Morton Community Bank Acquires 3,315 Shares of Cisco Systems, Inc. (NASDAQ:CSCO)

Morton Community Bank lifted its holdings in Cisco Systems, Inc. (NASDAQ:CSCO) by 5.7% in the second quarter, HoldingsChannel.com reports. The institutional investor owned 61,033 shares of the network equipment provider’s stock after purchasing an additional 3,315 shares during the quarter. Morton Community Bank’s holdings in Cisco Systems were worth $2,900,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Summit Securities Group LLC bought a new stake in shares of Cisco Systems during the second quarter valued at approximately $25,000. Retirement Group LLC lifted its holdings in Cisco Systems by 56.8% during the 1st quarter. Retirement Group LLC now owns 726 shares of the network equipment provider’s stock worth $36,000 after buying an additional 263 shares in the last quarter. Hobbs Group Advisors LLC bought a new position in Cisco Systems in the 2nd quarter valued at $36,000. Tidemark LLC acquired a new stake in shares of Cisco Systems in the 4th quarter valued at $41,000. Finally, Redmont Wealth Advisors LLC bought a new stake in Cisco Systems during the 1st quarter worth about $41,000. Institutional investors and hedge funds own 73.33% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts have recently commented on CSCO shares. Needham & Company LLC reiterated a “hold” rating on shares of Cisco Systems in a research report on Thursday, August 15th. Jefferies Financial Group decreased their price objective on Cisco Systems from $56.00 to $53.00 and set a “buy” rating for the company in a research note on Thursday, August 15th. Deutsche Bank Aktiengesellschaft increased their target price on Cisco Systems from $52.00 to $53.00 and gave the company a “hold” rating in a research note on Thursday, August 15th. Wells Fargo & Company boosted their target price on Cisco Systems from $52.00 to $57.00 and gave the stock an “equal weight” rating in a research report on Thursday, May 16th. Finally, New Street Research upgraded shares of Cisco Systems from a “neutral” rating to a “buy” rating and set a $57.00 price target on the stock in a research report on Thursday, August 15th. One equities research analyst has rated the stock with a sell rating, fourteen have given a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and an average price target of $55.89.

Cisco Systems Stock Down 1.3 %

Shares of CSCO stock traded down $0.63 on Friday, hitting $48.50. 21,040,496 shares of the stock were exchanged, compared to its average volume of 19,646,146. The company has a current ratio of 0.91, a quick ratio of 0.83 and a debt-to-equity ratio of 0.43. The firm has a market capitalization of $195.40 billion, a P/E ratio of 16.33, a price-to-earnings-growth ratio of 3.98 and a beta of 0.83. Cisco Systems, Inc. has a fifty-two week low of $44.50 and a fifty-two week high of $57.09. The business has a 50-day moving average of $47.84 and a 200 day moving average of $47.93.

Cisco Systems (NASDAQ:CSCO) last issued its quarterly earnings results on Wednesday, August 14th. The network equipment provider reported $0.87 earnings per share for the quarter, topping the consensus estimate of $0.85 by $0.02. Cisco Systems had a net margin of 19.18% and a return on equity of 27.83%. The company had revenue of $13.64 billion during the quarter, compared to analysts’ expectations of $13.53 billion. During the same period last year, the business earned $1.01 EPS. The business’s quarterly revenue was down 10.3% on a year-over-year basis. Equities analysts anticipate that Cisco Systems, Inc. will post 2.9 EPS for the current year.

Cisco Systems Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Wednesday, October 23rd. Investors of record on Wednesday, October 2nd will be issued a dividend of $0.40 per share. The ex-dividend date of this dividend is Wednesday, October 2nd. This represents a $1.60 annualized dividend and a yield of 3.30%. Cisco Systems’s payout ratio is presently 53.87%.

Insider Activity at Cisco Systems

In related news, SVP Maria Victoria Wong sold 762 shares of the firm’s stock in a transaction on Thursday, June 13th. The shares were sold at an average price of $45.42, for a total value of $34,610.04. Following the completion of the transaction, the senior vice president now directly owns 51,788 shares of the company’s stock, valued at $2,352,210.96. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In other news, EVP Deborah L. Stahlkopf sold 2,619 shares of the stock in a transaction dated Thursday, June 13th. The shares were sold at an average price of $45.34, for a total value of $118,745.46. Following the transaction, the executive vice president now directly owns 176,384 shares of the company’s stock, valued at $7,997,250.56. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, SVP Maria Victoria Wong sold 762 shares of the stock in a transaction dated Thursday, June 13th. The shares were sold at an average price of $45.42, for a total transaction of $34,610.04. Following the completion of the transaction, the senior vice president now directly owns 51,788 shares in the company, valued at $2,352,210.96. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 71,944 shares of company stock valued at $3,566,120. Insiders own 0.02% of the company’s stock.

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.