Puzo Michael J decreased its holdings in shares of Cisco Systems, Inc. (NASDAQ:CSCO) by 4.5% in the fourth quarter, Holdings Channel.com reports. The institutional investor owned 9,400 shares of the network equipment provider’s stock after selling 445 shares during the quarter. Puzo Michael J’s holdings in Cisco Systems were worth $451,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors have also modified their holdings of the company. Nuveen Asset Management LLC lifted its stake in shares of Cisco Systems by 1,546.1% in the second quarter. Nuveen Asset Management LLC now owns 48,285,218 shares of the network equipment provider’s stock worth $2,642,650,000 after buying an additional 45,351,980 shares in the last quarter. First Trust Advisors LP boosted its position in Cisco Systems by 155.6% during the third quarter. First Trust Advisors LP now owns 17,446,107 shares of the network equipment provider’s stock worth $862,012,000 after acquiring an additional 10,621,798 shares during the last quarter. Parnassus Investments CA purchased a new stake in Cisco Systems during the 3rd quarter valued at about $444,882,000. Massachusetts Financial Services Co. MA grew its stake in Cisco Systems by 13.1% during the 3rd quarter. Massachusetts Financial Services Co. MA now owns 21,589,214 shares of the network equipment provider’s stock valued at $1,066,724,000 after acquiring an additional 2,496,113 shares in the last quarter. Finally, California Public Employees Retirement System grew its stake in Cisco Systems by 13.2% during the 3rd quarter. California Public Employees Retirement System now owns 15,745,642 shares of the network equipment provider’s stock valued at $777,992,000 after acquiring an additional 1,836,457 shares in the last quarter. Institutional investors and hedge funds own 72.55% of the company’s stock.
In other news, CFO Kelly A. Kramer sold 70,000 shares of the stock in a transaction on Wednesday, November 27th. The stock was sold at an average price of $45.19, for a total transaction of $3,163,300.00. Following the completion of the transaction, the chief financial officer now directly owns 352,587 shares in the company, valued at approximately $15,933,406.53. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, EVP Irving Tan sold 28,093 shares of the stock in a transaction on Monday, November 25th. The stock was sold at an average price of $45.36, for a total value of $1,274,298.48. Following the transaction, the executive vice president now owns 151,587 shares of the company’s stock, valued at $6,875,986.32. The disclosure for this sale can be found here. Insiders sold 388,864 shares of company stock worth $17,474,321 in the last 90 days. Company insiders own 0.03% of the company’s stock.
Cisco Systems (NASDAQ:CSCO) last released its quarterly earnings data on Wednesday, November 13th. The network equipment provider reported $0.84 EPS for the quarter, beating analysts’ consensus estimates of $0.81 by $0.03. The firm had revenue of $13.16 billion for the quarter, compared to analysts’ expectations of $13.09 billion. Cisco Systems had a return on equity of 35.01% and a net margin of 21.15%. The firm’s quarterly revenue was up .7% on a year-over-year basis. During the same period in the prior year, the firm posted $0.75 earnings per share. Equities research analysts predict that Cisco Systems, Inc. will post 2.94 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Wednesday, January 22nd. Shareholders of record on Friday, January 3rd will be given a $0.35 dividend. The ex-dividend date of this dividend is Thursday, January 2nd. This represents a $1.40 dividend on an annualized basis and a yield of 2.92%. Cisco Systems’s dividend payout ratio is currently 49.12%.
A number of research firms have weighed in on CSCO. Robert W. Baird reissued a “buy” rating and issued a $54.00 target price on shares of Cisco Systems in a research note on Monday, November 11th. Barclays upgraded Cisco Systems from an “equal weight” rating to an “overweight” rating and set a $53.00 target price on the stock in a report on Thursday, December 19th. Royal Bank of Canada set a $56.00 price target on Cisco Systems and gave the company a “buy” rating in a research report on Wednesday, November 13th. Wells Fargo & Co reaffirmed a “buy” rating and issued a $58.00 price target (down previously from $60.00) on shares of Cisco Systems in a report on Thursday, November 14th. Finally, Goldman Sachs Group set a $48.00 price target on Cisco Systems and gave the company a “neutral” rating in a report on Thursday, November 14th. One analyst has rated the stock with a sell rating, twelve have issued a hold rating and fourteen have issued a buy rating to the stock. Cisco Systems currently has an average rating of “Hold” and an average target price of $54.69.
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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