KMG Fiduciary Partners LLC Reduces Position in Cisco Systems, Inc. (NASDAQ:CSCO)

KMG Fiduciary Partners LLC trimmed its position in shares of Cisco Systems, Inc. (NASDAQ:CSCO - Free Report) by 5.5% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 139,073 shares of the network equipment provider's stock after selling 8,114 shares during the quarter. KMG Fiduciary Partners LLC's holdings in Cisco Systems were worth $8,582,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also recently bought and sold shares of the company. Norges Bank purchased a new position in shares of Cisco Systems in the 4th quarter worth about $3,297,905,000. FMR LLC boosted its holdings in shares of Cisco Systems by 20.8% in the 4th quarter. FMR LLC now owns 77,216,513 shares of the network equipment provider's stock worth $4,571,218,000 after buying an additional 13,285,052 shares during the last quarter. Raymond James Financial Inc. purchased a new position in shares of Cisco Systems in the 4th quarter worth about $560,722,000. Alyeska Investment Group L.P. purchased a new position in shares of Cisco Systems in the 4th quarter worth about $413,491,000. Finally, GAMMA Investing LLC boosted its holdings in shares of Cisco Systems by 7,096.5% in the 1st quarter. GAMMA Investing LLC now owns 6,718,402 shares of the network equipment provider's stock worth $414,593,000 after buying an additional 6,625,045 shares during the last quarter. 73.33% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of equities research analysts recently issued reports on the company. Rosenblatt Securities boosted their price objective on Cisco Systems from $63.00 to $74.00 and gave the company a "buy" rating in a research note on Thursday, May 15th. DZ Bank upgraded Cisco Systems from a "hold" rating to a "buy" rating in a research note on Tuesday, February 18th. Citigroup boosted their price objective on Cisco Systems from $68.00 to $71.00 and gave the company a "buy" rating in a research note on Thursday, May 15th. Wall Street Zen upgraded Cisco Systems from a "buy" rating to a "strong-buy" rating 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 boosted their price objective for the company from $72.00 to $75.00 in a research note on Thursday, May 15th. Eight equities research analysts have rated the stock with a hold rating, twelve have assigned a buy rating and three have given a strong buy rating to the company's stock. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average price target of $68.00.

Insiders Place Their Bets

In other Cisco Systems news, SVP Maria Victoria Wong sold 762 shares of the company's stock in a transaction that occurred on Wednesday, March 12th. The stock was sold at an average price of $60.99, for a total value of $46,474.38. Following the completion of the sale, the senior vice president now owns 44,155 shares of the company's stock, valued at $2,693,013.45. This represents a 1.70% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Thimaya K. Subaiya sold 2,065 shares of the company's stock in a transaction that occurred on Wednesday, March 12th. The stock was sold at an average price of $60.70, for a total value of $125,345.50. Following the completion of the sale, the executive vice president now directly owns 191,184 shares of the company's stock, valued at approximately $11,604,868.80. This represents a 1.07% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 71,400 shares of company stock valued at $4,564,439 over the last quarter. 0.01% of the stock is owned by corporate insiders.

Cisco Systems Price Performance

Shares of NASDAQ CSCO traded up $1.44 during midday trading on Friday, hitting $66.06. 20,913,335 shares of the company's stock were exchanged, compared to its average volume of 20,153,531. Cisco Systems, Inc. has a 12-month low of $44.50 and a 12-month high of $66.50. 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 cap of $261.60 billion, a price-to-earnings ratio of 28.85, a PEG ratio of 4.16 and a beta of 0.88. The business's fifty day moving average price is $59.61 and its two-hundred day moving average price is $60.36.

Cisco Systems (NASDAQ:CSCO - Get Free Report) last issued its quarterly earnings data on Wednesday, May 14th. The network equipment provider reported $0.96 EPS for the quarter, topping 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 company had revenue of $14.15 billion during the quarter, compared to analyst estimates of $14.05 billion. During the same quarter in the previous year, the firm earned $0.88 earnings per share. Cisco Systems's revenue was up 11.4% on a year-over-year basis. As a group, research analysts forecast that Cisco Systems, Inc. will post 3.04 EPS for the current fiscal year.

Cisco Systems Announces Dividend

The company 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 $0.41 dividend. This represents a $1.64 annualized dividend and a yield of 2.48%. 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 authorized a share repurchase 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 reacquire up to 6% of its shares through open market purchases. Shares buyback plans are usually an indication that the company's board believes its stock is undervalued.

Cisco Systems 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.