South Dakota Investment Council trimmed its position in Cisco Systems, Inc. (NASDAQ:CSCO - Free Report) by 14.9% in the first quarter, according to its most recent filing with the SEC. The fund owned 426,597 shares of the network equipment provider's stock after selling 74,600 shares during the period. Cisco Systems accounts for approximately 0.5% of South Dakota Investment Council's investment portfolio, making the stock its 29th biggest position. South Dakota Investment Council's holdings in Cisco Systems were worth $26,325,000 at the end of the most recent reporting period.
Other large investors also recently modified their holdings of the company. Calton & Associates Inc. grew its holdings in Cisco Systems by 114.4% during the 1st quarter. Calton & Associates Inc. now owns 17,940 shares of the network equipment provider's stock worth $1,107,000 after acquiring an additional 9,574 shares during the period. Fountainhead AM LLC lifted its position in Cisco Systems by 32.7% in the 1st quarter. Fountainhead AM LLC now owns 4,538 shares of the network equipment provider's stock valued at $280,000 after acquiring an additional 1,118 shares in the last quarter. Birinyi Associates Inc. bought a new position in shares of Cisco Systems during the 1st quarter worth approximately $205,000. Foundry Partners LLC lifted its position in shares of Cisco Systems by 6.6% during the 1st quarter. Foundry Partners LLC now owns 361,577 shares of the network equipment provider's stock worth $22,313,000 after buying an additional 22,474 shares in the last quarter. Finally, St. Louis Trust Co lifted its position in shares of Cisco Systems by 24.5% during the 1st quarter. St. Louis Trust Co now owns 17,925 shares of the network equipment provider's stock worth $1,106,000 after buying an additional 3,526 shares in the last quarter. 73.33% of the stock is currently owned by institutional investors.
Insider Buying and Selling at Cisco Systems
In other news, insider Jeetendra I. Patel sold 9,961 shares of the business's stock in a transaction on Friday, May 16th. The stock was sold at an average price of $63.97, for a total value of $637,205.17. Following the completion of the transaction, the insider directly owned 257,162 shares of the company's stock, valued at approximately $16,450,653.14. The trade was a 3.73% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, EVP Oliver Tuszik sold 15,000 shares of the business's stock in a transaction dated Wednesday, May 28th. The shares were sold at an average price of $63.53, for a total value of $952,950.00. Following the sale, the executive vice president owned 131,676 shares in the company, valued at approximately $8,365,376.28. The trade was a 10.23% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 97,335 shares of company stock worth $6,271,054 over the last three months. 0.01% of the stock is owned by company insiders.
Cisco Systems Stock Down 0.4%
Shares of NASDAQ:CSCO traded down $0.25 during trading on Friday, reaching $68.05. 16,138,141 shares of the stock were exchanged, compared to its average volume of 20,303,674. The firm has a market cap of $269.48 billion, a price-to-earnings ratio of 27.78, a price-to-earnings-growth ratio of 4.07 and a beta of 0.90. The stock has a fifty day moving average of $65.84 and a two-hundred day moving average of $62.11. Cisco Systems, Inc. has a 1-year low of $44.50 and a 1-year high of $69.78. 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 (NASDAQ:CSCO - Get Free Report) last released its quarterly earnings results on Wednesday, May 14th. The network equipment provider reported $0.96 earnings per share for the quarter, beating the consensus estimate of $0.92 by $0.04. The firm had revenue of $14.15 billion for the quarter, compared to analysts' expectations of $14.05 billion. Cisco Systems had a return on equity of 26.48% and a net margin of 17.60%. The company's revenue was up 11.4% compared to the same quarter last year. During the same quarter last year, the firm posted $0.88 EPS. Research analysts anticipate that Cisco Systems, Inc. will post 3.04 earnings per share for the current fiscal year.
Cisco Systems Dividend Announcement
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 issued a dividend of $0.41 per share. This represents a $1.64 annualized dividend and a yield of 2.41%. The ex-dividend date is Thursday, July 3rd. Cisco Systems's dividend payout ratio is presently 66.94%.
Analyst Ratings Changes
A number of equities research analysts recently commented on the stock. JPMorgan Chase & Co. lifted their price target on shares of Cisco Systems from $73.00 to $78.00 and gave the stock an "overweight" rating in a report on Thursday. Wolfe Research started coverage on shares of Cisco Systems in a research note on Tuesday, July 8th. They issued a "peer perform" rating for the company. New Street Research reiterated a "neutral" rating and issued a $70.00 price objective on shares of Cisco Systems in a research note on Friday, May 16th. Deutsche Bank Aktiengesellschaft upgraded shares of Cisco Systems from a "hold" rating to a "buy" rating and lifted their price objective for the company from $65.00 to $73.00 in a research note on Monday, June 16th. Finally, Wells Fargo & Company upgraded shares of Cisco Systems from an "equal weight" rating to an "overweight" rating and boosted their price target for the company from $72.00 to $75.00 in a research report on Thursday, May 15th. Seven equities research analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat.com, Cisco Systems presently has a consensus rating of "Moderate Buy" and an average price target of $70.35.
Check Out Our Latest Stock Report on CSCO
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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