Parr Mcknight Wealth Management Group LLC Takes Position in Cisco Systems, Inc. (NASDAQ:CSCO)

Parr Mcknight Wealth Management Group LLC bought a new position in shares of Cisco Systems, Inc. (NASDAQ:CSCO - Free Report) during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 140,925 shares of the network equipment provider's stock, valued at approximately $8,343,000. Cisco Systems makes up 1.2% of Parr Mcknight Wealth Management Group LLC's investment portfolio, making the stock its 15th biggest holding.

A number of other institutional investors also recently bought and sold shares of the company. Norges Bank acquired a new stake in Cisco Systems during the fourth quarter worth about $3,297,905,000. FMR LLC boosted its holdings in Cisco Systems by 20.8% in the fourth quarter. FMR LLC now owns 77,216,513 shares of the network equipment provider's stock valued at $4,571,218,000 after purchasing an additional 13,285,052 shares during the last quarter. Raymond James Financial Inc. purchased a new position in Cisco Systems in the fourth quarter valued at about $560,722,000. Alyeska Investment Group L.P. purchased a new position in Cisco Systems in the fourth quarter valued at about $413,491,000. Finally, Caisse DE Depot ET Placement DU Quebec lifted its holdings in Cisco Systems by 187.9% during the 4th quarter. Caisse DE Depot ET Placement DU Quebec now owns 7,478,872 shares of the network equipment provider's stock worth $442,749,000 after buying an additional 4,880,747 shares during the last quarter. 73.33% of the stock is currently owned by hedge funds and other institutional investors.

Cisco Systems Price Performance

Shares of NASDAQ CSCO traded up $0.71 during midday trading on Tuesday, reaching $63.82. The company's stock had a trading volume of 5,381,591 shares, compared to its average volume of 20,275,788. Cisco Systems, Inc. has a fifty-two week low of $44.50 and a fifty-two week high of $66.50. The company has a market cap of $252.74 billion, a P/E ratio of 27.85, a P/E/G ratio of 4.16 and a beta of 0.89. The company has a debt-to-equity ratio of 0.43, a quick ratio of 0.79 and a current ratio of 0.87. The business's 50 day moving average price is $59.09 and its two-hundred day moving average price is $59.99.

Cisco Systems (NASDAQ:CSCO - Get Free Report) last posted its 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 net margin of 16.96% and a return on equity of 26.08%. The firm had revenue of $14.15 billion for the quarter, compared to analysts' expectations of $14.05 billion. During the same quarter in the previous year, the firm posted $0.88 earnings per share. The company's revenue was up 11.4% on a year-over-year basis. On average, analysts forecast that Cisco Systems, Inc. will post 3.04 EPS for the current fiscal year.

Cisco Systems Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, July 23rd. Shareholders of record on Thursday, July 3rd will be given a dividend of $0.41 per share. 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 2.57%. Cisco Systems's dividend payout ratio (DPR) is currently 66.94%.

Cisco Systems announced that its board has approved a stock buyback plan on Wednesday, February 12th that permits the company to repurchase $15.00 billion in shares. This repurchase authorization permits the network equipment provider to reacquire up to 6% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company's board believes its stock is undervalued.

Analysts Set New Price Targets

CSCO has been the topic of a number of research reports. Citigroup increased their price target on Cisco Systems from $68.00 to $71.00 and gave the stock a "buy" rating in a research report on Thursday, May 15th. Wall Street Zen upgraded Cisco Systems from a "buy" rating to a "strong-buy" rating in a research report on Friday, May 16th. Barclays reissued an "equal weight" rating on shares of Cisco Systems in a research note on Wednesday, May 21st. The Goldman Sachs Group raised their target price on Cisco Systems from $56.00 to $63.00 and gave the stock a "neutral" rating in a research report on Thursday, February 13th. Finally, UBS Group increased their price objective on Cisco Systems from $62.00 to $70.00 and gave the stock a "neutral" rating in a report on Thursday, February 13th. Eight equities research analysts have rated the stock with a hold rating, twelve have issued a buy rating and three have assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus price target of $68.00.

Insider Buying and Selling at Cisco Systems

In related news, insider Jeetendra I. Patel sold 9,961 shares of the company's stock in a transaction dated Friday, May 16th. The shares were sold at an average price of $63.97, for a total value of $637,205.17. Following the sale, the insider now owns 257,162 shares in the company, valued at $16,450,653.14. This represents a 3.73% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, EVP Deborah L. Stahlkopf sold 9,643 shares of the company's stock in a transaction dated Friday, May 16th. The stock was sold at an average price of $63.50, for a total transaction of $612,330.50. Following the completion of the sale, the executive vice president now owns 181,186 shares in the company, valued at $11,505,311. This represents a 5.05% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 22,431 shares of company stock valued at $1,421,356. 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.