Rehmann Capital Advisory Group lowered its stake in Cisco Systems, Inc. (NASDAQ:CSCO) by 16.1% in the 3rd quarter, HoldingsChannel reports. The fund owned 38,765 shares of the network equipment provider’s stock after selling 7,421 shares during the period. Rehmann Capital Advisory Group’s holdings in Cisco Systems were worth $1,886,000 at the end of the most recent quarter.
Other large investors have also made changes to their positions in the company. Holderness Investments Co. boosted its holdings in shares of Cisco Systems by 2.3% in the third quarter. Holderness Investments Co. now owns 68,710 shares of the network equipment provider’s stock valued at $3,343,000 after purchasing an additional 1,576 shares during the period. Johnson Financial Group Inc. boosted its holdings in shares of Cisco Systems by 12.1% in the third quarter. Johnson Financial Group Inc. now owns 142,844 shares of the network equipment provider’s stock valued at $6,950,000 after purchasing an additional 15,389 shares during the period. PDS Planning Inc boosted its holdings in shares of Cisco Systems by 35.6% in the third quarter. PDS Planning Inc now owns 5,085 shares of the network equipment provider’s stock valued at $247,000 after purchasing an additional 1,336 shares during the period. Oakwood Capital Management LLC CA boosted its holdings in shares of Cisco Systems by 7.1% in the third quarter. Oakwood Capital Management LLC CA now owns 166,375 shares of the network equipment provider’s stock valued at $8,094,000 after purchasing an additional 11,043 shares during the period. Finally, Torray LLC boosted its holdings in shares of Cisco Systems by 1.0% in the third quarter. Torray LLC now owns 531,055 shares of the network equipment provider’s stock valued at $25,836,000 after purchasing an additional 5,262 shares during the period. Institutional investors and hedge funds own 68.13% of the company’s stock.
A number of brokerages recently issued reports on CSCO. Wells Fargo & Co reiterated an “outperform” rating and issued a $57.00 price target (up previously from $52.00) on shares of Cisco Systems in a report on Wednesday, February 13th. Argus reiterated a “buy” rating and issued a $55.00 price target on shares of Cisco Systems in a report on Tuesday, January 15th. Wolfe Research began coverage on Cisco Systems in a report on Tuesday, December 11th. They issued an “outperform” rating for the company. Credit Suisse Group boosted their price target on Cisco Systems from $44.00 to $47.00 and gave the company a “neutral” rating in a report on Thursday, February 14th. Finally, MKM Partners boosted their price target on Cisco Systems to $54.00 and gave the company a “neutral” rating in a report on Thursday, February 14th. Seven investment analysts have rated the stock with a hold rating, nineteen have assigned a buy rating and one has issued a strong buy rating to the company. The company currently has an average rating of “Buy” and a consensus price target of $53.36.
Cisco Systems (NASDAQ:CSCO) last issued its quarterly earnings data on Wednesday, February 13th. The network equipment provider reported $0.73 EPS for the quarter, topping analysts’ consensus estimates of $0.72 by $0.01. The company had revenue of $12.45 billion during the quarter, compared to the consensus estimate of $12.43 billion. Cisco Systems had a net margin of 25.31% and a return on equity of 27.58%. Cisco Systems’s revenue for the quarter was up 4.7% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.63 earnings per share. On average, sell-side analysts predict that Cisco Systems, Inc. will post 2.74 EPS for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, April 24th. Investors of record on Friday, April 5th will be paid a $0.35 dividend. This is an increase from Cisco Systems’s previous quarterly dividend of $0.33. The ex-dividend date of this dividend is Thursday, April 4th. This represents a $1.40 dividend on an annualized basis and a yield of 2.63%. Cisco Systems’s payout ratio is 56.41%.
Cisco Systems declared that its Board of Directors has initiated a share repurchase program on Wednesday, February 13th that allows the company to buyback $15.00 billion in outstanding shares. This buyback authorization allows the network equipment provider to repurchase up to 6.5% of its shares through open market purchases. Shares buyback programs are typically an indication that the company’s management believes its stock is undervalued.
In other news, CFO Kelly A. Kramer sold 70,000 shares of the company’s stock in a transaction on Thursday, February 28th. The stock was sold at an average price of $51.70, for a total transaction of $3,619,000.00. Following the transaction, the chief financial officer now directly owns 420,696 shares of the company’s stock, valued at $21,749,983.20. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, EVP David Goeckeler sold 30,000 shares of the company’s stock in a transaction on Tuesday, March 12th. The stock was sold at an average price of $52.07, for a total value of $1,562,100.00. Following the transaction, the executive vice president now directly owns 419,439 shares in the company, valued at $21,840,188.73. The disclosure for this sale can be found here. Insiders sold 119,744 shares of company stock valued at $6,135,021 in the last three months. 0.03% of the stock is currently owned by insiders.
Cisco Systems Company Profile
Cisco Systems, Inc designs, manufactures, and sells Internet Protocol based networking and other products related to the communications and information technology industry worldwide. The company offers switching products; routing products that interconnect public and private wireline and mobile networks; data center products; and wireless access points for use in voice, video, and data applications.
Further Reading: Stock Symbols and CUSIP Explained
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