Envestnet Portfolio Solutions Inc. Reduces Stock Position in Cisco Systems, Inc. (NASDAQ:CSCO)

Envestnet Portfolio Solutions Inc. trimmed its position in Cisco Systems, Inc. (NASDAQ:CSCO - Free Report) by 18.0% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 435,455 shares of the network equipment provider's stock after selling 95,467 shares during the period. Envestnet Portfolio Solutions Inc.'s holdings in Cisco Systems were worth $26,872,000 at the end of the most recent reporting period.

Several other hedge funds also recently modified their holdings of CSCO. Well Done LLC lifted its stake in shares of Cisco Systems by 9.1% during the 1st quarter. Well Done LLC now owns 5,806 shares of the network equipment provider's stock worth $344,000 after purchasing an additional 483 shares during the period. Boston Trust Walden Corp grew its position in shares of Cisco Systems by 0.6% in the first quarter. Boston Trust Walden Corp now owns 1,761,844 shares of the network equipment provider's stock valued at $108,723,000 after purchasing an additional 9,844 shares during the period. Global X Japan Co. Ltd. acquired a new position in Cisco Systems in the first quarter valued at $52,000. Premier Path Wealth Partners LLC lifted its holdings in shares of Cisco Systems by 15.2% during the 1st quarter. Premier Path Wealth Partners LLC now owns 20,811 shares of the network equipment provider's stock worth $1,284,000 after acquiring an additional 2,753 shares during the period. Finally, Centennial Wealth Advisory LLC raised its stake in Cisco Systems by 12.5% during the first quarter. Centennial Wealth Advisory LLC now owns 7,465 shares of the network equipment provider's stock worth $461,000 after purchasing an additional 832 shares during the period. 73.33% of the stock is owned by institutional investors and hedge funds.

Cisco Systems Stock Up 0.8%

CSCO stock opened at $65.84 on Thursday. The company has a market capitalization of $260.73 billion, a P/E ratio of 26.87, a PEG ratio of 3.91 and a beta of 0.88. The firm has a 50 day simple moving average of $61.02 and a 200-day simple moving average of $60.69. 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, Inc. has a twelve month low of $44.50 and a twelve month high of $66.50.

Cisco Systems (NASDAQ:CSCO - Get Free Report) last issued its earnings results on Wednesday, May 14th. The network equipment provider reported $0.96 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.92 by $0.04. Cisco Systems had a net margin of 17.60% and a return on equity of 26.48%. The business had revenue of $14.15 billion for the quarter, compared to analyst estimates of $14.05 billion. During the same quarter in the prior year, the business posted $0.88 EPS. The company's revenue for the quarter was up 11.4% on a year-over-year basis. On average, equities research analysts predict that Cisco Systems, Inc. will post 3.04 earnings per share 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. Stockholders of record on Thursday, July 3rd will be given a $0.41 dividend. The ex-dividend date is Thursday, July 3rd. This represents a $1.64 annualized dividend and a dividend yield of 2.49%. Cisco Systems's payout ratio is 66.94%.

Insider Activity

In other Cisco Systems news, CEO Charles Robbins sold 29,784 shares of Cisco Systems 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 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 ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, EVP Oliver Tuszik sold 15,000 shares of the business's stock in a transaction on Wednesday, May 28th. The shares were sold at an average price of $63.53, for a total transaction of $952,950.00. Following the sale, the executive vice president now owns 131,676 shares of the company's stock, valued at approximately $8,365,376.28. The trade was a 10.23% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 72,931 shares of company stock worth $4,671,930. 0.01% of the stock is currently owned by insiders.

Analyst Ratings Changes

A number of analysts have recently commented on the company. Barclays restated an "equal weight" rating on shares of Cisco Systems in a report on Wednesday, May 21st. New Street Research reissued a "neutral" rating and set a $70.00 price target on shares of Cisco Systems in a research report on Friday, May 16th. Deutsche Bank Aktiengesellschaft upgraded Cisco Systems from a "hold" rating to a "buy" rating and raised their price objective for the stock from $65.00 to $73.00 in a report on Monday. Wells Fargo & Company upgraded Cisco Systems from an "equal weight" rating to an "overweight" rating and boosted their target price for the stock from $72.00 to $75.00 in a report on Thursday, May 15th. Finally, Citigroup raised their price target on shares of Cisco Systems from $68.00 to $71.00 and gave the company a "buy" rating in a report on Thursday, May 15th. Seven investment analysts have rated the stock with a hold rating, thirteen have issued a buy rating and three have given a strong buy rating to the company's stock. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average price target of $69.11.

About Cisco Systems

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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