Goelzer Investment Management Inc. trimmed its holdings in shares of Cisco Systems, Inc. (NASDAQ:CSCO) by 0.2% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 161,270 shares of the network equipment provider’s stock after selling 302 shares during the quarter. Cisco Systems accounts for about 0.9% of Goelzer Investment Management Inc.’s portfolio, making the stock its 29th largest position. Goelzer Investment Management Inc.’s holdings in Cisco Systems were worth $6,988,000 at the end of the most recent quarter.
A number of other institutional investors and hedge funds have also bought and sold shares of CSCO. Bank of New York Mellon Corp grew its holdings 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 acquiring an additional 104,687,754 shares during the last quarter. Fisher Asset Management LLC grew its holdings 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 acquiring an additional 7,238,755 shares during the last quarter. Man Group plc grew its holdings 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 acquiring an additional 2,465,161 shares during the last quarter. Rehmann Capital Advisory Group grew its holdings in Cisco Systems by 4,016.5% during the 3rd quarter. Rehmann Capital Advisory Group now owns 1,901,239 shares of the network equipment provider’s stock worth $3,057,143,000 after acquiring an additional 1,855,053 shares during the last quarter. Finally, Panagora Asset Management Inc. grew its holdings in Cisco Systems by 60.8% during the 3rd quarter. Panagora Asset Management Inc. now owns 4,417,568 shares of the network equipment provider’s stock worth $214,915,000 after acquiring an additional 1,670,040 shares during the last quarter. 69.17% of the stock is currently owned by hedge funds and other institutional investors.
CSCO has been the topic of a number of recent analyst reports. Wells Fargo & Co restated an “outperform” rating and issued a $57.00 price target (up previously from $52.00) on shares of Cisco Systems in a research report on Wednesday, February 13th. Credit Suisse Group set a $44.00 price target on shares of Cisco Systems and gave the stock a “hold” rating in a research report on Wednesday, January 16th. KeyCorp boosted their price target on shares of Cisco Systems from $53.00 to $55.00 and gave the stock an “overweight” rating in a research report on Thursday, February 14th. Robert W. Baird restated a “buy” rating and issued a $53.00 price target on shares of Cisco Systems in a research report on Tuesday, February 12th. Finally, Argus restated a “buy” rating and issued a $55.00 price target on shares of Cisco Systems in a research report on Tuesday, January 15th. Six equities research analysts have rated the stock with a hold rating, twenty have given a buy rating and one has given a strong buy rating to the company’s stock. The company has an average rating of “Buy” and an average price target of $54.35.
Cisco Systems (NASDAQ:CSCO) last released its earnings results on Wednesday, February 13th. The network equipment provider reported $0.73 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.72 by $0.01. Cisco Systems had a net margin of 25.31% and a return on equity of 27.58%. The company had revenue of $12.45 billion for the quarter, compared to the consensus estimate of $12.43 billion. During the same quarter in the previous year, the company earned $0.63 EPS. Cisco Systems’s quarterly revenue was up 4.7% compared to the same quarter last year. On average, equities research analysts expect that Cisco Systems, Inc. will post 2.75 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which was paid on Wednesday, April 24th. Investors of record on Friday, April 5th were given a dividend of $0.35 per share. This represents a $1.40 dividend on an annualized basis and a dividend yield of 2.51%. The ex-dividend date of this dividend was Thursday, April 4th. This is an increase from Cisco Systems’s previous quarterly dividend of $0.33. Cisco Systems’s payout ratio is presently 59.83%.
Cisco Systems announced that its Board of Directors has approved a share buyback plan on Wednesday, February 13th that allows the company to buyback $15.00 billion in shares. This buyback authorization allows the network equipment provider to reacquire up to 6.5% of its stock through open market purchases. Stock buyback plans are generally a sign that the company’s management believes its stock is undervalued.
In related news, Director Roderick C. Mcgeary sold 15,000 shares of the business’s stock in a transaction on Tuesday, February 19th. The shares were sold at an average price of $49.66, for a total transaction of $744,900.00. Following the transaction, the director now owns 102,898 shares in the company, valued at approximately $5,109,914.68. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP David Goeckeler sold 30,000 shares of the business’s stock in a transaction on Tuesday, March 12th. The shares were sold at an average price of $52.07, for a total transaction of $1,562,100.00. Following the transaction, the executive vice president now owns 419,439 shares in the company, valued at approximately $21,840,188.73. The disclosure for this sale can be found here. Insiders have sold a total of 115,000 shares of company stock worth $5,926,000 in the last quarter. 0.03% of the stock is owned by corporate insiders.
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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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