Plimoth Trust Co. LLC Cuts Holdings in Cisco Systems, Inc. (NASDAQ:CSCO)

Plimoth Trust Co. LLC lowered its stake in shares of Cisco Systems, Inc. (NASDAQ:CSCO) by 2.7% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 34,363 shares of the network equipment provider’s stock after selling 960 shares during the period. Plimoth Trust Co. LLC’s holdings in Cisco Systems were worth $2,121,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also bought and sold shares of the stock. Norges Bank bought a new stake in Cisco Systems during the fourth quarter valued at about $3,297,905,000. FMR LLC lifted its position in shares of Cisco Systems by 20.8% during the fourth quarter. FMR LLC now owns 77,216,513 shares of the network equipment provider’s stock valued at $4,571,218,000 after buying an additional 13,285,052 shares during the last quarter. Raymond James Financial Inc. bought a new stake in shares of Cisco Systems in the 4th quarter valued at about $560,722,000. Alyeska Investment Group L.P. purchased a new position in shares of Cisco Systems in the 4th quarter worth approximately $413,491,000. Finally, GAMMA Investing LLC raised its stake in shares of Cisco Systems by 7,096.5% during the 1st quarter. GAMMA Investing LLC now owns 6,718,402 shares of the network equipment provider’s stock worth $414,593,000 after acquiring an additional 6,625,045 shares in the last quarter. Institutional investors own 73.33% of the company’s stock.

Analysts Set New Price Targets

CSCO has been the subject of several recent analyst reports. Citigroup raised their target price on shares of Cisco Systems from $68.00 to $71.00 and gave the company a “buy” rating in a research note on Thursday, May 15th. Morgan Stanley reissued a “hold” rating on shares of Cisco Systems in a research report on Wednesday, May 21st. Deutsche Bank Aktiengesellschaft upgraded Cisco Systems from a “hold” rating to a “buy” rating and boosted their target price for the stock from $65.00 to $73.00 in a research note on Monday. Barclays reiterated an “equal weight” rating on shares of Cisco Systems in a research note on Wednesday, May 21st. Finally, Wall Street Zen upgraded Cisco Systems from a “buy” rating to a “strong-buy” rating in a research note on Friday, May 16th. Seven research analysts have rated the stock with a hold rating, thirteen have issued a buy rating and three have assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $69.11.

Insiders Place Their Bets

In other Cisco Systems news, EVP Deborah L. Stahlkopf sold 9,643 shares of the company’s stock in a transaction dated Friday, May 16th. The shares were sold at an average price of $63.50, for a total value of $612,330.50. Following the completion of the transaction, the executive vice president now owns 181,186 shares in the company, valued at approximately $11,505,311. This represents a 5.05% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Charles Robbins sold 29,784 shares of the firm’s stock in a transaction dated Thursday, June 5th. The shares were sold at an average price of $64.61, for a total value of $1,924,344.24. Following the sale, the chief executive officer now owns 688,409 shares in the company, valued at $44,478,105.49. This trade represents a 4.15% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 72,931 shares of company stock worth $4,671,930. Corporate insiders own 0.01% of the company’s stock.

Cisco Systems Stock Performance

Shares of NASDAQ CSCO opened at $65.84 on Thursday. The company has a 50 day simple moving average of $61.02 and a two-hundred day simple moving average of $60.69. The stock has a market cap of $260.73 billion, a price-to-earnings ratio of 26.87, a PEG ratio of 3.91 and a beta of 0.88. The company has a current ratio of 0.95, a quick ratio of 0.87 and a debt-to-equity ratio of 0.50. Cisco Systems, Inc. has a 12 month low of $44.50 and a 12 month high of $66.50.

Cisco Systems (NASDAQ:CSCO) last posted its earnings results on Wednesday, May 14th. The network equipment provider reported $0.96 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.92 by $0.04. The company had revenue of $14.15 billion during the quarter, compared to the consensus estimate of $14.05 billion. Cisco Systems had a net margin of 17.60% and a return on equity of 26.48%. The firm’s quarterly revenue was up 11.4% on a year-over-year basis. During the same period in the previous year, the firm posted $0.88 earnings per share. As a group, analysts predict that Cisco Systems, Inc. will post 3.04 earnings per share for the current year.

Cisco Systems Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, July 23rd. Shareholders of record on Thursday, July 3rd will be issued a $0.41 dividend. This represents a $1.64 dividend on an annualized basis and a yield of 2.49%. The ex-dividend date is Thursday, July 3rd. Cisco Systems’s payout ratio is presently 66.94%.

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.