Procyon Advisors LLC increased its holdings in Cisco Systems, Inc. (NASDAQ:CSCO - Free Report) by 29.0% in the first quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 120,632 shares of the network equipment provider's stock after purchasing an additional 27,104 shares during the quarter. Procyon Advisors LLC's holdings in Cisco Systems were worth $7,308,000 at the end of the most recent reporting period.
Other hedge funds also recently bought and sold shares of the company. FPC Investment Advisory Inc. acquired a new position in Cisco Systems during the fourth quarter worth $26,000. Navigoe LLC purchased a new stake in shares of Cisco Systems during the fourth quarter worth about $26,000. Mpwm Advisory Solutions LLC acquired a new position 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% in the 4th quarter. JDM Financial Group LLC now owns 487 shares of the network equipment provider's stock valued at $29,000 after buying an additional 300 shares in the last quarter. Finally, Runnymede Capital Advisors Inc. acquired a new stake in Cisco Systems in the 4th quarter worth about $30,000. Hedge funds and other institutional investors own 73.33% of the company's stock.
Insiders Place Their Bets
In other Cisco Systems news, SVP Maria Victoria Wong sold 4,185 shares of the company's stock in a transaction dated Wednesday, May 28th. The stock was sold at an average price of $63.51, for a total transaction of $265,789.35. Following the sale, the senior vice president now owns 38,103 shares in the company, valued at $2,419,921.53. This represents a 9.90% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Charles Robbins sold 29,784 shares of Cisco Systems stock in a transaction dated 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 completion of the transaction, the chief executive officer now owns 688,409 shares of the company's stock, valued at $44,478,105.49. The trade was a 4.15% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 71,400 shares of company stock worth $4,564,439 in the last ninety days. 0.01% of the stock is owned by corporate insiders.
Cisco Systems Trading Up 2.2%
NASDAQ:CSCO traded up $1.44 during trading hours on Friday, reaching $66.06. 20,913,335 shares of the stock were exchanged, compared to its average volume of 20,135,383. Cisco Systems, Inc. has a twelve month low of $44.50 and a twelve month high of $66.61. The business has a 50-day moving average of $59.52 and a two-hundred day moving average of $60.27. The company has a market capitalization 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 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 posted its earnings results on Wednesday, May 14th. The network equipment provider reported $0.96 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.92 by $0.04. The firm had revenue of $14.15 billion for the quarter, compared to analyst estimates of $14.05 billion. Cisco Systems had a return on equity of 26.08% and a net margin of 16.96%. Cisco Systems's revenue was up 11.4% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.88 EPS. On average, equities analysts predict that Cisco Systems, Inc. will post 3.04 EPS for the current year.
Cisco Systems declared that its Board of Directors has initiated a share repurchase program on Wednesday, February 12th that permits the company to repurchase $15.00 billion in shares. This repurchase authorization permits the network equipment provider to reacquire up to 6% of its stock through open market purchases. Stock repurchase programs are usually a sign that the company's leadership believes its shares are undervalued.
Cisco Systems Announces Dividend
The firm also recently announced a quarterly dividend, which will be paid on Wednesday, July 23rd. Shareholders of record on Thursday, July 3rd will be issued a dividend of $0.41 per share. The ex-dividend date of this dividend is Thursday, July 3rd. This represents a $1.64 dividend on an annualized basis and a yield of 2.48%. Cisco Systems's dividend payout ratio (DPR) is presently 66.94%.
Analyst Ratings Changes
CSCO has been the subject of a number of research analyst reports. JPMorgan Chase & Co. increased their target price on Cisco Systems from $70.00 to $73.00 and gave the company an "overweight" rating in a report on Thursday, May 15th. Citigroup boosted their price target on Cisco Systems from $68.00 to $71.00 and gave the stock a "buy" rating in a research report on Thursday, May 15th. Wells Fargo & Company raised shares of Cisco Systems from an "equal weight" rating to an "overweight" rating and lifted their target price for the stock from $72.00 to $75.00 in a research note on Thursday, May 15th. Evercore ISI increased their target price on shares of Cisco Systems from $67.00 to $72.00 and gave the company an "outperform" rating in a research report on Thursday, May 15th. Finally, New Street Research reissued a "neutral" rating and issued a $70.00 price target on shares of Cisco Systems in a research note on Friday, May 16th. Eight research analysts have rated the stock with a hold rating, twelve have assigned a buy rating and three have assigned a strong buy rating to the company. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of $68.00.
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About Cisco Systems
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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.
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