United Income Inc. purchased a new stake in Cisco Systems, Inc. (NASDAQ:CSCO) in the 4th quarter, Holdings Channel reports. The institutional investor purchased 56,166 shares of the network equipment provider’s stock, valued at approximately $2,434,000. Cisco Systems makes up 0.9% of United Income Inc.’s investment portfolio, making the stock its 26th biggest position.
Several other hedge funds also recently modified their holdings of CSCO. Holderness Investments Co. lifted its stake in shares of Cisco Systems by 2.3% in the 3rd quarter. Holderness Investments Co. now owns 68,710 shares of the network equipment provider’s stock valued at $3,343,000 after acquiring an additional 1,576 shares during the last quarter. Johnson Financial Group Inc. lifted its stake in shares of Cisco Systems by 12.1% in the 3rd quarter. Johnson Financial Group Inc. now owns 142,844 shares of the network equipment provider’s stock valued at $6,950,000 after acquiring an additional 15,389 shares during the last quarter. PDS Planning Inc lifted its stake in shares of Cisco Systems by 35.6% in the 3rd quarter. PDS Planning Inc now owns 5,085 shares of the network equipment provider’s stock valued at $247,000 after acquiring an additional 1,336 shares during the last quarter. Oakwood Capital Management LLC CA lifted its stake in shares of Cisco Systems by 7.1% in the 3rd quarter. Oakwood Capital Management LLC CA now owns 166,375 shares of the network equipment provider’s stock valued at $8,094,000 after acquiring an additional 11,043 shares during the last quarter. Finally, Truewealth LLC lifted its stake in shares of Cisco Systems by 6.7% in the 4th quarter. Truewealth LLC now owns 14,170 shares of the network equipment provider’s stock valued at $614,000 after acquiring an additional 890 shares during the last quarter. Institutional investors and hedge funds own 66.84% of the company’s stock.
NASDAQ CSCO traded up $0.18 on Friday, reaching $54.37. The company had a trading volume of 13,051,596 shares, compared to its average volume of 20,833,797. The company has a market capitalization of $261.93 billion, a price-to-earnings ratio of 23.24, a PEG ratio of 2.89 and a beta of 1.21. Cisco Systems, Inc. has a fifty-two week low of $40.25 and a fifty-two week high of $57.53. The company has a quick ratio of 1.64, a current ratio of 1.69 and a debt-to-equity ratio of 0.43.
Cisco Systems announced that its Board of Directors has authorized a share buyback program on Wednesday, February 13th that allows the company to buyback $15.00 billion in shares. This buyback authorization allows the network equipment provider to purchase up to 6.5% of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s management believes its stock is undervalued.
In other Cisco Systems news, EVP Mark D. Chandler sold 3,750 shares of the stock in a transaction dated Monday, May 20th. The stock was sold at an average price of $55.79, for a total transaction of $209,212.50. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP David Goeckeler sold 30,000 shares of the stock in a transaction dated Tuesday, March 12th. The stock was sold at an average price of $52.07, for a total value of $1,562,100.00. Following the sale, the executive vice president now owns 419,439 shares of the company’s stock, valued at $21,840,188.73. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 103,750 shares of company stock valued at $5,390,313. Company insiders own 0.03% of the company’s stock.
CSCO has been the subject of a number of research reports. Goldman Sachs Group cut Cisco Systems from a “conviction-buy” rating to a “buy” rating and increased their price target for the company from $58.00 to $62.00 in a research note on Tuesday, April 16th. BidaskClub cut Cisco Systems from a “strong-buy” rating to a “buy” rating in a research note on Tuesday, May 7th. Bank of America reiterated a “buy” rating and issued a $56.00 price target on shares of Cisco Systems in a research note on Thursday, February 14th. Jefferies Financial Group increased their price target on Cisco Systems to $55.00 and gave the company a “buy” rating in a research note on Thursday, February 14th. They noted that the move was a valuation call. Finally, Citigroup increased their price target on Cisco Systems from $52.00 to $56.00 and gave the company a “buy” rating in a research note on Thursday, February 14th. Five research analysts have rated the stock with a hold rating and twenty-one have assigned a buy rating to the company. Cisco Systems presently has an average rating of “Buy” and a consensus price target of $55.87.
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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 worldwide. The company offers switching products; routing products that interconnect public and private wireline and mobile networks; data center products; and wireless access points for use in voice, video, and data applications.
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