SOL Capital Management CO decreased its holdings in shares of Cisco Systems, Inc. (NASDAQ:CSCO) by 12.1% during the fourth quarter, according to its most recent filing with the SEC. The firm owned 49,867 shares of the network equipment provider’s stock after selling 6,850 shares during the period. SOL Capital Management CO’s holdings in Cisco Systems were worth $1,910,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors have also bought and sold shares of the company. Vanguard Group Inc. grew its position in shares of 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 worth $11,021,378,000 after buying an additional 7,411,891 shares during the last quarter. Ameriprise Financial Inc. grew its position in shares of 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 worth $2,109,614,000 after buying an additional 11,972,070 shares during the last quarter. Dimensional Fund Advisors LP grew its position in shares of Cisco Systems by 6.5% in the 3rd quarter. Dimensional Fund Advisors LP now owns 48,741,535 shares of the network equipment provider’s stock worth $1,639,089,000 after buying an additional 2,987,682 shares during the last quarter. Nordea Investment Management AB grew its position in shares of Cisco Systems by 8.3% in the 3rd quarter. Nordea Investment Management AB now owns 34,013,570 shares of the network equipment provider’s stock worth $1,143,876,000 after buying an additional 2,617,310 shares during the last quarter. Finally, Boston Partners grew its position in shares of Cisco Systems by 1.1% in the 3rd quarter. Boston Partners now owns 30,401,385 shares of the network equipment provider’s stock worth $1,022,399,000 after buying an additional 329,474 shares during the last quarter. 77.56% of the stock is currently owned by institutional investors and hedge funds.
Shares of NASDAQ CSCO 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 12 month low of $30.36 and a 12 month high of $46.16. The company has a market cap of $196,217.52, a price-to-earnings ratio of 18.35, a price-to-earnings-growth ratio of 2.73 and a beta of 1.14.
Cisco Systems declared that its board has initiated a stock repurchase plan on Wednesday, February 14th that permits the company to repurchase $25.00 billion in shares. This repurchase authorization permits the network equipment provider to repurchase shares of its stock through open market purchases. Stock repurchase plans are generally an indication that the company’s board of directors believes its stock is undervalued.
The firm 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. This represents a $1.32 annualized dividend and a yield of 3.24%. This is a boost from Cisco Systems’s previous quarterly dividend of $0.29. The ex-dividend date of this dividend is Wednesday, April 4th. Cisco Systems’s payout ratio is presently 61.40%.
In related news, Director Arun Sarin sold 14,189 shares of the business’s stock in a transaction on Tuesday, February 20th. The shares were sold at an average price of $44.10, for a total value of $625,734.90. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, Director M Michele Burns sold 12,126 shares of the business’s stock in a transaction on Monday, February 26th. The shares were sold at an average price of $45.37, for a total transaction of $550,156.62. Following the completion of the transaction, the director now owns 74,479 shares of the company’s stock, valued at $3,379,112.23. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 46,986 shares of company stock valued at $2,116,422. Company insiders own 0.05% of the company’s stock.
CSCO has been the topic of a number of analyst reports. ValuEngine raised shares of Cisco Systems from a “hold” rating to a “buy” rating in a research report on Friday, February 2nd. Zacks Investment Research raised shares of Cisco Systems from a “hold” rating to a “buy” rating and set a $48.00 price objective on the stock in a research report on Wednesday, January 31st. Vetr raised shares of Cisco Systems from a “hold” rating to a “buy” rating and set a $44.13 price objective on the stock in a research report on Tuesday, January 30th. Bank of America raised shares of Cisco Systems from a “neutral” rating to a “buy” rating and lifted their price objective for the stock 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 initiated coverage on shares of Cisco Systems in a research report on Wednesday, February 7th. They issued a “buy” rating and a $48.00 price objective on the stock. 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. Cisco Systems presently has a consensus rating of “Buy” and an average price target of $44.23.
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Cisco Systems Profile
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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