Korea Investment CORP lessened its holdings in shares of Cisco Systems, Inc. (NASDAQ:CSCO) by 0.2% during the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 4,385,420 shares of the network equipment provider’s stock after selling 7,600 shares during the quarter. Cisco Systems makes up 1.0% of Korea Investment CORP’s portfolio, making the stock its 13th biggest position. Korea Investment CORP’s holdings in Cisco Systems were worth $190,020,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other institutional investors have also modified their holdings of CSCO. Bank of New York Mellon Corp raised its stake in Cisco Systems by 193,168.7% during the 3rd quarter. Bank of New York Mellon Corp now owns 104,741,949 shares of the network equipment provider’s stock worth $5,095,693,000 after buying an additional 104,687,754 shares during the period. Oregon Public Employees Retirement Fund raised its stake in Cisco Systems by 3,130.4% during the 4th quarter. Oregon Public Employees Retirement Fund now owns 68,193,317 shares of the network equipment provider’s stock worth $1,574,000 after buying an additional 66,082,350 shares during the period. Fisher Asset Management LLC raised its stake in Cisco Systems by 36.0% during the 4th quarter. Fisher Asset Management LLC now owns 27,338,574 shares of the network equipment provider’s stock worth $1,184,580,000 after buying an additional 7,238,755 shares during the period. Man Group plc raised its stake in Cisco Systems by 412.1% during the 3rd quarter. Man Group plc now owns 3,063,334 shares of the network equipment provider’s stock worth $149,032,000 after buying an additional 2,465,161 shares during the period. Finally, Bahl & Gaynor Inc. raised its stake in Cisco Systems by 45.8% during the 4th quarter. Bahl & Gaynor Inc. now owns 7,256,320 shares of the network equipment provider’s stock worth $314,417,000 after buying an additional 2,280,263 shares during the period. 74.60% of the stock is currently owned by institutional investors and hedge funds.
In other Cisco Systems news, CFO Kelly A. Kramer sold 70,000 shares of the business’s stock in a transaction that occurred on Thursday, May 30th. The shares were sold at an average price of $53.56, for a total transaction of $3,749,200.00. Following the completion of the transaction, the chief financial officer now directly owns 349,122 shares in the company, valued at $18,698,974.32. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Wesley G. Bush acquired 10,000 shares of the stock in a transaction on Friday, June 7th. The shares were purchased at an average price of $55.74 per share, with a total value of $557,400.00. Following the completion of the transaction, the director now owns 3,017 shares of the company’s stock, valued at $168,167.58. The disclosure for this purchase can be found here. 0.03% of the stock is owned by insiders.
Several analysts recently commented on CSCO shares. Citigroup raised their price objective on Cisco Systems from $52.00 to $56.00 and gave the stock a “buy” rating in a research note on Thursday, February 14th. Credit Suisse Group raised their price objective on Cisco Systems from $44.00 to $47.00 and gave the stock a “neutral” rating in a research note on Thursday, February 14th. William Blair reissued an “outperform” rating on shares of Cisco Systems in a research note on Thursday, May 16th. Goldman Sachs Group downgraded Cisco Systems from a “conviction-buy” rating to a “buy” rating and lifted their price target for the company from $58.00 to $62.00 in a research note on Tuesday, April 16th. Finally, Bank of America set a $62.00 price target on Cisco Systems and gave the company a “buy” rating in a research note on Thursday, May 16th. Seven research analysts have rated the stock with a hold rating and nineteen have issued a buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and an average target price of $55.87.
NASDAQ CSCO opened at $57.11 on Wednesday. The company has a debt-to-equity ratio of 0.43, a current ratio of 1.69 and a quick ratio of 1.64. Cisco Systems, Inc. has a 1-year low of $40.25 and a 1-year high of $57.56. The company has a market capitalization of $244.47 billion, a PE ratio of 24.41, a price-to-earnings-growth ratio of 2.86 and a beta of 1.20.
Cisco Systems (NASDAQ:CSCO) last released its quarterly earnings results on Wednesday, May 15th. The network equipment provider reported $0.78 earnings per share for the quarter, beating analysts’ consensus estimates of $0.77 by $0.01. Cisco Systems had a net margin of 25.76% and a return on equity of 29.88%. The company had revenue of $12.96 billion during the quarter, compared to the consensus estimate of $12.89 billion. During the same period in the previous year, the business earned $0.66 earnings per share. The firm’s quarterly revenue was up 4.0% on a year-over-year basis. On average, sell-side analysts anticipate that Cisco Systems, Inc. will post 2.8 earnings per share for the current year.
Cisco Systems declared that its Board of Directors has approved a stock repurchase plan on Wednesday, February 13th that permits the company to buyback $15.00 billion in shares. This buyback authorization permits the network equipment provider to repurchase up to 6.5% of its stock through open market purchases. Stock buyback plans are usually an indication that the company’s board of directors believes its shares are undervalued.
The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, July 24th. Shareholders of record on Friday, July 5th will be given a dividend of $0.35 per share. The ex-dividend date is Wednesday, July 3rd. This represents a $1.40 annualized dividend and a yield of 2.45%. Cisco Systems’s dividend payout ratio is currently 59.83%.
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Cisco Systems Profile
Cisco Systems, Inc designs, manufactures, and sells Internet Protocol based networking and other products related to the communications and information technology industry worldwide. The company offers switching products; routing products that interconnect public and private wireline and mobile networks; data center products; and wireless access points for use in voice, video, and data applications.
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