Kelly Financial Services LLC Buys Shares of 3,275 Cisco Systems, Inc. (NASDAQ:CSCO)

Kelly Financial Services LLC purchased a new stake in shares of Cisco Systems, Inc. (NASDAQ:CSCO) during the 1st quarter, according to the company in its most recent disclosure with the SEC. The fund purchased 3,275 shares of the network equipment provider’s stock, valued at approximately $202,000.

Other large investors have also recently added to or reduced their stakes in the company. Davis Investment Partners LLC lifted its stake in Cisco Systems by 17.1% during the first quarter. Davis Investment Partners LLC now owns 5,545 shares of the network equipment provider’s stock worth $318,000 after purchasing an additional 811 shares in the last quarter. apricus wealth LLC raised its holdings in shares of Cisco Systems by 1.2% in the 1st quarter. apricus wealth LLC now owns 54,476 shares of the network equipment provider’s stock valued at $3,362,000 after buying an additional 636 shares during the period. Greenwood Capital Associates LLC lifted its stake in Cisco Systems by 161.1% during the 1st quarter. Greenwood Capital Associates LLC now owns 77,241 shares of the network equipment provider’s stock worth $4,767,000 after acquiring an additional 47,660 shares in the last quarter. First United Bank & Trust grew its position in Cisco Systems by 1.3% in the 1st quarter. First United Bank & Trust now owns 24,737 shares of the network equipment provider’s stock valued at $1,527,000 after acquiring an additional 321 shares in the last quarter. Finally, Fifth Third Bancorp lifted its position in shares of Cisco Systems by 18.6% during the first quarter. Fifth Third Bancorp now owns 1,711,618 shares of the network equipment provider’s stock worth $105,624,000 after purchasing an additional 268,193 shares in the last quarter. 73.33% of the stock is currently owned by institutional investors and hedge funds.

Cisco Systems Stock Down 1.5%

Shares of Cisco Systems stock opened at $64.19 on Thursday. Cisco Systems, Inc. has a one year low of $44.50 and a one year high of $66.50. The firm has a fifty day moving average of $60.04 and a two-hundred day moving average of $60.49. The company has a market cap of $254.19 billion, a P/E ratio of 28.03, a PEG ratio of 4.16 and a beta of 0.88. The company has a debt-to-equity ratio of 0.43, a quick ratio of 0.79 and a current ratio of 0.87.

Cisco Systems (NASDAQ:CSCO) last posted its quarterly earnings results on Wednesday, May 14th. The network equipment provider reported $0.96 earnings per share for the quarter, beating analysts’ consensus estimates of $0.92 by $0.04. Cisco Systems had a return on equity of 26.08% and a net margin of 16.96%. The firm had revenue of $14.15 billion for the quarter, compared to the consensus estimate of $14.05 billion. During the same period in the previous year, the business earned $0.88 earnings per share. The company’s revenue for the quarter was up 11.4% compared to the same quarter last year. On average, analysts forecast that Cisco Systems, Inc. will post 3.04 earnings per share for the current year.

Cisco Systems announced that its board has initiated a stock buyback program on Wednesday, February 12th that authorizes the company to repurchase $15.00 billion in outstanding shares. This repurchase authorization authorizes the network equipment provider to repurchase up to 6% of its shares through open market purchases. Shares repurchase programs are usually a sign that the company’s board believes its shares are undervalued.

Cisco Systems Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, July 23rd. Stockholders of record on Thursday, July 3rd will be paid a dividend of $0.41 per share. The ex-dividend date is Thursday, July 3rd. This represents a $1.64 dividend on an annualized basis and a dividend yield of 2.55%. Cisco Systems’s dividend payout ratio (DPR) is presently 66.94%.

Insider Activity

In related news, EVP Deborah L. Stahlkopf sold 9,643 shares of Cisco Systems stock in a transaction that occurred on Friday, May 16th. The stock was sold at an average price of $63.50, for a total transaction of $612,330.50. Following the completion of the transaction, the executive vice president now directly owns 181,186 shares in the company, valued at $11,505,311. The trade was a 5.05% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, EVP Oliver Tuszik sold 15,000 shares of the stock in a transaction on Wednesday, May 28th. The shares were sold at an average price of $63.53, for a total value of $952,950.00. Following the sale, the executive vice president now directly owns 131,676 shares in the company, valued at approximately $8,365,376.28. The trade was a 10.23% decrease in their position. The disclosure for this sale can be found here. Insiders sold 68,573 shares of company stock worth $4,392,619 in the last 90 days. 0.01% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

A number of research analysts recently weighed in on CSCO shares. Wells Fargo & Company upgraded shares of Cisco Systems from an “equal weight” rating to an “overweight” rating and lifted their price objective for the company from $72.00 to $75.00 in a report on Thursday, May 15th. DZ Bank raised Cisco Systems from a “hold” rating to a “buy” rating in a research report on Tuesday, February 18th. Morgan Stanley reissued a “hold” rating on shares of Cisco Systems in a research note on Wednesday, May 21st. Barclays reissued an “equal weight” rating on shares of Cisco Systems in a research report on Wednesday, May 21st. Finally, Evercore ISI lifted their price objective on shares of Cisco Systems from $67.00 to $72.00 and gave the stock an “outperform” rating in a research report on Thursday, May 15th. Eight equities research analysts have rated the stock with a hold rating, twelve have given a buy rating and three have issued a strong buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $68.00.

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. The company also offers switching portfolio encompasses campus switching as well as data center switching; enterprise routing portfolio interconnects public and private wireline and mobile networks, delivering highly secure, and reliable connectivity to campus, data center and branch networks; wireless products include wireless access points and controllers; and compute portfolio including the cisco unified computing system, hyperflex, and software management capabilities, which combine computing, networking, and storage infrastructure management and virtualization.