MHI Funds LLC purchased a new position in shares of Cisco Systems, Inc. (NASDAQ:CSCO) during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 124,722 shares of the network equipment provider’s stock, valued at approximately $4,777,000. Cisco Systems accounts for about 4.1% of MHI Funds LLC’s investment portfolio, making the stock its largest holding.
Other large investors have also modified their holdings of the company. Stonehearth Capital Management LLC acquired a new position in shares of Cisco Systems during the fourth quarter worth about $102,000. Mountain Capital Investment Advisors Inc acquired a new position in shares of Cisco Systems during the second quarter worth about $104,000. Manchester Capital Management LLC grew its position in shares of Cisco Systems by 10.7% during the second quarter. Manchester Capital Management LLC now owns 3,606 shares of the network equipment provider’s stock worth $113,000 after buying an additional 350 shares in the last quarter. Ffcm LLC grew its position in shares of Cisco Systems by 2,025.0% during the second quarter. Ffcm LLC now owns 3,740 shares of the network equipment provider’s stock worth $117,000 after buying an additional 3,564 shares in the last quarter. Finally, Archford Capital Strategies LLC grew its position in shares of Cisco Systems by 35.7% during the second quarter. Archford Capital Strategies LLC now owns 9,513 shares of the network equipment provider’s stock worth $126,000 after buying an additional 2,503 shares in the last quarter. Institutional investors own 77.53% of the company’s stock.
In other news, Director M Michele Burns sold 12,126 shares of the company’s stock in a transaction that occurred on Monday, February 26th. The stock was sold at an average price of $45.37, for a total transaction of $550,156.62. Following the completion of the sale, the director now owns 74,479 shares in the company, valued at $3,379,112.23. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Arun Sarin sold 14,189 shares of the company’s stock in a transaction that occurred on Tuesday, February 20th. The stock was sold at an average price of $44.10, for a total value of $625,734.90. The disclosure for this sale can be found here. Insiders have sold 46,986 shares of company stock valued at $2,116,422 in the last 90 days. Company insiders own 0.05% of the company’s stock.
Cisco Systems (NASDAQ:CSCO) last released its quarterly earnings results on Wednesday, February 14th. The network equipment provider reported $0.63 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.59 by $0.04. Cisco Systems had a positive return on equity of 17.77% and a negative net margin of 3.00%. The business had revenue of $11.89 billion during the quarter, compared to analysts’ expectations of $11.82 billion. During the same quarter in the prior year, the business earned $0.57 earnings per share. research analysts forecast that Cisco Systems, Inc. will post 2.33 EPS for the current fiscal year.
Cisco Systems announced that its board has approved a stock buyback program on Wednesday, February 14th that authorizes the company to buyback $25.00 billion in shares. This buyback authorization authorizes the network equipment provider to reacquire shares of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s board of directors believes its shares are undervalued.
The business also recently declared 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 represents a $1.32 annualized dividend and a dividend yield of 3.11%. The ex-dividend date is Wednesday, April 4th. This is a boost from Cisco Systems’s previous quarterly dividend of $0.29. Cisco Systems’s dividend payout ratio is -362.50%.
A number of equities analysts have recently commented on CSCO shares. Barclays boosted their price objective on Cisco Systems from $37.00 to $45.00 and gave the stock an “overweight” rating in a research report on Wednesday, January 17th. Zacks Investment Research downgraded Cisco Systems from a “buy” rating to a “hold” rating in a research report on Thursday, January 18th. Vetr raised Cisco Systems from a “sell” rating to a “hold” rating and set a $38.01 price objective for the company in a research report on Wednesday, December 27th. Argus reissued a “buy” rating and set a $50.00 price objective (up from $44.00) on shares of Cisco Systems in a research report on Friday, February 16th. Finally, Bank of America raised Cisco Systems from a “neutral” rating to a “buy” rating and upped their price target for the company from $38.99 to $46.00 in a report on Friday, January 5th. They noted that the move was a valuation call. Ten investment analysts have rated the stock with a hold rating, twenty-five have issued a buy rating and two have assigned a strong buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and a consensus target price of $44.25.
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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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