Graham Capital Management L.P. purchased a new stake in shares of Cisco Systems, Inc. (NASDAQ:CSCO - Free Report) in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor purchased 104,870 shares of the network equipment provider's stock, valued at approximately $6,208,000.
Several other hedge funds and other institutional investors have also recently modified their holdings of the stock. Watts Gwilliam & Co. LLC grew its position in shares of Cisco Systems by 1.9% during the fourth quarter. Watts Gwilliam & Co. LLC now owns 20,126 shares of the network equipment provider's stock worth $1,186,000 after buying an additional 375 shares in the last quarter. Wealth Enhancement Advisory Services LLC boosted its holdings in shares of Cisco Systems by 0.3% in the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 2,604,217 shares of the network equipment provider's stock valued at $154,170,000 after acquiring an additional 8,158 shares during the period. Franklin Street Advisors Inc. NC lifted its holdings in shares of Cisco Systems by 2.7% during the fourth quarter. Franklin Street Advisors Inc. NC now owns 85,663 shares of the network equipment provider's stock worth $5,071,000 after purchasing an additional 2,290 shares during the period. CCM Investment Advisers LLC lifted its holdings in shares of Cisco Systems by 4.3% during the fourth quarter. CCM Investment Advisers LLC now owns 326,303 shares of the network equipment provider's stock worth $19,317,000 after purchasing an additional 13,554 shares during the period. Finally, Harbor Capital Advisors Inc. raised its position in Cisco Systems by 2.5% in the fourth quarter. Harbor Capital Advisors Inc. now owns 47,984 shares of the network equipment provider's stock worth $2,841,000 after acquiring an additional 1,175 shares in the last quarter. 73.33% of the stock is owned by hedge funds and other institutional investors.
Insider Buying and Selling
In related news, CFO Richard Scott Herren sold 19,929 shares of Cisco Systems stock in a transaction dated Friday, February 14th. The shares were sold at an average price of $64.41, for a total transaction of $1,283,626.89. Following the sale, the chief financial officer now directly owns 335,605 shares in the company, valued at $21,616,318.05. The trade was a 5.61% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Charles Robbins sold 31,983 shares of Cisco Systems stock in a transaction dated Friday, February 14th. The stock was sold at an average price of $64.41, for a total value of $2,060,025.03. Following the transaction, the chief executive officer now directly owns 736,120 shares in the company, valued at approximately $47,413,489.20. The trade was a 4.16% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 66,547 shares of company stock worth $4,275,553 in the last three months. Corporate insiders own 0.01% of the company's stock.
Cisco Systems Stock Performance
Shares of Cisco Systems stock traded up $0.48 during trading on Tuesday, reaching $62.15. The company's stock had a trading volume of 1,960,946 shares, compared to its average volume of 20,246,630. The company has a 50-day moving average price of $58.73 and a two-hundred day moving average price of $59.51. The firm has a market cap of $247.23 billion, a PE ratio of 27.10, a P/E/G ratio of 4.16 and a beta of 0.89. 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 current ratio of 0.87, a quick ratio of 0.79 and a debt-to-equity ratio of 0.43.
Cisco Systems (NASDAQ:CSCO - Get Free Report) last announced its quarterly earnings data on Wednesday, February 12th. The network equipment provider reported $0.77 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.91 by ($0.14). Cisco Systems had a net margin of 16.96% and a return on equity of 26.08%. On average, analysts forecast that Cisco Systems, Inc. will post 3.04 EPS for the current year.
Cisco Systems announced that its board has authorized a share buyback program on Wednesday, February 12th that allows the company to buyback $15.00 billion in outstanding shares. This buyback authorization allows the network equipment provider to reacquire up to 6% of its stock through open market purchases. Stock buyback programs are usually a sign that the company's board of directors believes its shares are undervalued.
Cisco Systems Increases Dividend
The business also recently announced a quarterly dividend, which was paid on Wednesday, April 23rd. Shareholders of record on Thursday, April 3rd were given a dividend of $0.41 per share. This is a positive change from Cisco Systems's previous quarterly dividend of $0.40. This represents a $1.64 annualized dividend and a dividend yield of 2.64%. The ex-dividend date of this dividend was Thursday, April 3rd. Cisco Systems's payout ratio is presently 71.62%.
Wall Street Analysts Forecast Growth
A number of research analysts have recently weighed in on CSCO shares. StockNews.com cut Cisco Systems from a "strong-buy" rating to a "buy" rating in a research report on Wednesday, March 5th. Piper Sandler decreased their price target on Cisco Systems from $72.00 to $60.00 and set a "neutral" rating on the stock in a research note on Tuesday, April 8th. Wells Fargo & Company reissued an "equal weight" rating on shares of Cisco Systems in a research note on Thursday, March 6th. The Goldman Sachs Group boosted their price target 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 upped their target price on Cisco Systems from $62.00 to $70.00 and gave the company a "neutral" rating in a research report on Thursday, February 13th. Seven equities research analysts have rated the stock with a hold rating, fifteen have issued a buy rating and two have given a strong buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average target price of $65.05.
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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