State of New Jersey Common Pension Fund D reduced its position in Cisco Systems, Inc. (NASDAQ:CSCO) by 9.5% during the second quarter, Holdings Channel.com reports. The institutional investor owned 3,800,000 shares of the network equipment provider’s stock after selling 400,000 shares during the period. Cisco Systems accounts for 0.8% of State of New Jersey Common Pension Fund D’s investment portfolio, making the stock its 18th largest holding. State of New Jersey Common Pension Fund D’s holdings in Cisco Systems were worth $207,974,000 at the end of the most recent reporting period.
Other large investors have also recently bought and sold shares of the company. Horan Securities Inc. raised its position in Cisco Systems by 663.0% during the fourth quarter. Horan Securities Inc. now owns 763 shares of the network equipment provider’s stock valued at $33,000 after purchasing an additional 663 shares during the period. Evolution Wealth Advisors LLC purchased a new stake in Cisco Systems during the second quarter valued at approximately $33,000. Lowe Wealth Advisors LLC purchased a new stake in Cisco Systems during the second quarter valued at approximately $38,000. Highwater Wealth Management LLC purchased a new stake in Cisco Systems during the fourth quarter valued at approximately $51,000. Finally, Cohen & Steers Inc. purchased a new stake in Cisco Systems during the fourth quarter valued at approximately $51,000. Institutional investors own 74.41% of the company’s stock.
In related news, Director Steven M. West sold 20,000 shares of the stock in a transaction that occurred on Wednesday, June 12th. The stock was sold at an average price of $56.21, for a total value of $1,124,200.00. Following the transaction, the director now owns 5,263 shares of the company’s stock, valued at $295,833.23. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, EVP Mark D. Chandler sold 1,379 shares of the stock in a transaction that occurred on Wednesday, June 12th. The stock was sold at an average price of $55.94, for a total value of $77,141.26. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 95,129 shares of company stock worth $5,159,754. Insiders own 0.03% of the company’s stock.
A number of equities research analysts have issued reports on CSCO shares. Tigress Financial restated a “buy” rating on shares of Cisco Systems in a research report on Thursday, June 27th. BidaskClub downgraded Cisco Systems from a “buy” rating to a “hold” rating in a research report on Friday, July 26th. Credit Suisse Group restated a “neutral” rating and set a $52.00 price objective (up from $47.00) on shares of Cisco Systems in a research report on Thursday, May 16th. MKM Partners upped their price objective on Cisco Systems to $56.00 and gave the company a “neutral” rating in a research report on Thursday, May 16th. Finally, Oppenheimer upped their price objective on Cisco Systems from $52.00 to $60.00 and gave the company an “outperform” rating in a research report on Friday, April 26th. Seven investment analysts have rated the stock with a hold rating and twenty have issued a buy rating to the company. The stock has an average rating of “Buy” and a consensus price target of $56.42.
Shares of CSCO traded down $2.14 during mid-day trading on Friday, reaching $53.25. 29,008,206 shares of the company’s stock traded hands, compared to its average volume of 13,164,245. The stock has a market capitalization of $237.15 billion, a PE ratio of 22.76, a P/E/G ratio of 2.83 and a beta of 1.18. The firm’s 50-day moving average is $56.48. Cisco Systems, Inc. has a 12 month low of $40.25 and a 12 month high of $58.26. The company has a debt-to-equity ratio of 0.43, a quick ratio of 1.64 and a current ratio of 1.69.
Cisco Systems (NASDAQ:CSCO) last released its earnings results on Wednesday, May 15th. The network equipment provider reported $0.78 EPS for the quarter, beating analysts’ consensus estimates of $0.77 by $0.01. The firm had revenue of $12.96 billion for the quarter, compared to analysts’ expectations of $12.89 billion. Cisco Systems had a return on equity of 29.88% and a net margin of 25.76%. The company’s quarterly revenue was up 4.0% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.66 earnings per share. As a group, equities research analysts forecast that Cisco Systems, Inc. will post 2.8 EPS for the current year.
The firm also recently announced a quarterly dividend, which was paid on Wednesday, July 24th. Stockholders of record on Friday, July 5th were paid a dividend of $0.35 per share. The ex-dividend date of this dividend was Wednesday, July 3rd. This represents a $1.40 dividend on an annualized basis and a dividend yield of 2.63%. Cisco Systems’s dividend payout ratio is 59.83%.
Cisco Systems Company 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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