Olstein Capital Management L.P. Sells 20,000 Shares of Cisco Systems, Inc. (NASDAQ:CSCO)

Olstein Capital Management L.P. trimmed its position in shares of Cisco Systems, Inc. (NASDAQ:CSCO - Free Report) by 15.9% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 106,000 shares of the network equipment provider's stock after selling 20,000 shares during the period. Olstein Capital Management L.P.'s holdings in Cisco Systems were worth $6,541,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds also recently modified their holdings of the company. Everest Management Corp. bought a new position in Cisco Systems in the 1st quarter valued at about $674,000. Tounjian Advisory Partners LLC bought a new stake in shares of Cisco Systems during the 1st quarter valued at $6,329,000. Northstar Advisory Group LLC bought a new position in Cisco Systems in the 1st quarter valued at about $279,000. Pallas Capital Advisors LLC increased its stake in Cisco Systems by 31.9% in the first quarter. Pallas Capital Advisors LLC now owns 27,499 shares of the network equipment provider's stock valued at $1,697,000 after acquiring an additional 6,652 shares during the last quarter. Finally, WFA Asset Management Corp increased its stake in shares of Cisco Systems by 12.8% in the 1st quarter. WFA Asset Management Corp now owns 2,224 shares of the network equipment provider's stock valued at $137,000 after purchasing an additional 252 shares during the last quarter. 73.33% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on CSCO. Rosenblatt Securities boosted their target price on shares of Cisco Systems from $63.00 to $74.00 and gave the stock a "buy" rating in a research note on Thursday, May 15th. DZ Bank upgraded shares of Cisco Systems from a "hold" rating to a "buy" rating in a research report on Tuesday, February 18th. Morgan Stanley restated a "hold" rating on shares of Cisco Systems in a report on Wednesday, May 21st. JPMorgan Chase & Co. boosted their target price on Cisco Systems from $70.00 to $73.00 and gave the company an "overweight" rating in a research report on Thursday, May 15th. Finally, UBS Group raised their price objective on shares of Cisco Systems from $62.00 to $70.00 and gave the company a "neutral" rating in a research note on Thursday, February 13th. Eight investment analysts have rated the stock with a hold rating, twelve have given a buy rating and three have assigned a strong buy rating to the company. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price of $68.00.

Cisco Systems Price Performance

Cisco Systems stock opened at $66.06 on Monday. The company has a market cap of $261.60 billion, a price-to-earnings ratio of 28.85, a PEG ratio of 4.16 and a beta of 0.88. Cisco Systems, Inc. has a 12 month low of $44.50 and a 12 month high of $66.50. The company has a current ratio of 0.87, a quick ratio of 0.79 and a debt-to-equity ratio of 0.43. The business's 50 day simple moving average is $59.61 and its 200 day simple moving average is $60.38.

Cisco Systems (NASDAQ:CSCO - Get Free Report) last issued its quarterly earnings data on Wednesday, May 14th. The network equipment provider reported $0.96 EPS for the quarter, beating the consensus estimate of $0.92 by $0.04. Cisco Systems had a net margin of 16.96% and a return on equity of 26.08%. The company had revenue of $14.15 billion during the quarter, compared to analysts' expectations of $14.05 billion. During the same quarter in the previous year, the company earned $0.88 earnings per share. Cisco Systems's revenue for the quarter was up 11.4% on a year-over-year basis. Sell-side analysts forecast that Cisco Systems, Inc. will post 3.04 EPS for the current year.

Cisco Systems Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, July 23rd. Investors of record on Thursday, July 3rd will be paid a $0.41 dividend. 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 is presently 66.94%.

Cisco Systems declared that its Board of Directors has initiated a stock 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 buy up to 6% of its shares through open market purchases. Shares repurchase programs are generally a sign that the company's board believes its shares are undervalued.

Insider Activity

In other Cisco Systems news, SVP Maria Victoria Wong sold 762 shares of the stock in a transaction that occurred on Wednesday, March 12th. The stock was sold at an average price of $60.99, for a total value of $46,474.38. Following the completion of the sale, the senior vice president now owns 44,155 shares in the company, valued at approximately $2,693,013.45. This trade represents a 1.70% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO Charles Robbins sold 29,784 shares of the company's stock in a transaction on Thursday, June 5th. The stock was sold at an average price of $64.61, for a total transaction 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. This trade represents a 4.15% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 71,400 shares of company stock worth $4,564,439. 0.01% of the stock is currently owned by 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.

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