Westpac Banking Corp grew its position in Cisco Systems, Inc. (NASDAQ:CSCO) by 0.8% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 600,090 shares of the network equipment provider’s stock after purchasing an additional 4,653 shares during the period. Westpac Banking Corp’s holdings in Cisco Systems were worth $22,983,000 at the end of the most recent quarter.
Several other institutional investors have also recently modified their holdings of CSCO. Beach Investment Management LLC. bought a new position in shares of Cisco Systems in the 2nd quarter valued at $1,030,000. Texas Yale Capital Corp. increased its holdings in Cisco Systems by 5.6% in the second quarter. Texas Yale Capital Corp. now owns 30,535 shares of the network equipment provider’s stock valued at $956,000 after purchasing an additional 1,625 shares during the period. Security National Trust Co. increased its holdings in Cisco Systems by 0.5% in the second quarter. Security National Trust Co. now owns 94,373 shares of the network equipment provider’s stock valued at $2,953,000 after purchasing an additional 435 shares during the period. Capital Investment Counsel Inc increased its holdings in Cisco Systems by 45.0% in the second quarter. Capital Investment Counsel Inc now owns 179,681 shares of the network equipment provider’s stock valued at $5,624,000 after purchasing an additional 55,800 shares during the period. Finally, ZWJ Investment Counsel Inc. increased its holdings in Cisco Systems by 3.4% in the second quarter. ZWJ Investment Counsel Inc. now owns 994,015 shares of the network equipment provider’s stock valued at $31,113,000 after purchasing an additional 32,321 shares during the period. Institutional investors own 77.56% of the company’s stock.
A number of brokerages have weighed in on CSCO. Vetr downgraded Cisco Systems from a “buy” rating to a “hold” rating and set a $45.60 price target for the company. in a report on Monday, March 26th. BidaskClub upgraded Cisco Systems from a “buy” rating to a “strong-buy” rating in a report on Friday, January 5th. Citigroup raised their target price on Cisco Systems from $46.00 to $52.00 and gave the company a “buy” rating in a research note on Friday, March 16th. BMO Capital Markets raised their target price on Cisco Systems from $36.00 to $43.00 and gave the company a “market perform” rating in a research note on Thursday, February 15th. Finally, KeyCorp raised their target price on Cisco Systems from $43.00 to $49.00 and gave the company an “overweight” rating in a research note on Thursday, February 15th. Ten research analysts have rated the stock with a hold rating, twenty-five have assigned a buy rating and two have given a strong buy rating to the stock. Cisco Systems has an average rating of “Buy” and a consensus price target of $44.23.
In other news, EVP David Goeckeler sold 20,671 shares of the company’s stock in a transaction that occurred on Thursday, March 15th. The shares were sold at an average price of $45.50, for a total value of $940,530.50. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Arun Sarin sold 14,189 shares of the company’s stock in a transaction that occurred on Tuesday, February 20th. The stock was sold at an average price of $44.10, for a total transaction of $625,734.90. The disclosure for this sale can be found here. Insiders have sold 46,986 shares of company stock worth $2,116,422 in the last quarter. 0.05% of the stock is owned by corporate insiders.
Shares of NASDAQ:CSCO opened at $40.73 on Friday. The stock has a market cap of $201,468.61, a PE ratio of 18.94, a PEG ratio of 2.81 and a beta of 1.14. The company has a quick ratio of 2.38, a current ratio of 2.43 and a debt-to-equity ratio of 0.49. Cisco Systems, Inc. has a 12 month low of $30.36 and a 12 month high of $46.16.
Cisco Systems (NASDAQ:CSCO) last issued its quarterly earnings data on Wednesday, February 14th. The network equipment provider reported $0.63 EPS for the quarter, beating the consensus estimate of $0.59 by $0.04. Cisco Systems had a negative net margin of 3.00% and a positive return on equity of 17.77%. The firm had revenue of $11.89 billion during the quarter, compared to the consensus estimate of $11.82 billion. During the same period in the prior year, the firm posted $0.57 earnings per share. equities analysts anticipate that Cisco Systems, Inc. will post 2.33 earnings per share for the current year.
The business also recently declared a quarterly dividend, which will be paid on Wednesday, April 25th. Investors of record on Thursday, April 5th will be given a dividend of $0.33 per share. The ex-dividend date is Wednesday, April 4th. This represents a $1.32 annualized dividend and a dividend yield of 3.24%. This is a boost from Cisco Systems’s previous quarterly dividend of $0.29. Cisco Systems’s payout ratio is currently 61.40%.
Cisco Systems declared that its Board of Directors has initiated a stock repurchase program on Wednesday, February 14th that permits the company to repurchase $25.00 billion in outstanding shares. This repurchase authorization permits the network equipment provider to reacquire shares of its stock through open market purchases. Stock repurchase programs are usually an indication that the company’s board believes its stock is undervalued.
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Cisco Systems Company Profile
Cisco Systems, Inc designs, manufactures, and sells Internet Protocol (IP) based networking and other products related to the communications and information technology industry worldwide. The company offers switching products, including fixed-configuration and modular switches, and storage products that provide connectivity to end users, workstations, IP phones, wireless access points, and servers; and next-generation network routing products that interconnect public and private wireline and mobile networks for mobile, data, voice, and video applications.
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