Webster Bank N. A. decreased its position in Cisco Systems, Inc. (NASDAQ:CSCO - Free Report) by 5.3% in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 86,461 shares of the network equipment provider's stock after selling 4,858 shares during the quarter. Webster Bank N. A.'s holdings in Cisco Systems were worth $5,336,000 as of its most recent filing with the SEC.
Several other institutional investors and hedge funds have also recently added to or reduced their stakes in CSCO. Glass Jacobson Investment Advisors llc grew its stake in Cisco Systems by 8.7% during the fourth quarter. Glass Jacobson Investment Advisors llc now owns 2,070 shares of the network equipment provider's stock worth $123,000 after purchasing an additional 166 shares during the period. Fairhaven Wealth Management LLC boosted its holdings in Cisco Systems by 2.3% in the fourth quarter. Fairhaven Wealth Management LLC now owns 7,581 shares of the network equipment provider's stock worth $449,000 after acquiring an additional 167 shares in the last quarter. BlackDiamond Wealth Management LLC boosted its stake in shares of Cisco Systems by 3.1% in the 4th quarter. BlackDiamond Wealth Management LLC now owns 5,656 shares of the network equipment provider's stock worth $335,000 after buying an additional 168 shares during the last quarter. Legacy Financial Group Inc. raised its holdings in Cisco Systems by 3.4% during the fourth quarter. Legacy Financial Group Inc. now owns 5,100 shares of the network equipment provider's stock valued at $302,000 after acquiring an additional 169 shares during the period. Finally, Maple Capital Management Inc. increased its holdings in shares of Cisco Systems by 1.4% in the fourth quarter. Maple Capital Management Inc. now owns 11,984 shares of the network equipment provider's stock worth $709,000 after purchasing an additional 170 shares during the last quarter. 73.33% of the stock is currently owned by institutional investors and hedge funds.
Analyst Upgrades and Downgrades
CSCO has been the subject of several recent analyst reports. DZ Bank upgraded Cisco Systems from a "hold" rating to a "buy" rating in a research report on Tuesday, February 18th. Citigroup boosted their price objective on shares of Cisco Systems from $68.00 to $71.00 and gave the stock a "buy" rating in a research note on Thursday, May 15th. Wall Street Zen raised shares of Cisco Systems from a "buy" rating to a "strong-buy" rating in a research note on Friday, May 16th. JPMorgan Chase & Co. increased their price objective on shares of Cisco Systems from $70.00 to $73.00 and gave the company an "overweight" rating in a report on Thursday, May 15th. Finally, Evercore ISI lifted their target price on shares of Cisco Systems from $67.00 to $72.00 and gave the company an "outperform" rating in a report on Thursday, May 15th. Eight investment analysts have rated the stock with a hold rating, twelve have issued a buy rating and three have given a strong buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $68.00.
Check Out Our Latest Report on CSCO
Insider Buying and Selling at Cisco Systems
In other news, EVP Thimaya K. Subaiya sold 2,065 shares of the company'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 owns 191,184 shares of the company's stock, valued at approximately $11,604,868.80. This represents a 1.07% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Jeetendra I. Patel sold 9,961 shares of the stock in a transaction dated Friday, May 16th. The stock was sold at an average price of $63.97, for a total transaction of $637,205.17. Following the sale, the insider now directly owns 257,162 shares in the company, valued at approximately $16,450,653.14. This represents a 3.73% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 41,616 shares of company stock valued at $2,640,095. Company insiders own 0.01% of the company's stock.
Cisco Systems Trading Up 0.5%
Shares of CSCO traded up $0.29 on Tuesday, hitting $64.14. 4,287,569 shares of the stock traded hands, compared to its average volume of 20,165,102. The company has a quick ratio of 0.79, a current ratio of 0.87 and a debt-to-equity ratio of 0.43. The firm has a market capitalization of $253.99 billion, a P/E ratio of 28.01, a P/E/G ratio of 4.16 and a beta of 0.89. The stock's 50 day moving average is $59.34 and its two-hundred day moving average is $60.17. Cisco Systems, Inc. has a 1 year low of $44.50 and a 1 year high of $66.50.
Cisco Systems (NASDAQ:CSCO - Get Free Report) last posted its quarterly earnings data on Wednesday, May 14th. The network equipment provider reported $0.96 EPS for the quarter, beating 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 the consensus estimate of $14.05 billion. During the same period in the prior year, the firm posted $0.88 EPS. The firm's revenue was up 11.4% compared to the same quarter last year. As a group, sell-side analysts predict that Cisco Systems, Inc. will post 3.04 earnings per share for the current 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 paid a dividend of $0.41 per share. The ex-dividend date is Thursday, July 3rd. This represents a $1.64 annualized dividend and a yield of 2.56%. Cisco Systems's payout ratio is 66.94%.
Cisco Systems declared that its board has approved a share buyback program on Wednesday, February 12th that authorizes the company to buyback $15.00 billion in shares. This buyback authorization authorizes the network equipment provider to purchase up to 6% of its shares through open market purchases. Shares buyback programs are usually an indication that the company's board of directors believes its stock is undervalued.
About Cisco Systems
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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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