Huntington National Bank reduced its stake in Cisco Systems, Inc. (NASDAQ:CSCO) by 5.8% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 1,623,858 shares of the network equipment provider’s stock after selling 100,819 shares during the period. Cisco Systems makes up 1.0% of Huntington National Bank’s portfolio, making the stock its 17th biggest position. Huntington National Bank’s holdings in Cisco Systems were worth $62,194,000 as of its most recent filing with the Securities and Exchange Commission.
Several other hedge funds and other institutional investors also recently added to or reduced their stakes in CSCO. Quadrant Private Wealth Management LLC purchased a new stake in shares of Cisco Systems during the fourth quarter valued at $351,000. Raymond James Trust N.A. boosted its position in shares of Cisco Systems by 2.7% during the fourth quarter. Raymond James Trust N.A. now owns 408,610 shares of the network equipment provider’s stock valued at $15,650,000 after buying an additional 10,829 shares during the last quarter. Columbus Macro LLC purchased a new stake in shares of Cisco Systems during the fourth quarter valued at $985,000. Broderick Brian C boosted its position in shares of Cisco Systems by 7.7% during the fourth quarter. Broderick Brian C now owns 52,645 shares of the network equipment provider’s stock valued at $2,016,000 after buying an additional 3,779 shares during the last quarter. Finally, Harbour Investment Management LLC purchased a new stake in shares of Cisco Systems during the fourth quarter valued at $2,223,000. 77.55% of the stock is currently owned by hedge funds and other institutional investors.
Several equities research analysts recently commented on the company. Piper Jaffray reaffirmed an “overweight” rating and set a $44.00 price objective on shares of Cisco Systems in a research report on Wednesday, January 10th. William Blair reaffirmed an “outperform” rating on shares of Cisco Systems in a research report on Thursday, February 15th. Zacks Investment Research cut Cisco Systems from a “buy” rating to a “hold” rating in a research report on Monday, February 5th. Royal Bank of Canada reissued a “buy” rating and issued a $44.00 target price on shares of Cisco Systems in a report on Monday, February 12th. Finally, KeyCorp increased their target price on Cisco Systems from $43.00 to $49.00 and gave the company an “overweight” rating in a report on Thursday, February 15th. Ten analysts have rated the stock with a hold rating, twenty-five have given a buy rating and two have given a strong buy rating to the company’s stock. Cisco Systems has an average rating of “Buy” and a consensus target price of $44.23.
In related news, Director M Michele Burns sold 12,126 shares of Cisco Systems stock in a transaction that occurred on Monday, February 26th. The stock was sold at an average price of $45.37, for a total transaction of $550,156.62. Following the sale, the director now owns 74,479 shares of the company’s stock, valued at approximately $3,379,112.23. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Arun Sarin sold 14,189 shares of Cisco Systems stock in a transaction that occurred on Tuesday, February 20th. The shares were sold at an average price of $44.10, for a total value of $625,734.90. The disclosure for this sale can be found here. Insiders have sold a total of 46,986 shares of company stock worth $2,116,422 in the last three months. 0.05% of the stock is owned by corporate insiders.
Shares of CSCO opened at $43.30 on Tuesday. The company has a market cap of $207,153.28, a P/E ratio of 20.14, a price-to-earnings-growth ratio of 2.88 and a beta of 1.14. Cisco Systems, Inc. has a 12-month low of $30.36 and a 12-month high of $46.16. The company has a debt-to-equity ratio of 0.49, a quick ratio of 2.38 and a current ratio of 2.43.
Cisco Systems (NASDAQ:CSCO) last issued its earnings results on Wednesday, February 14th. The network equipment provider reported $0.63 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.59 by $0.04. The company had revenue of $11.89 billion for the quarter, compared to the consensus estimate of $11.82 billion. Cisco Systems had a positive return on equity of 17.77% and a negative net margin of 3.00%. During the same quarter last year, the company earned $0.57 EPS. equities analysts expect that Cisco Systems, Inc. will post 2.33 EPS for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Wednesday, April 25th. Investors of record on Thursday, April 5th will be paid a dividend of $0.33 per share. This represents a $1.32 annualized dividend and a yield of 3.05%. The ex-dividend date of this dividend is Wednesday, April 4th. This is an increase from Cisco Systems’s previous quarterly dividend of $0.29. Cisco Systems’s dividend payout ratio (DPR) is 61.40%.
Cisco Systems announced that its Board of Directors has initiated a stock repurchase plan on Wednesday, February 14th that allows the company to buyback $25.00 billion in outstanding shares. This buyback authorization allows the network equipment provider to reacquire shares of its stock through open market purchases. Shares buyback plans are often a sign that the company’s management believes its shares are 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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