Canal Insurance CO lowered its position in shares of Cisco Systems, Inc. (NASDAQ:CSCO) by 33.8% in the 4th quarter, according to its most recent disclosure with the SEC. The fund owned 117,448 shares of the network equipment provider’s stock after selling 60,000 shares during the period. Cisco Systems accounts for 1.6% of Canal Insurance CO’s portfolio, making the stock its 23rd biggest holding. Canal Insurance CO’s holdings in Cisco Systems were worth $4,498,000 at the end of the most recent reporting period.
Several other institutional investors have also recently added to or reduced their stakes in CSCO. Ameriprise Financial Inc. grew its position in Cisco Systems by 23.6% in the 3rd quarter. Ameriprise Financial Inc. now owns 62,709,508 shares of the network equipment provider’s stock valued at $2,109,614,000 after buying an additional 11,972,070 shares in the last quarter. Stifel Financial Corp grew its position in Cisco Systems by 6,109.5% in the 3rd quarter. Stifel Financial Corp now owns 8,147,775 shares of the network equipment provider’s stock valued at $273,977,000 after buying an additional 8,016,561 shares in the last quarter. Vanguard Group Inc. grew its position in Cisco Systems by 2.2% in the 2nd quarter. Vanguard Group Inc. now owns 352,120,694 shares of the network equipment provider’s stock valued at $11,021,378,000 after buying an additional 7,411,891 shares in the last quarter. Janus Henderson Group PLC grew its position in Cisco Systems by 51.1% in the 2nd quarter. Janus Henderson Group PLC now owns 13,528,059 shares of the network equipment provider’s stock valued at $423,475,000 after buying an additional 4,577,831 shares in the last quarter. Finally, Parametric Portfolio Associates LLC grew its position in Cisco Systems by 36.1% in the 2nd quarter. Parametric Portfolio Associates LLC now owns 13,415,432 shares of the network equipment provider’s stock valued at $419,903,000 after buying an additional 3,559,275 shares in the last quarter. Institutional investors and hedge funds own 77.56% of the company’s stock.
CSCO stock opened at $40.73 on Friday. The company has a quick ratio of 2.38, a current ratio of 2.43 and a debt-to-equity ratio of 0.49. Cisco Systems, Inc. has a one year low of $30.36 and a one year high of $46.16. The stock has a market cap of $201,468.61, a price-to-earnings ratio of 18.94, a PEG ratio of 2.81 and a beta of 1.14.
Cisco Systems announced that its board has approved a share repurchase plan on Wednesday, February 14th that permits the company to buyback $25.00 billion in shares. This buyback authorization permits the network equipment provider to purchase shares of its stock through open market purchases. Shares buyback plans are typically a sign that the company’s management believes its shares are undervalued.
The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, April 25th. Shareholders of record on Thursday, April 5th will be paid a dividend of $0.33 per share. The ex-dividend date is Wednesday, April 4th. This is a positive change from Cisco Systems’s previous quarterly dividend of $0.29. This represents a $1.32 dividend on an annualized basis and a yield of 3.24%. Cisco Systems’s dividend payout ratio is currently 61.40%.
In other Cisco Systems news, EVP David Goeckeler sold 20,671 shares of the company’s stock in a transaction dated Thursday, March 15th. The shares were sold at an average price of $45.50, for a total transaction of $940,530.50. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director M Michele Burns sold 12,126 shares of the company’s stock in a transaction dated Monday, February 26th. The shares were sold at an average price of $45.37, for a total transaction of $550,156.62. Following the sale, the director now directly owns 74,479 shares of the company’s stock, valued at $3,379,112.23. The disclosure for this sale can be found here. Insiders have sold 46,986 shares of company stock valued at $2,116,422 over the last ninety days. Insiders own 0.05% of the company’s stock.
A number of equities analysts recently issued reports on CSCO shares. ValuEngine upgraded shares of Cisco Systems from a “hold” rating to a “buy” rating in a research report on Friday, February 2nd. Zacks Investment Research upgraded shares of Cisco Systems from a “hold” rating to a “buy” rating and set a $48.00 target price for the company in a research report on Wednesday, January 31st. Vetr upgraded shares of Cisco Systems from a “hold” rating to a “buy” rating and set a $44.13 target price for the company in a research report on Tuesday, January 30th. Bank of America upgraded shares of Cisco Systems from a “neutral” rating to a “buy” rating and increased their target price for the company from $38.99 to $46.00 in a research report on Friday, January 5th. They noted that the move was a valuation call. Finally, Goldman Sachs started coverage on shares of Cisco Systems in a research report on Wednesday, February 7th. They issued a “buy” rating and a $48.00 target price for the company. Ten research analysts have rated the stock with a hold rating, twenty-five have given a buy rating and two have issued a strong buy rating to the company’s stock. The stock has a consensus rating of “Buy” and an average target price of $44.23.
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About Cisco Systems
Cisco Systems, Inc designs, manufactures, and sells Internet Protocol (IP) based networking and other products related to the communications and information technology industry worldwide. The company offers switching products, including fixed-configuration and modular switches, and storage products that provide connectivity to end users, workstations, IP phones, wireless access points, and servers; and next-generation network routing products that interconnect public and private wireline and mobile networks for mobile, data, voice, and video applications.
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