UMB Bank n.a. reduced its holdings in shares of Cisco Systems, Inc. (NASDAQ:CSCO - Free Report) by 8.3% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 124,197 shares of the network equipment provider's stock after selling 11,247 shares during the period. UMB Bank n.a.'s holdings in Cisco Systems were worth $7,664,000 at the end of the most recent quarter.
Other hedge funds also recently added to or reduced their stakes in the company. FPC Investment Advisory Inc. purchased a new position in Cisco Systems in the fourth quarter valued at $26,000. Navigoe LLC purchased a new position in shares of Cisco Systems in the 4th quarter valued at about $26,000. Mpwm Advisory Solutions LLC acquired a new stake in shares of Cisco Systems during the 4th quarter worth about $26,000. JDM Financial Group LLC lifted its stake in Cisco Systems by 160.4% during the fourth quarter. JDM Financial Group LLC now owns 487 shares of the network equipment provider's stock worth $29,000 after purchasing an additional 300 shares during the last quarter. Finally, Runnymede Capital Advisors Inc. acquired a new position in Cisco Systems in the fourth quarter valued at approximately $30,000. 73.33% of the stock is currently owned by institutional investors and hedge funds.
Wall Street Analyst Weigh In
CSCO has been the subject of several recent analyst reports. DZ Bank upgraded shares of Cisco Systems from a "hold" rating to a "buy" rating in a research report on Tuesday, February 18th. Wells Fargo & Company upgraded shares of Cisco Systems from an "equal weight" rating to an "overweight" rating and lifted their price objective for the company from $72.00 to $75.00 in a research note on Thursday, May 15th. Rosenblatt Securities increased their target price on shares of Cisco Systems from $63.00 to $74.00 and gave the stock a "buy" rating in a research note on Thursday, May 15th. Barclays reaffirmed an "equal weight" rating on shares of Cisco Systems in a research note on Wednesday, May 21st. Finally, New Street Research reiterated a "neutral" rating and issued a $70.00 target price on shares of Cisco Systems in a research note on Friday, May 16th. Eight investment analysts have rated the stock with a hold rating, twelve have issued a buy rating and three have given a strong buy rating to the company. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and an average target price of $68.00.
Read Our Latest Analysis on CSCO
Cisco Systems Stock Up 2.2%
CSCO opened at $66.06 on Monday. The business's fifty day simple moving average is $59.61 and its 200 day simple moving average is $60.38. Cisco Systems, Inc. has a 52 week low of $44.50 and a 52 week high of $66.50. The firm has a market cap of $261.60 billion, a P/E ratio of 28.85, a PEG ratio of 4.16 and a beta of 0.88. The company has a quick ratio of 0.79, a current ratio of 0.87 and a debt-to-equity ratio of 0.43.
Cisco Systems (NASDAQ:CSCO - Get Free Report) last announced its quarterly earnings data on Wednesday, May 14th. The network equipment provider reported $0.96 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.92 by $0.04. The business had revenue of $14.15 billion for the quarter, compared to the consensus estimate of $14.05 billion. Cisco Systems had a net margin of 16.96% and a return on equity of 26.08%. The company's quarterly revenue was up 11.4% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.88 earnings per share. As a group, equities research analysts anticipate that Cisco Systems, Inc. will post 3.04 EPS for the current fiscal year.
Cisco Systems Dividend Announcement
The company also recently declared a quarterly dividend, which will be paid on Wednesday, July 23rd. Investors of record on Thursday, July 3rd will be issued a dividend of $0.41 per share. This represents a $1.64 dividend on an annualized basis and a yield of 2.48%. The ex-dividend date of this dividend is Thursday, July 3rd. Cisco Systems's payout ratio is 66.94%.
Cisco Systems announced that its Board of Directors has initiated a stock repurchase program on Wednesday, February 12th that authorizes the company to repurchase $15.00 billion in outstanding shares. This repurchase authorization authorizes the network equipment provider to reacquire up to 6% of its shares through open market purchases. Shares repurchase programs are generally an indication that the company's management believes its stock is undervalued.
Insiders Place Their Bets
In related news, CEO Charles Robbins sold 29,784 shares of the company's stock in a transaction on Thursday, June 5th. The shares were sold at an average price of $64.61, for a total value of $1,924,344.24. Following the sale, the chief executive officer now directly owns 688,409 shares of the company's stock, valued at $44,478,105.49. This represents a 4.15% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Jeetendra I. Patel sold 9,961 shares of the company's stock in a transaction that occurred on Friday, May 16th. The shares were sold at an average price of $63.97, for a total value of $637,205.17. Following the sale, the insider now owns 257,162 shares in the company, valued at $16,450,653.14. The trade was a 3.73% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 71,400 shares of company stock worth $4,564,439 in the last quarter. 0.01% of the stock is owned by corporate insiders.
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
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