Berkshire Bank Cuts Stock Holdings in Cisco Systems, Inc. (NASDAQ:CSCO)

Berkshire Bank cut its stake in shares of Cisco Systems, Inc. (NASDAQ:CSCO) by 2.0% in the 1st quarter, HoldingsChannel reports. The fund owned 96,309 shares of the network equipment provider’s stock after selling 2,001 shares during the quarter. Cisco Systems accounts for 1.4% of Berkshire Bank’s portfolio, making the stock its 14th biggest position. Berkshire Bank’s holdings in Cisco Systems were worth $5,943,000 as of its most recent SEC filing.

Other institutional investors also recently bought and sold shares of the company. FPC Investment Advisory Inc. purchased a new stake in shares of Cisco Systems during the fourth quarter valued at approximately $26,000. Navigoe LLC purchased a new position in Cisco Systems during the fourth quarter valued at $26,000. Mpwm Advisory Solutions LLC purchased a new position in Cisco Systems during the 4th quarter valued at about $26,000. JDM Financial Group LLC raised its stake in Cisco Systems by 160.4% during the fourth quarter. JDM Financial Group LLC now owns 487 shares of the network equipment provider’s stock valued at $29,000 after buying an additional 300 shares during the last quarter. Finally, Runnymede Capital Advisors Inc. purchased a new position in shares of Cisco Systems in the 4th quarter worth about $30,000. 73.33% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In other Cisco Systems news, CEO Charles Robbins sold 29,784 shares of the stock in a transaction dated Thursday, June 5th. The shares were sold at an average price of $64.61, for a total transaction of $1,924,344.24. Following the sale, the chief executive officer now directly owns 688,409 shares in the company, valued at $44,478,105.49. This represents a 4.15% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, EVP Deborah L. Stahlkopf sold 9,643 shares of the business’s stock in a transaction 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 sale, the executive vice president now directly owns 181,186 shares in the company, valued at approximately $11,505,311. The trade was a 5.05% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 72,931 shares of company stock valued at $4,671,930 over the last 90 days. 0.01% of the stock is owned by company insiders.

Cisco Systems Trading Up 2.2%

Shares of NASDAQ CSCO opened at $65.51 on Tuesday. The stock’s 50 day simple moving average is $60.72 and its 200 day simple moving average is $60.62. 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 has a market cap of $259.42 billion, a price-to-earnings ratio of 28.61, a price-to-earnings-growth 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 released its quarterly earnings data on Wednesday, May 14th. The network equipment provider reported $0.96 EPS for the quarter, topping analysts’ consensus estimates of $0.92 by $0.04. The firm had revenue of $14.15 billion for the quarter, compared to the consensus estimate of $14.05 billion. Cisco Systems had a return on equity of 26.08% and a net margin of 16.96%. The firm’s revenue was up 11.4% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.88 earnings per share. Equities research analysts expect that Cisco Systems, Inc. will post 3.04 EPS for the current year.

Cisco Systems Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, July 23rd. Stockholders of record on Thursday, July 3rd will be given 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 2.50%. Cisco Systems’s payout ratio is 66.94%.

Analyst Ratings Changes

A number of analysts recently commented on CSCO shares. Barclays reiterated an “equal weight” rating on shares of Cisco Systems in a research report on Wednesday, May 21st. New Street Research reaffirmed a “neutral” rating and issued a $70.00 price objective on shares of Cisco Systems in a research note on Friday, May 16th. Wall Street Zen upgraded shares of Cisco Systems from a “buy” rating to a “strong-buy” rating in a report on Friday, May 16th. Citigroup boosted their price target on Cisco Systems from $68.00 to $71.00 and gave the stock a “buy” rating in a research report on Thursday, May 15th. Finally, DZ Bank upgraded shares of Cisco Systems from a “hold” rating to a “buy” rating in a research note on Tuesday, February 18th. Seven analysts have rated the stock with a hold rating, thirteen have issued a buy rating and three have given a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $69.11.

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 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.