Rhumbline Advisers Trims Holdings in Cisco Systems, Inc. (NASDAQ:CSCO)

Rhumbline Advisers trimmed its holdings in shares of Cisco Systems, Inc. (NASDAQ:CSCO - Free Report) by 1.6% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 7,603,345 shares of the network equipment provider's stock after selling 127,329 shares during the quarter. Cisco Systems makes up approximately 0.4% of Rhumbline Advisers' investment portfolio, making the stock its 28th largest position. Rhumbline Advisers owned approximately 0.19% of Cisco Systems worth $469,202,000 as of its most recent SEC filing.

Other institutional investors have also recently added to or reduced their stakes in the company. FPC Investment Advisory Inc. acquired a new stake in shares of Cisco Systems during the 4th quarter worth approximately $26,000. Navigoe LLC purchased a new position in Cisco Systems in the fourth quarter worth approximately $26,000. Mpwm Advisory Solutions LLC purchased a new stake in shares of Cisco Systems during the 4th quarter worth $26,000. JDM Financial Group LLC raised its stake in Cisco Systems by 160.4% in the fourth quarter. JDM Financial Group LLC now owns 487 shares of the network equipment provider's stock valued at $29,000 after buying an additional 300 shares in the last quarter. Finally, Runnymede Capital Advisors Inc. purchased a new position in shares of Cisco Systems in the 4th quarter valued at about $30,000. Institutional investors and hedge funds own 73.33% of the company's stock.

Analysts Set New Price Targets

Several equities analysts have commented on the stock. UBS Group increased their price target 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. Morgan Stanley restated a "hold" rating on shares of Cisco Systems in a report on Wednesday, May 21st. Barclays reiterated an "equal weight" rating on shares of Cisco Systems in a research note on Wednesday, May 21st. JPMorgan Chase & Co. upped their price objective on shares of Cisco Systems from $70.00 to $73.00 and gave the company an "overweight" rating in a research note on Thursday, May 15th. Finally, Citigroup lifted their target price on Cisco Systems from $68.00 to $71.00 and gave the stock a "buy" rating in a research report on Thursday, May 15th. Eight equities research analysts have rated the stock with a hold rating, twelve have given a buy rating and three have issued a strong buy rating to the company. According to data from MarketBeat.com, Cisco Systems has an average rating of "Moderate Buy" and a consensus price target of $68.00.

Cisco Systems Stock Performance

CSCO traded up $0.03 during trading on Wednesday, hitting $64.39. The stock had a trading volume of 14,191,725 shares, compared to its average volume of 20,171,928. The firm has a market capitalization of $254.98 billion, a P/E ratio of 28.12, a PEG ratio of 4.16 and a beta of 0.88. The company has a debt-to-equity ratio of 0.43, a quick ratio of 0.79 and a current ratio of 0.87. Cisco Systems, Inc. has a twelve month low of $44.50 and a twelve month high of $66.50. The company's 50-day moving average price is $59.40 and its 200 day moving average price is $60.20.

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

Cisco Systems Dividend Announcement

The business also recently announced 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 is Thursday, July 3rd. This represents a $1.64 annualized dividend and a dividend yield of 2.55%. Cisco Systems's payout ratio is currently 66.94%.

Cisco Systems announced that its board has initiated a share repurchase plan on Wednesday, February 12th that authorizes the company to repurchase $15.00 billion in outstanding shares. This repurchase authorization authorizes the network equipment provider to reacquire up to 6% of its shares through open market purchases. Shares repurchase plans are often an indication that the company's board believes its shares are undervalued.

Insider Activity at Cisco Systems

In related news, EVP Thimaya K. Subaiya sold 2,065 shares of the business's stock in a transaction dated Wednesday, March 12th. The shares were sold at an average price of $60.70, for a total value of $125,345.50. Following the sale, the executive vice president now directly owns 191,184 shares in the company, valued at $11,604,868.80. The trade was a 1.07% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, SVP Maria Victoria Wong sold 762 shares of the firm's stock in a transaction dated Wednesday, March 12th. The shares were sold at an average price of $60.99, for a total transaction of $46,474.38. Following the transaction, the senior vice president now owns 44,155 shares of the company's stock, valued at $2,693,013.45. This trade represents a 1.70% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 41,616 shares of company stock worth $2,640,095 over the last 90 days. Company insiders own 0.01% of the company's stock.

About Cisco Systems

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.