 29th biggest position. Kentucky Retirement Systems' holdings in Cisco Systems were worth $16,823,000 at the end of the most recent quarter.
Other large investors have also added to or reduced their stakes in the company. Norges Bank acquired a new position in Cisco Systems during the 4th quarter worth $3,297,905,000. FMR LLC grew its holdings in Cisco Systems by 20.8% during the 4th quarter. FMR LLC now owns 77,216,513 shares of the network equipment provider's stock worth $4,571,218,000 after acquiring an additional 13,285,052 shares in the last quarter. Raymond James Financial Inc. acquired a new position in Cisco Systems during the 4th quarter worth $560,722,000. Alyeska Investment Group L.P. acquired a new position in Cisco Systems during the 4th quarter worth $413,491,000. Finally, GAMMA Investing LLC grew its holdings in Cisco Systems by 7,096.5% during the 1st quarter. GAMMA Investing LLC now owns 6,718,402 shares of the network equipment provider's stock worth $414,593,000 after acquiring an additional 6,625,045 shares in the last quarter. 73.33% of the stock is owned by institutional investors and hedge funds.
Insider Buying and Selling
In other news, EVP Thimaya K. Subaiya sold 8,726 shares of the business's stock in a transaction that occurred on Tuesday, June 17th. The shares were sold at an average price of $65.54, for a total transaction of $571,902.04. Following the sale, the executive vice president now owns 174,669 shares in the company, valued at $11,447,806.26. The trade was a 4.76% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Richard Scott Herren sold 15,678 shares of the business's stock in a transaction that occurred on Tuesday, June 17th. The shares were sold at an average price of $65.52, for a total transaction of $1,027,222.56. Following the sale, the chief financial officer now owns 309,543 shares in the company, valued at $20,281,257.36. This represents a 4.82% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 97,335 shares of company stock worth $6,271,054 in the last ninety days. 0.01% of the stock is currently owned by corporate insiders.
Wall Street Analysts Forecast Growth
Several research analysts have weighed in on CSCO shares. New Street Research reissued a "neutral" rating and set a $70.00 price objective on shares of Cisco Systems in a report on Friday, May 16th. Evercore ISI lifted their price target on shares of Cisco Systems from $67.00 to $72.00 and gave the company an "outperform" rating in a report on Thursday, May 15th. Piper Sandler lifted their price target on shares of Cisco Systems from $60.00 to $64.00 and gave the company a "neutral" rating in a report on Thursday, May 15th. Wall Street Zen raised shares of Cisco Systems from a "buy" rating to a "strong-buy" rating in a report on Friday, May 16th. Finally, Deutsche Bank Aktiengesellschaft raised shares of Cisco Systems from a "hold" rating to a "buy" rating and lifted their price target for the company from $65.00 to $73.00 in a report on Monday, June 16th. Seven equities research analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and three have given a strong buy rating to the stock. According to MarketBeat.com, Cisco Systems presently has a consensus rating of "Moderate Buy" and a consensus price target of $69.11.
Read Our Latest Stock Report on CSCO
Cisco Systems Trading Up 0.7%
Shares of NASDAQ:CSCO opened at $66.32 on Friday. The company has a 50 day moving average of $61.38 and a 200-day moving average of $60.79. The firm has a market cap of $262.63 billion, a P/E ratio of 27.07, a P/E/G ratio of 3.97 and a beta of 0.88. Cisco Systems, Inc. has a twelve month low of $44.50 and a twelve month high of $66.65. The company has a current ratio of 0.95, a quick ratio of 0.87 and a debt-to-equity ratio of 0.50.
Cisco Systems (NASDAQ:CSCO - Get Free Report) last issued its quarterly earnings results on Wednesday, May 14th. The network equipment provider reported $0.96 earnings per share for the quarter, topping analysts' consensus estimates of $0.92 by $0.04. The company had revenue of $14.15 billion during the quarter, compared to analyst estimates of $14.05 billion. Cisco Systems had a net margin of 17.60% and a return on equity of 26.48%. The business's revenue for the quarter was up 11.4% compared to the same quarter last year. During the same period in the prior year, the business posted $0.88 EPS. As a group, analysts anticipate that Cisco Systems, Inc. will post 3.04 earnings per share for the current fiscal year.
Cisco Systems Dividend Announcement
The firm also recently announced a quarterly dividend, which will be paid on Wednesday, July 23rd. Investors of record on Thursday, July 3rd will be issued a $0.41 dividend. The ex-dividend date is Thursday, July 3rd. This represents a $1.64 dividend on an annualized basis and a dividend yield of 2.47%. Cisco Systems's payout ratio is currently 66.94%.
About Cisco Systems
(
Free Report)
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.
Further Reading
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 - Free Report).
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