Kentucky Retirement Systems Insurance Trust Fund reduced its stake in shares of Cisco Systems, Inc. (NASDAQ:CSCO - Free Report) by 38.7% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 116,115 shares of the network equipment provider's stock after selling 73,224 shares during the quarter. Cisco Systems comprises approximately 0.5% of Kentucky Retirement Systems Insurance Trust Fund's holdings, making the stock its 29th largest position. Kentucky Retirement Systems Insurance Trust Fund's holdings in Cisco Systems were worth $7,165,000 at the end of the most recent reporting period.
A number of other institutional investors have also recently added to or reduced their stakes in the stock. Glass Jacobson Investment Advisors llc boosted its position in shares of Cisco Systems by 8.7% in the 4th quarter. Glass Jacobson Investment Advisors llc now owns 2,070 shares of the network equipment provider's stock worth $123,000 after purchasing an additional 166 shares during the last quarter. Fairhaven Wealth Management LLC lifted its holdings in Cisco Systems by 2.3% during the fourth quarter. Fairhaven Wealth Management LLC now owns 7,581 shares of the network equipment provider's stock worth $449,000 after acquiring an additional 167 shares in the last quarter. BlackDiamond Wealth Management LLC lifted its holdings in Cisco Systems by 3.1% during the fourth quarter. BlackDiamond Wealth Management LLC now owns 5,656 shares of the network equipment provider's stock worth $335,000 after acquiring an additional 168 shares in the last quarter. Legacy Financial Group Inc. lifted its holdings in Cisco Systems by 3.4% during the fourth quarter. Legacy Financial Group Inc. now owns 5,100 shares of the network equipment provider's stock worth $302,000 after acquiring an additional 169 shares in the last quarter. Finally, Maple Capital Management Inc. lifted its holdings in Cisco Systems by 1.4% during the fourth quarter. Maple Capital Management Inc. now owns 11,984 shares of the network equipment provider's stock worth $709,000 after acquiring an additional 170 shares in the last quarter. 73.33% of the stock is currently owned by institutional investors.
Cisco Systems Stock Performance
NASDAQ CSCO traded up $1.06 during trading on Monday, reaching $67.38. 33,917,945 shares of the company's stock were exchanged, compared to its average volume of 20,152,340. The business has a 50 day moving average price of $61.38 and a 200-day moving average price of $60.80. The stock has a market capitalization of $266.82 billion, a P/E ratio of 27.50, a PEG ratio of 3.97 and a beta of 0.88. The company has a debt-to-equity ratio of 0.50, a current ratio of 0.95 and a quick ratio of 0.87. Cisco Systems, Inc. has a fifty-two week low of $44.50 and a fifty-two week high of $67.74.
Cisco Systems (NASDAQ:CSCO - Get Free Report) last announced its quarterly earnings results on Wednesday, May 14th. The network equipment provider reported $0.96 earnings per share for the quarter, topping analysts' consensus estimates of $0.92 by $0.04. Cisco Systems had a return on equity of 26.48% and a net margin of 17.60%. The firm had revenue of $14.15 billion for the quarter, compared to the consensus estimate of $14.05 billion. During the same quarter in the previous year, the business earned $0.88 earnings per share. The business's revenue was up 11.4% compared to the same quarter last year. Sell-side analysts forecast that Cisco Systems, Inc. will post 3.04 earnings per share for the current fiscal year.
Cisco Systems Announces Dividend
The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, July 23rd. Stockholders 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 dividend yield of 2.43%. The ex-dividend date of this dividend is Thursday, July 3rd. Cisco Systems's dividend payout ratio is presently 66.94%.
Analyst Upgrades and Downgrades
Several research firms have weighed in on CSCO. New Street Research reiterated a "neutral" rating and set a $70.00 target price on shares of Cisco Systems in a report on Friday, May 16th. Evercore ISI lifted their target price on Cisco Systems from $67.00 to $72.00 and gave the stock an "outperform" rating in a report on Thursday, May 15th. Morgan Stanley reiterated a "hold" rating on shares of Cisco Systems in a report on Wednesday, May 21st. Wells Fargo & Company raised Cisco Systems from an "equal weight" rating to an "overweight" rating and lifted their price target for the company from $72.00 to $75.00 in a research note on Thursday, May 15th. Finally, Rosenblatt Securities lifted their price target on Cisco Systems from $63.00 to $74.00 and gave the company a "buy" rating in a research note on Thursday, May 15th. Seven analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and three have assigned a strong buy rating to the company's stock. According to data from MarketBeat, Cisco Systems has a consensus rating of "Moderate Buy" and an average target price of $69.11.
Check Out Our Latest Stock Report on Cisco Systems
Insider Transactions at Cisco Systems
In other news, EVP Thimaya K. Subaiya sold 8,726 shares of the business's stock in a transaction that occurred on Tuesday, June 17th. The stock was 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 now owns 174,669 shares in the company, valued at $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 SEC, which is available at this hyperlink. Also, SVP Maria Victoria Wong sold 762 shares of the business's stock in a transaction that occurred on Wednesday, June 11th. The stock was sold at an average price of $64.07, for a total value of $48,821.34. Following the sale, the senior vice president now owns 36,937 shares of the company's stock, valued at approximately $2,366,553.59. This represents a 2.02% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 97,335 shares of company stock worth $6,271,054 over the last quarter. Company insiders own 0.01% of the company's stock.
About Cisco Systems
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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.
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