Corundum Group Inc. Sells 8,719 Shares of Cisco Systems, Inc. (NASDAQ:CSCO)

Corundum Group Inc. trimmed its position in Cisco Systems, Inc. (NASDAQ:CSCO - Free Report) by 30.9% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 19,468 shares of the network equipment provider's stock after selling 8,719 shares during the quarter. Corundum Group Inc.'s holdings in Cisco Systems were worth $1,201,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in CSCO. Brighton Jones LLC increased its holdings 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 buying an additional 24,562 shares in the last quarter. Revolve Wealth Partners LLC raised its position in Cisco Systems by 37.0% in the fourth 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. Addison Advisors LLC boosted its stake in shares of Cisco Systems by 2.4% during the fourth quarter. Addison Advisors LLC now owns 17,401 shares of the network equipment provider's stock valued at $1,030,000 after purchasing an additional 400 shares in the last quarter. Pine Valley Investments Ltd Liability Co grew its holdings in shares of Cisco Systems by 20.2% during the fourth quarter. Pine Valley Investments Ltd Liability Co now owns 39,675 shares of the network equipment provider's stock worth $2,349,000 after purchasing an additional 6,671 shares during the last quarter. Finally, CWS Financial Advisors LLC grew its holdings in shares of Cisco Systems by 14.9% during the fourth quarter. CWS Financial Advisors LLC now owns 12,227 shares of the network equipment provider's stock worth $724,000 after purchasing an additional 1,587 shares during the last quarter. 73.33% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several research firms recently commented on CSCO. Evercore ISI lifted their target price on shares of Cisco Systems from $67.00 to $72.00 and gave the stock an "outperform" rating in a research report on Thursday, May 15th. New Street Research reissued a "neutral" rating and issued a $70.00 price objective on shares of Cisco Systems in a research note on Friday, May 16th. Rosenblatt Securities raised their target price on Cisco Systems from $63.00 to $74.00 and gave the stock a "buy" rating in a research report on Thursday, May 15th. Barclays reaffirmed an "equal weight" rating on shares of Cisco Systems in a research note on Wednesday, May 21st. Finally, Wall Street Zen raised shares of Cisco Systems from a "buy" rating to a "strong-buy" rating in a research report on Friday, May 16th. Seven research analysts have rated the stock with a hold rating, thirteen have given a buy rating and three have issued a strong buy rating to the stock. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus price target of $69.11.

Cisco Systems Stock Up 0.4%

Shares of NASDAQ CSCO traded up $0.30 during trading on Wednesday, hitting $68.19. 19,378,861 shares of the company traded hands, compared to its average volume of 20,165,035. The firm has a market capitalization of $270.03 billion, a price-to-earnings ratio of 27.83, a P/E/G ratio of 4.03 and a beta of 0.88. The business's fifty day moving average is $61.80 and its 200 day moving average is $60.90. The company has a debt-to-equity ratio of 0.50, a quick ratio of 0.87 and a current ratio of 0.95. Cisco Systems, Inc. has a fifty-two week low of $44.50 and a fifty-two week high of $68.52.

Cisco Systems (NASDAQ:CSCO - Get Free Report) last released its quarterly earnings data on Wednesday, May 14th. The network equipment provider reported $0.96 earnings per share 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 the consensus estimate 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 was up 11.4% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.88 earnings per share. Equities research analysts predict that Cisco Systems, Inc. will post 3.04 earnings per share for the current fiscal year.

Cisco Systems Dividend Announcement

The business 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 $0.41 dividend. This represents a $1.64 dividend on an annualized basis and a dividend yield of 2.41%. The ex-dividend date of this dividend is Thursday, July 3rd. Cisco Systems's dividend payout ratio (DPR) is currently 66.94%.

Insider Activity at Cisco Systems

In related 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 completion of the transaction, the executive vice president now owns 174,669 shares of the company's stock, valued at approximately $11,447,806.26. The trade was a 4.76% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Charles Robbins sold 29,784 shares of the business's stock in a transaction dated Thursday, June 5th. The stock was sold at an average price of $64.61, for a total value of $1,924,344.24. Following the transaction, the chief executive officer now directly 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. Over the last 90 days, insiders sold 97,335 shares of company stock worth $6,271,054. 0.01% of the stock is owned by company 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.