Griffin Asset Management Inc. Sells 798 Shares of Cisco Systems, Inc. (NASDAQ:CSCO)

Griffin Asset Management Inc. cut its stake in shares of Cisco Systems, Inc. (NASDAQ:CSCO) by 8.8% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 8,261 shares of the network equipment provider’s stock after selling 798 shares during the quarter. Griffin Asset Management Inc.’s holdings in Cisco Systems were worth $510,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also bought and sold shares of the company. Tallon Kerry Patrick bought a new stake in shares of Cisco Systems in the 4th quarter worth approximately $603,000. Brighton Jones LLC lifted its holdings in shares of Cisco Systems by 49.5% in the 4th quarter. Brighton Jones LLC now owns 74,187 shares of the network equipment provider’s stock worth $4,392,000 after acquiring an additional 24,562 shares during the last quarter. Revolve Wealth Partners LLC lifted its holdings in shares of Cisco Systems by 37.0% in the 4th quarter. Revolve Wealth Partners LLC now owns 9,156 shares of the network equipment provider’s stock worth $542,000 after acquiring an additional 2,474 shares during the last quarter. Root Financial Partners LLC bought a new stake in shares of Cisco Systems in the 4th quarter worth approximately $306,000. Finally, Banque Pictet & Cie SA lifted its holdings in shares of Cisco Systems by 3.8% in the 4th quarter. Banque Pictet & Cie SA now owns 55,150 shares of the network equipment provider’s stock worth $3,250,000 after acquiring an additional 2,000 shares during the last quarter. 73.33% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In other Cisco Systems news, insider Jeetendra I. Patel sold 899 shares of the company’s stock in a transaction dated Thursday, June 12th. The shares were sold at an average price of $64.27, for a total transaction of $57,778.73. Following the transaction, the insider now owns 255,377 shares in the company, valued at approximately $16,413,079.79. This represents a 0.35% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Deborah L. Stahlkopf sold 9,643 shares of the 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 owns 181,186 shares in the company, valued at $11,505,311. This trade represents a 5.05% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 72,931 shares of company stock worth $4,671,930 in the last quarter. Corporate insiders own 0.01% of the company’s stock.

Cisco Systems Stock Down 1.6%

Shares of Cisco Systems stock opened at $64.09 on Friday. The company has a current ratio of 0.87, a quick ratio of 0.79 and a debt-to-equity ratio of 0.43. The company’s fifty day simple moving average is $60.47 and its two-hundred day simple moving average is $60.57. The company has a market cap of $253.80 billion, a P/E ratio of 27.99, a PEG ratio of 4.16 and a beta of 0.88. Cisco Systems, Inc. has a 12-month low of $44.50 and a 12-month high of $66.50.

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

Cisco Systems Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Wednesday, July 23rd. Investors of record on Thursday, July 3rd will be paid a $0.41 dividend. This represents a $1.64 dividend on an annualized basis and a yield of 2.56%. The ex-dividend date is Thursday, July 3rd. Cisco Systems’s payout ratio is 66.94%.

Analyst Ratings Changes

A number of brokerages have recently weighed in on CSCO. JPMorgan Chase & Co. boosted their price objective on shares of Cisco Systems from $70.00 to $73.00 and gave the stock an “overweight” rating in a report on Thursday, May 15th. New Street Research restated a “neutral” rating and issued a $70.00 price objective on shares of Cisco Systems in a report on Friday, May 16th. DZ Bank upgraded shares of Cisco Systems from a “hold” rating to a “buy” rating in a report on Tuesday, February 18th. Morgan Stanley reiterated a “hold” rating on shares of Cisco Systems in a report on Wednesday, May 21st. Finally, Rosenblatt Securities upped their price target on shares of Cisco Systems from $63.00 to $74.00 and gave the company a “buy” rating in a report on Thursday, May 15th. Eight analysts have rated the stock with a hold rating, twelve have assigned a buy rating and three have given a strong buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $68.00.

Cisco Systems Profile

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.