Resona Asset Management Co. Ltd. Acquires 86,950 Shares of Cisco Systems, Inc. (NASDAQ:CSCO)

Key Points

• Resona Asset Management Co. Ltd. increased its stake in Cisco Systems by 6.3%, now holding 1,457,073 shares valued at approximately $89.76 million.
• Recent insider trading included CFO Richard Scott Herren selling 15,678 shares, resulting in a 4.82% decrease in his position, while other executives also reduced their holdings.
• Cisco reported a quarterly earnings per share (EPS) of $0.96, exceeding analyst expectations, with revenue rising 11.4% year-over-year to $14.15 billion.

Resona Asset Management Co. Ltd. lifted its holdings in shares of Cisco Systems, Inc. (NASDAQ:CSCO - Free Report) by 6.3% in the first quarter, according to its most recent filing with the SEC. The firm owned 1,457,073 shares of the network equipment provider's stock after acquiring an additional 86,950 shares during the period. Resona Asset Management Co. Ltd.'s holdings in Cisco Systems were worth $89,755,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors also recently made changes to their positions in CSCO. Brighton Jones LLC increased its position in shares of Cisco Systems by 49.5% during the 4th quarter. Brighton Jones LLC now owns 74,187 shares of the network equipment provider's stock worth $4,392,000 after purchasing an additional 24,562 shares in the last quarter. Revolve Wealth Partners LLC increased its position in shares of Cisco Systems by 37.0% during the 4th quarter. Revolve Wealth Partners LLC now owns 9,156 shares of the network equipment provider's stock worth $542,000 after purchasing an additional 2,474 shares in the last quarter. Peninsula Wealth LLC increased its position in shares of Cisco Systems by 6.0% during the 4th quarter. Peninsula Wealth LLC now owns 9,448 shares of the network equipment provider's stock worth $559,000 after purchasing an additional 531 shares in the last quarter. Mariner LLC increased its position in shares of Cisco Systems by 12.2% during the 4th quarter. Mariner LLC now owns 2,070,959 shares of the network equipment provider's stock worth $122,600,000 after purchasing an additional 224,528 shares in the last quarter. Finally, Icon Advisers Inc. Co. increased its position in shares of Cisco Systems by 21.3% during the 4th quarter. Icon Advisers Inc. Co. now owns 65,390 shares of the network equipment provider's stock worth $3,871,000 after purchasing an additional 11,490 shares in the last quarter. 73.33% of the stock is owned by institutional investors.

Cisco Systems Trading Down 1.6%

Cisco Systems stock traded down $1.10 during midday trading on Thursday, hitting $69.30. 39,245,132 shares of the stock were exchanged, compared to its average volume of 21,526,674. The company has a fifty day simple moving average of $67.89 and a two-hundred day simple moving average of $63.21. Cisco Systems, Inc. has a 52 week low of $47.85 and a 52 week high of $72.55. The stock has a market capitalization of $274.43 billion, a PE ratio of 28.29, a P/E/G ratio of 3.96 and a beta of 0.91. The company has a quick ratio of 0.87, a current ratio of 0.95 and a debt-to-equity ratio of 0.50.

Cisco Systems (NASDAQ:CSCO - Get Free Report) last released its quarterly earnings data on Wednesday, August 13th. The network equipment provider reported $0.99 earnings per share for the quarter, topping the consensus estimate of $0.98 by $0.01. Cisco Systems had a net margin of 17.60% and a return on equity of 26.48%. The business had revenue of $14.67 billion for the quarter, compared to analyst estimates of $14.63 billion. During the same quarter last year, the firm earned $0.87 EPS. Cisco Systems's quarterly revenue was up 7.6% compared to the same quarter last year. Equities research analysts anticipate that Cisco Systems, Inc. will post 3.04 EPS for the current fiscal year.

Cisco Systems Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, October 22nd. Shareholders of record on Friday, October 3rd will be paid a $0.41 dividend. The ex-dividend date of this dividend is Friday, October 3rd. This represents a $1.64 dividend on an annualized basis and a yield of 2.4%. Cisco Systems's payout ratio is presently 66.94%.

Insider Transactions at Cisco Systems

In other Cisco Systems news, CFO Richard Scott Herren sold 15,678 shares of Cisco Systems stock in a transaction that occurred on Tuesday, June 17th. The shares were sold at an average price of $65.52, for a total value of $1,027,222.56. Following the transaction, the chief financial officer owned 309,543 shares of the company's stock, valued at approximately $20,281,257.36. The trade was a 4.82% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO Charles Robbins sold 29,784 shares of Cisco Systems stock in a transaction that occurred on Thursday, June 5th. The shares were 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 directly owned 688,409 shares in the company, valued at approximately $44,478,105.49. The trade was a 4.15% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 97,335 shares of company stock valued at $6,271,054. 0.01% of the stock is currently owned by insiders.

Analyst Ratings Changes

A number of equities research analysts recently issued reports on CSCO shares. Wall Street Zen cut shares of Cisco Systems from a "strong-buy" rating to a "buy" rating in a research report on Saturday, July 12th. JPMorgan Chase & Co. increased their target price on shares of Cisco Systems from $73.00 to $78.00 and gave the stock an "overweight" rating in a research report on Thursday, July 17th. Morgan Stanley raised their price objective on shares of Cisco Systems from $67.00 to $70.00 and gave the company an "overweight" rating in a research report on Friday, July 18th. Rosenblatt Securities restated a "buy" rating and issued a $87.00 price objective on shares of Cisco Systems in a research report on Thursday. Finally, Deutsche Bank Aktiengesellschaft upgraded shares of Cisco Systems from a "hold" rating to a "buy" rating and raised their price objective for the company from $65.00 to $73.00 in a research report on Monday, June 16th. Eight analysts have rated the stock with a hold rating, sixteen have assigned a buy rating and two have assigned a strong buy rating to the company's stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $72.90.

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.