Richardson Financial Services Inc. Sells 2,165 Shares of Cisco Systems, Inc. (NASDAQ:CSCO)

Richardson Financial Services Inc. cut its holdings in shares of Cisco Systems, Inc. (NASDAQ:CSCO) by 65.1% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 1,161 shares of the network equipment provider’s stock after selling 2,165 shares during the period. Richardson Financial Services Inc.’s holdings in Cisco Systems were worth $58,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in CSCO. Charles Schwab Investment Management Inc. increased its holdings in Cisco Systems by 9.5% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 73,439,747 shares of the network equipment provider’s stock worth $3,672,445,000 after purchasing an additional 6,345,954 shares in the last quarter. Bank of New York Mellon Corp grew its holdings in shares of Cisco Systems by 3.6% during the first quarter. Bank of New York Mellon Corp now owns 68,463,463 shares of the network equipment provider’s stock worth $3,417,011,000 after buying an additional 2,386,508 shares in the last quarter. Norges Bank bought a new stake in Cisco Systems in the 4th quarter valued at approximately $2,528,939,000. Wellington Management Group LLP boosted its position in Cisco Systems by 7.6% during the 4th quarter. Wellington Management Group LLP now owns 47,195,836 shares of the network equipment provider’s stock worth $2,384,334,000 after acquiring an additional 3,314,330 shares during the last quarter. Finally, First Trust Advisors LP grew its stake in shares of Cisco Systems by 12.3% during the 4th quarter. First Trust Advisors LP now owns 24,941,271 shares of the network equipment provider’s stock worth $1,260,033,000 after acquiring an additional 2,723,260 shares in the last quarter. 73.33% of the stock is owned by institutional investors and hedge funds.

Cisco Systems Stock Performance

Cisco Systems stock traded up $0.33 during trading hours on Thursday, hitting $46.60. The company had a trading volume of 7,176,817 shares, compared to its average volume of 19,497,838. The firm has a 50-day moving average of $46.89 and a 200 day moving average of $48.61. The company has a debt-to-equity ratio of 0.44, a current ratio of 0.89 and a quick ratio of 0.82. The firm has a market cap of $187.74 billion, a PE ratio of 15.71, a PEG ratio of 2.67 and a beta of 0.85. Cisco Systems, Inc. has a one year low of $44.95 and a one year high of $58.19.

Cisco Systems (NASDAQ:CSCO) last announced its earnings results on Wednesday, May 15th. The network equipment provider reported $0.88 earnings per share for the quarter, topping analysts’ consensus estimates of $0.70 by $0.18. The company had revenue of $12.70 billion for the quarter, compared to analyst estimates of $12.53 billion. Cisco Systems had a return on equity of 30.82% and a net margin of 21.88%. The firm’s quarterly revenue was down 12.8% compared to the same quarter last year. During the same quarter last year, the company earned $0.88 earnings per share. On average, sell-side analysts expect that Cisco Systems, Inc. will post 3.14 earnings per share for the current year.

Cisco Systems Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, July 24th. Investors of record on Friday, July 5th will be paid a $0.40 dividend. The ex-dividend date is Friday, July 5th. This represents a $1.60 annualized dividend and a dividend yield of 3.43%. Cisco Systems’s dividend payout ratio (DPR) is presently 53.87%.

Insiders Place Their Bets

In related news, SVP Maria Victoria Wong sold 762 shares of the business’s stock in a transaction that occurred on Thursday, June 13th. The stock was sold at an average price of $45.42, for a total value of $34,610.04. Following the completion of the sale, the senior vice president now directly owns 51,788 shares in the company, valued at $2,352,210.96. The sale was disclosed in a filing with the SEC, which is available at this link. In other news, CEO Charles Robbins sold 26,331 shares of the business’s stock in a transaction that occurred on Wednesday, May 29th. The shares were sold at an average price of $46.10, for a total value of $1,213,859.10. Following the completion of the transaction, the chief executive officer now directly owns 725,363 shares in the company, valued at approximately $33,439,234.30. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, SVP Maria Victoria Wong sold 762 shares of the company’s stock in a transaction that occurred on Thursday, June 13th. The stock was sold at an average price of $45.42, for a total transaction of $34,610.04. Following the sale, the senior vice president now directly owns 51,788 shares of the company’s stock, valued at approximately $2,352,210.96. The disclosure for this sale can be found here. Insiders sold 41,106 shares of company stock worth $1,908,923 in the last quarter. 0.02% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

Several brokerages recently commented on CSCO. Wells Fargo & Company increased their target price on shares of Cisco Systems from $52.00 to $57.00 and gave the stock an “equal weight” rating in a report on Thursday, May 16th. Oppenheimer raised their price objective on Cisco Systems from $54.00 to $58.00 and gave the company an “outperform” rating in a report on Thursday, May 16th. Needham & Company LLC reiterated a “hold” rating on shares of Cisco Systems in a report on Monday, June 10th. Citigroup started coverage on Cisco Systems in a research note on Friday, April 12th. They issued a “neutral” rating and a $52.00 price target for the company. Finally, Morgan Stanley started coverage on Cisco Systems in a research report on Tuesday, April 9th. They set an “overweight” rating and a $58.00 price target on the stock. One analyst has rated the stock with a sell rating, fifteen have given a hold rating and six have issued a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $56.47.

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.