Marco Investment Management LLC lowered its stake in shares of Cisco Systems, Inc. (NASDAQ:CSCO) by 1.7% in the third quarter, Holdings Channel reports. The fund owned 385,762 shares of the network equipment provider’s stock after selling 6,547 shares during the quarter. Cisco Systems makes up about 2.0% of Marco Investment Management LLC’s portfolio, making the stock its 12th largest position. Marco Investment Management LLC’s holdings in Cisco Systems were worth $12,973,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors also recently bought and sold shares of the company. Opes Advisors Inc grew its holdings in shares of Cisco Systems by 0.6% during the 2nd quarter. Opes Advisors Inc now owns 7,475 shares of the network equipment provider’s stock worth $236,000 after purchasing an additional 44 shares during the period. Leisure Capital Management grew its holdings in shares of Cisco Systems by 0.6% during the 2nd quarter. Leisure Capital Management now owns 7,454 shares of the network equipment provider’s stock worth $233,000 after purchasing an additional 48 shares during the period. GM Advisory Group Inc. grew its holdings in shares of Cisco Systems by 0.3% during the 2nd quarter. GM Advisory Group Inc. now owns 19,548 shares of the network equipment provider’s stock worth $612,000 after purchasing an additional 61 shares during the period. MEMBERS Trust Co grew its holdings in shares of Cisco Systems by 0.7% during the 2nd quarter. MEMBERS Trust Co now owns 12,580 shares of the network equipment provider’s stock worth $394,000 after purchasing an additional 90 shares during the period. Finally, Heritage Trust Co grew its holdings in shares of Cisco Systems by 1.2% during the 2nd quarter. Heritage Trust Co now owns 8,381 shares of the network equipment provider’s stock worth $262,000 after purchasing an additional 100 shares during the period. 75.06% of the stock is owned by institutional investors.
A number of brokerages have recently issued reports on CSCO. Argus reiterated a “buy” rating and set a $50.00 target price (up previously from $44.00) on shares of Cisco Systems in a report on Friday, February 16th. Vetr cut Cisco Systems from a “buy” rating to a “hold” rating and set a $44.13 target price for the company. in a report on Monday, February 19th. MKM Partners boosted their target price on Cisco Systems to $48.00 and gave the stock a “neutral” rating in a report on Friday, February 16th. Oppenheimer reiterated an “outperform” rating and set a $50.00 target price (up previously from $46.00) on shares of Cisco Systems in a report on Friday, February 16th. Finally, Zacks Investment Research upgraded Cisco Systems from a “hold” rating to a “buy” rating and set a $50.00 target price for the company in a report on Wednesday, February 21st. Ten research analysts have rated the stock with a hold rating, twenty-six have assigned a buy rating and one has given a strong buy rating to the stock. The company currently has an average rating of “Buy” and an average price target of $44.00.
Cisco Systems (NASDAQ:CSCO) last released its earnings results on Wednesday, February 14th. The network equipment provider reported $0.63 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.59 by $0.04. The company had revenue of $11.89 billion during the quarter, compared to analysts’ expectations of $11.82 billion. Cisco Systems had a positive return on equity of 17.77% and a negative net margin of 3.00%. During the same period in the prior year, the business posted $0.57 EPS. sell-side analysts anticipate that Cisco Systems, Inc. will post 2.32 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Wednesday, April 25th. Stockholders of record on Thursday, April 5th will be paid a dividend of $0.33 per share. This is a boost from Cisco Systems’s previous quarterly dividend of $0.29. This represents a $1.32 annualized dividend and a dividend yield of 2.93%. The ex-dividend date is Wednesday, April 4th. Cisco Systems’s dividend payout ratio is -362.50%.
Cisco Systems declared that its board has approved a stock buyback plan on Wednesday, February 14th that allows the company to buyback $25.00 billion in shares. This buyback authorization allows 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 stock is undervalued.
In other news, Director Arun Sarin sold 14,189 shares of the stock in a transaction that occurred on Tuesday, February 20th. The stock was sold at an average price of $44.10, for a total transaction of $625,734.90. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Roderick C. Mcgeary sold 15,230 shares of the stock in a transaction that occurred 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 of the company’s stock, valued at $4,299,852. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 104,440 shares of company stock valued at $4,086,782. Company insiders own 0.05% of the company’s stock.
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About Cisco Systems
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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