Shufro Rose & Co. LLC cut its position in shares of Cisco Systems, Inc. (NASDAQ:CSCO) by 1.0% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 925,238 shares of the network equipment provider’s stock after selling 9,589 shares during the period. Cisco Systems comprises about 3.9% of Shufro Rose & Co. LLC’s investment portfolio, making the stock its 3rd largest position. Shufro Rose & Co. LLC’s holdings in Cisco Systems were worth $39,683,000 at the end of the most recent reporting period.
Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. DnB Asset Management AS grew its position in Cisco Systems by 46.5% in the fourth quarter. DnB Asset Management AS now owns 1,784,277 shares of the network equipment provider’s stock valued at $68,338,000 after acquiring an additional 566,523 shares during the period. White Lighthouse Investment Management Inc. bought a new stake in Cisco Systems in the fourth quarter valued at $590,000. Franklin Street Advisors Inc. NC grew its position in Cisco Systems by 1.4% in the fourth quarter. Franklin Street Advisors Inc. NC now owns 513,334 shares of the network equipment provider’s stock valued at $19,661,000 after acquiring an additional 7,185 shares during the period. Union Bankshares Corp grew its position in Cisco Systems by 21.9% in the fourth quarter. Union Bankshares Corp now owns 167,758 shares of the network equipment provider’s stock valued at $6,425,000 after acquiring an additional 30,113 shares during the period. Finally, Patriot Wealth Management Inc. grew its position in Cisco Systems by 1.2% in the fourth quarter. Patriot Wealth Management Inc. now owns 308,456 shares of the network equipment provider’s stock valued at $11,814,000 after acquiring an additional 3,628 shares during the period. Institutional investors and hedge funds own 73.80% of the company’s stock.
Shares of Cisco Systems opened at $42.67 on Thursday, according to Marketbeat.com. The company has a current ratio of 2.34, a quick ratio of 2.28 and a debt-to-equity ratio of 0.44. Cisco Systems, Inc. has a 12-month low of $30.36 and a 12-month high of $46.37. The firm has a market cap of $205.56 billion, a PE ratio of 18.72, a PEG ratio of 2.88 and a beta of 1.10.
Cisco Systems (NASDAQ:CSCO) last issued its quarterly earnings results on Wednesday, May 16th. The network equipment provider reported $0.66 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.65 by $0.01. Cisco Systems had a positive return on equity of 19.48% and a negative net margin of 2.61%. The business had revenue of $12.46 billion for the quarter, compared to analyst estimates of $12.42 billion. During the same quarter in the prior year, the firm posted $0.60 earnings per share. research analysts anticipate that Cisco Systems, Inc. will post 2.34 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Wednesday, July 25th. Stockholders of record on Friday, July 6th will be paid a dividend of $0.33 per share. This represents a $1.32 annualized dividend and a dividend yield of 3.09%. The ex-dividend date is Thursday, July 5th. Cisco Systems’s dividend payout ratio (DPR) is presently 61.40%.
In other news, EVP David Goeckeler sold 35,000 shares of the company’s stock in a transaction on Friday, June 22nd. The stock was sold at an average price of $43.27, for a total transaction of $1,514,450.00. Following the transaction, the executive vice president now owns 490,458 shares of the company’s stock, valued at $21,222,117.66. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Corporate insiders own 0.05% of the company’s stock.
A number of analysts have weighed in on the company. Credit Suisse Group assumed coverage on Cisco Systems in a research report on Wednesday, May 9th. They issued a “neutral” rating and a $41.00 price target on the stock. Citigroup upped their price target on Cisco Systems from $46.00 to $52.00 and gave the company a “buy” rating in a research report on Friday, March 16th. Vetr upgraded Cisco Systems from a “hold” rating to a “buy” rating and set a $46.93 price target on the stock in a research report on Monday, March 19th. Piper Jaffray Companies reiterated an “overweight” rating and issued a $49.00 price target (up from $48.00) on shares of Cisco Systems in a research report on Wednesday, April 18th. Finally, Macquarie assumed coverage on Cisco Systems in a research report on Monday, April 30th. They issued an “outperform” rating on the stock. Ten equities research analysts have rated the stock with a hold rating, twenty-four have issued a buy rating and one has given a strong buy rating to the stock. Cisco Systems currently has a consensus rating of “Buy” and an average target price of $46.56.
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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