WASHINGTON TRUST Co lifted its position in shares of Cisco Systems, Inc. (NASDAQ:CSCO) by 1.5% during the first quarter, HoldingsChannel reports. The firm owned 319,651 shares of the network equipment provider’s stock after purchasing an additional 4,604 shares during the quarter. WASHINGTON TRUST Co’s holdings in Cisco Systems were worth $16,528,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors have also recently bought and sold shares of the company. Costello Asset Management INC acquired a new stake in shares of Cisco Systems during the fourth quarter worth $26,000. Bainco International Investors bought a new position in shares of Cisco Systems during the fourth quarter worth about $30,000. Navis Wealth Advisors LLC bought a new position in shares of Cisco Systems during the fourth quarter worth about $30,000. Goodwin Investment Advisory bought a new position in shares of Cisco Systems during the fourth quarter worth about $31,000. Finally, Defined Wealth Management LLC bought a new position in shares of Cisco Systems during the fourth quarter worth about $34,000. 70.62% of the stock is currently owned by institutional investors and hedge funds.
Shares of NASDAQ:CSCO opened at $51.17 on Tuesday. The company’s 50-day moving average price is $51.33 and its two-hundred day moving average price is $45.58. The company has a debt-to-equity ratio of 0.25, a current ratio of 1.59 and a quick ratio of 1.54. Cisco Systems, Inc. has a one year low of $35.28 and a one year high of $53.18. The stock has a market capitalization of $216.03 billion, a PE ratio of 20.80, a price-to-earnings-growth ratio of 2.54 and a beta of 0.95.
The firm also recently declared a quarterly dividend, which was paid on Wednesday, April 28th. Shareholders of record on Tuesday, April 6th were given a dividend of $0.37 per share. The ex-dividend date of this dividend was Monday, April 5th. This is a boost from Cisco Systems’s previous quarterly dividend of $0.36. This represents a $1.48 annualized dividend and a yield of 2.89%. Cisco Systems’s payout ratio is 50.68%.
Several equities analysts have recently commented on the stock. The Goldman Sachs Group upgraded shares of Cisco Systems from a “neutral” rating to a “buy” rating and upped their price target for the stock from $50.00 to $59.00 in a research report on Wednesday, March 31st. Citigroup upped their target price on shares of Cisco Systems from $45.00 to $50.00 in a research note on Wednesday, February 10th. Morgan Stanley increased their price objective on shares of Cisco Systems from $54.00 to $57.00 and gave the stock an “overweight” rating in a report on Thursday, April 22nd. Raymond James upped their target price on shares of Cisco Systems from $49.00 to $50.00 and gave the company an “outperform” rating in a research report on Wednesday, February 10th. Finally, Deutsche Bank Aktiengesellschaft began coverage on shares of Cisco Systems in a research report on Monday, April 26th. They set a “hold” rating and a $55.00 target price on the stock. Fourteen investment analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company’s stock. Cisco Systems presently has an average rating of “Hold” and an average target price of $50.71.
In other Cisco Systems news, CEO Charles Robbins sold 8,497 shares of the business’s stock in a transaction dated Wednesday, February 17th. The shares were sold at an average price of $46.20, for a total transaction of $392,561.40. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, EVP Maria Martinez sold 6,000 shares of the company’s stock in a transaction dated Tuesday, February 16th. The shares were sold at an average price of $46.66, for a total transaction of $279,960.00. The disclosure for this sale can be found here. Insiders have sold a total of 37,776 shares of company stock worth $1,832,205 over the last three months. Insiders own 0.02% of the company’s stock.
About Cisco Systems
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.
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