Griffin Asset Management Inc. Grows Stock Holdings in Cisco Systems, Inc. (NASDAQ:CSCO)

Griffin Asset Management Inc. raised its position in shares of Cisco Systems, Inc. (NASDAQ:CSCOGet Rating) by 8.2% in the 1st quarter, according to the company in its most recent disclosure with the SEC. The fund owned 6,841 shares of the network equipment provider’s stock after buying an additional 520 shares during the quarter. Griffin Asset Management Inc.’s holdings in Cisco Systems were worth $381,000 at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in the business. Econ Financial Services Corp purchased a new position in shares of Cisco Systems in the 4th quarter valued at approximately $29,000. Sandy Cove Advisors LLC purchased a new position in shares of Cisco Systems in the 4th quarter valued at approximately $33,000. Evolution Advisers Inc. purchased a new position in shares of Cisco Systems in the 4th quarter valued at approximately $33,000. Regency Capital Management Inc. DE purchased a new position in shares of Cisco Systems in the 4th quarter valued at approximately $34,000. Finally, Steward Financial Group LLC purchased a new position in shares of Cisco Systems in the 4th quarter valued at approximately $36,000. 73.18% of the stock is owned by institutional investors and hedge funds.

Several brokerages recently commented on CSCO. Credit Suisse Group decreased their price objective on shares of Cisco Systems from $72.00 to $60.00 and set an “outperform” rating for the company in a research report on Thursday, May 19th. Deutsche Bank Aktiengesellschaft cut their price target on shares of Cisco Systems from $59.00 to $51.00 and set a “hold” rating on the stock in a report on Thursday, May 19th. StockNews.com started coverage on shares of Cisco Systems in a report on Thursday, March 31st. They issued a “buy” rating on the stock. Citigroup cut their price target on shares of Cisco Systems from $45.00 to $40.00 and set a “sell” rating on the stock in a report on Thursday, May 19th. Finally, Wells Fargo & Company cut their price target on shares of Cisco Systems from $65.00 to $52.00 and set an “equal weight” rating on the stock in a report on Thursday, May 19th. One investment analyst has rated the stock with a sell rating, eleven have issued a hold rating and fourteen have given a buy rating to the company. According to MarketBeat.com, Cisco Systems currently has a consensus rating of “Moderate Buy” and an average target price of $55.05.

In other news, COO Maria Martinez sold 4,674 shares of Cisco Systems stock in a transaction on Monday, June 13th. The stock was sold at an average price of $43.33, for a total transaction of $202,524.42. Following the transaction, the chief operating officer now owns 286,033 shares in the company, valued at approximately $12,393,809.89. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CEO Charles Robbins sold 12,717 shares of Cisco Systems stock in a transaction on Wednesday, May 25th. The stock was sold at an average price of $43.79, for a total value of $556,877.43. Following the transaction, the chief executive officer now owns 651,577 shares in the company, valued at approximately $28,532,556.83. The disclosure for this sale can be found here. In the last quarter, insiders have sold 25,326 shares of company stock worth $1,103,159. Insiders own 0.02% of the company’s stock.

Cisco Systems stock opened at $43.57 on Thursday. The company’s fifty day moving average price is $47.24 and its 200 day moving average price is $53.77. The company has a debt-to-equity ratio of 0.21, a quick ratio of 1.40 and a current ratio of 1.49. The stock has a market capitalization of $180.42 billion, a P/E ratio of 15.29, a P/E/G ratio of 2.27 and a beta of 0.99. Cisco Systems, Inc. has a 1 year low of $41.02 and a 1 year high of $64.29.

Cisco Systems (NASDAQ:CSCOGet Rating) last announced its quarterly earnings data on Wednesday, May 18th. The network equipment provider reported $0.87 earnings per share for the quarter, beating analysts’ consensus estimates of $0.86 by $0.01. Cisco Systems had a return on equity of 31.22% and a net margin of 23.28%. During the same period last year, the company posted $0.75 EPS. Sell-side analysts predict that Cisco Systems, Inc. will post 2.99 EPS for the current year.

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, July 27th. Shareholders of record on Wednesday, July 6th will be issued a $0.38 dividend. The ex-dividend date of this dividend is Tuesday, July 5th. This represents a $1.52 dividend on an annualized basis and a yield of 3.49%. Cisco Systems’s payout ratio is currently 53.33%.

About Cisco Systems (Get Rating)

Cisco Systems, Inc designs, manufactures, and sells Internet Protocol based networking and other products related to the communications and information technology industry in the Americas, Europe, the Middle East, Africa, the Asia Pacific, Japan, and China. It provides infrastructure platforms, including networking technologies of switching, routing, wireless, and data center products that are designed to work together to deliver networking capabilities, and transport and/or store data.

Further Reading

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Institutional Ownership by Quarter for Cisco Systems (NASDAQ:CSCO)

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