Patten Group Inc. lessened its position in shares of Cisco Systems, Inc. (NASDAQ:CSCO) by 49.1% in the third quarter, HoldingsChannel.com reports. The firm owned 37,987 shares of the network equipment provider’s stock after selling 36,654 shares during the quarter. Cisco Systems accounts for approximately 1.0% of Patten Group Inc.’s portfolio, making the stock its 23rd biggest holding. Patten Group Inc.’s holdings in Cisco Systems were worth $2,466,000 at the end of the most recent reporting period.
Other large investors have also recently added to or reduced their stakes in the company. Tortoise Investment Management LLC increased its position in Cisco Systems by 36.1% during the 2nd quarter. Tortoise Investment Management LLC now owns 3,309 shares of the network equipment provider’s stock valued at $104,000 after purchasing an additional 878 shares during the period. Mountain Capital Investment Advisors Inc acquired a new stake in Cisco Systems during the 2nd quarter valued at approximately $104,000. Manchester Capital Management LLC increased its position in Cisco Systems by 10.7% during the 2nd quarter. Manchester Capital Management LLC now owns 3,606 shares of the network equipment provider’s stock valued at $113,000 after purchasing an additional 350 shares during the period. Ffcm LLC increased its position in Cisco Systems by 2,025.0% during the 2nd quarter. Ffcm LLC now owns 3,740 shares of the network equipment provider’s stock valued at $117,000 after purchasing an additional 3,564 shares during the period. Finally, Archford Capital Strategies LLC increased its position in Cisco Systems by 35.7% during the 2nd quarter. Archford Capital Strategies LLC now owns 9,513 shares of the network equipment provider’s stock valued at $126,000 after purchasing an additional 2,503 shares during the period. 75.06% of the stock is owned by institutional investors and hedge funds.
Cisco Systems, Inc. (NASDAQ CSCO) opened at $45.36 on Tuesday. Cisco Systems, Inc. has a twelve month low of $30.36 and a twelve month high of $45.45. The company has a debt-to-equity ratio of 0.49, a current ratio of 2.43 and a quick ratio of 2.38. The stock has a market capitalization of $211,970.80, a price-to-earnings ratio of 19.82, a P/E/G ratio of 2.96 and a beta of 1.23.
Cisco Systems declared that its Board of Directors has authorized a stock repurchase plan on Wednesday, February 14th that authorizes the company to buyback $25.00 billion in outstanding shares. This buyback authorization authorizes the network equipment provider to repurchase shares of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s management believes its shares are undervalued.
The company also recently announced a quarterly dividend, which will be paid on Wednesday, April 25th. Investors of record on Thursday, April 5th will be issued a $0.33 dividend. This is a boost from Cisco Systems’s previous quarterly dividend of $0.29. This represents a $1.32 dividend on an annualized basis and a dividend yield of 2.91%. The ex-dividend date is Wednesday, April 4th. Cisco Systems’s dividend payout ratio (DPR) is currently -362.50%.
In other Cisco Systems news, SVP Rebecca Jacoby sold 75,021 shares of the firm’s stock in a transaction on Tuesday, December 19th. The stock was sold at an average price of $38.42, for a total transaction of $2,882,306.82. Following the transaction, the senior vice president now directly owns 257,476 shares in the company, valued at approximately $9,892,227.92. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Roderick C. Mcgeary sold 15,230 shares of the firm’s stock in a transaction on Thursday, December 14th. The shares were sold at an average price of $38.00, for a total value of $578,740.00. Following the transaction, the director now owns 113,154 shares in the company, valued at $4,299,852. The disclosure for this sale can be found here. Over the last quarter, insiders sold 104,440 shares of company stock worth $4,086,782. 0.05% of the stock is owned by company insiders.
CSCO has been the topic of a number of research analyst reports. Barclays increased their price target on Cisco Systems from $37.00 to $45.00 and gave the stock an “overweight” rating in a report on Wednesday, January 17th. Oppenheimer restated a “buy” rating and set a $36.00 price target on shares of Cisco Systems in a report on Tuesday, October 31st. Vetr cut Cisco Systems from a “buy” rating to a “hold” rating and set a $35.78 price target on the stock. in a report on Friday, November 17th. Cowen restated a “buy” rating on shares of Cisco Systems in a report on Friday, November 17th. Finally, Zacks Investment Research cut Cisco Systems from a “buy” rating to a “hold” rating in a report on Thursday, January 18th. Ten investment analysts have rated the stock with a hold rating, twenty-six have given a buy rating and one has given a strong buy rating to the company. The stock presently has a consensus rating of “Buy” and an average price target of $44.00.
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Cisco Systems Company Profile
Cisco Systems, Inc designs and sells a range of products, provides services and delivers integrated solutions to develop and connect networks around the world. The Company operates through three geographic segments: Americas; Europe, the Middle East and Africa (EMEA), and Asia Pacific, Japan and China (APJC).
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