Granite Group Advisors LLC Reduces Stock Position in Cisco Systems, Inc. (NASDAQ:CSCO)

Granite Group Advisors LLC reduced its position in Cisco Systems, Inc. (NASDAQ:CSCO - Free Report) by 49.5% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 21,688 shares of the network equipment provider's stock after selling 21,217 shares during the quarter. Cisco Systems comprises about 0.9% of Granite Group Advisors LLC's holdings, making the stock its 25th biggest holding. Granite Group Advisors LLC's holdings in Cisco Systems were worth $1,338,000 at the end of the most recent reporting period.

Other large investors also recently modified their holdings of the company. Brighton Jones LLC grew its stake in Cisco Systems by 49.5% in the 4th 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 grew its stake in Cisco Systems by 37.0% in the 4th quarter. Revolve Wealth Partners LLC now owns 9,156 shares of the network equipment provider's stock worth $542,000 after buying an additional 2,474 shares in the last quarter. CoreFirst Bank & Trust purchased a new position in Cisco Systems in the 4th quarter worth approximately $598,000. Segall Bryant & Hamill LLC purchased a new position in Cisco Systems in the 4th quarter worth approximately $650,000. Finally, Modern Wealth Management LLC grew its stake in Cisco Systems by 80.3% in the 4th quarter. Modern Wealth Management LLC now owns 64,401 shares of the network equipment provider's stock worth $4,045,000 after buying an additional 28,675 shares in the last quarter. 73.33% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on the stock. Wells Fargo & Company upgraded shares of Cisco Systems from an "equal weight" rating to an "overweight" rating and boosted their price objective for the stock from $72.00 to $75.00 in a report on Thursday, May 15th. Citigroup boosted their price objective on shares of Cisco Systems from $68.00 to $71.00 and gave the stock a "buy" rating in a report on Thursday, May 15th. Wall Street Zen lowered shares of Cisco Systems from a "strong-buy" rating to a "buy" rating in a report on Saturday, July 12th. KeyCorp assumed coverage on shares of Cisco Systems in a report on Thursday, June 26th. They issued an "overweight" rating and a $77.00 price objective for the company. Finally, Wolfe Research assumed coverage on shares of Cisco Systems in a report on Tuesday, July 8th. They issued a "peer perform" rating for the company. Seven research analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and two have issued a strong buy rating to the company's stock. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average price target of $70.35.

Cisco Systems Stock Up 0.6%

Shares of Cisco Systems stock traded up $0.40 during trading on Friday, hitting $68.69. The company's stock had a trading volume of 11,589,031 shares, compared to its average volume of 17,593,400. The company has a debt-to-equity ratio of 0.50, a quick ratio of 0.87 and a current ratio of 0.95. The company has a fifty day simple moving average of $66.43 and a two-hundred day simple moving average of $62.41. The company has a market capitalization of $272.01 billion, a PE ratio of 28.04, a P/E/G ratio of 4.09 and a beta of 0.90. Cisco Systems, Inc. has a 52 week low of $44.50 and a 52 week high of $69.78.

Cisco Systems (NASDAQ:CSCO - Get Free Report) last issued its quarterly 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. Cisco Systems had a net margin of 17.60% and a return on equity of 26.48%. The company had revenue of $14.15 billion during the quarter, compared to analyst estimates of $14.05 billion. During the same period last year, the business earned $0.88 EPS. Cisco Systems's quarterly revenue was up 11.4% compared to the same quarter last year. Equities research analysts predict that Cisco Systems, Inc. will post 3.04 earnings per share for the current year.

Cisco Systems Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, July 23rd. Shareholders of record on Thursday, July 3rd were paid a dividend of $0.41 per share. The ex-dividend date of this dividend was Thursday, July 3rd. This represents a $1.64 dividend on an annualized basis and a yield of 2.39%. Cisco Systems's dividend payout ratio is currently 66.94%.

Insider Buying and Selling at Cisco Systems

In other Cisco Systems news, EVP Thimaya K. Subaiya sold 8,726 shares of the firm's stock in a transaction dated 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 sale, the executive vice president directly owned 174,669 shares in the company, valued at approximately $11,447,806.26. This trade represents a 4.76% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Deborah L. Stahlkopf sold 2,407 shares of the firm's stock in a transaction dated Wednesday, June 11th. The shares were sold at an average price of $64.01, for a total transaction of $154,072.07. Following the sale, the executive vice president owned 177,027 shares of the company's stock, valued at approximately $11,331,498.27. This represents a 1.34% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 97,335 shares of company stock worth $6,271,054 in the last 90 days. Insiders own 0.01% of the company's stock.

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.