Destination Wealth Management Decreases Stock Position in Cisco Systems, Inc. (NASDAQ:CSCO)

Destination Wealth Management reduced its position in Cisco Systems, Inc. (NASDAQ:CSCO) by 37.8% in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 8,385 shares of the network equipment provider’s stock after selling 5,092 shares during the period. Destination Wealth Management’s holdings in Cisco Systems were worth $496,000 at the end of the most recent reporting period.

A number of other hedge funds also recently added to or reduced their stakes in the company. Bay Colony Advisory Group Inc d b a Bay Colony Advisors raised its holdings in Cisco Systems by 7.3% in the 4th quarter. Bay Colony Advisory Group Inc d b a Bay Colony Advisors now owns 28,668 shares of the network equipment provider’s stock worth $1,697,000 after acquiring an additional 1,943 shares during the last quarter. Ashton Thomas Private Wealth LLC raised its holdings in Cisco Systems by 13.1% in the 4th quarter. Ashton Thomas Private Wealth LLC now owns 187,170 shares of the network equipment provider’s stock worth $11,080,000 after acquiring an additional 21,617 shares during the last quarter. Callan Family Office LLC raised its holdings in Cisco Systems by 332.1% in the 4th quarter. Callan Family Office LLC now owns 81,867 shares of the network equipment provider’s stock worth $4,847,000 after acquiring an additional 62,919 shares during the last quarter. Hartford Funds Management Co LLC raised its holdings in Cisco Systems by 14.6% in the 4th quarter. Hartford Funds Management Co LLC now owns 21,210 shares of the network equipment provider’s stock worth $1,256,000 after acquiring an additional 2,706 shares during the last quarter. Finally, Welch & Forbes LLC raised its holdings in Cisco Systems by 1.0% in the 4th quarter. Welch & Forbes LLC now owns 638,752 shares of the network equipment provider’s stock worth $37,814,000 after acquiring an additional 6,345 shares during the last quarter. 73.33% of the stock is currently owned by hedge funds and other institutional investors.

Cisco Systems Trading Up 0.8 %

Shares of Cisco Systems stock opened at $63.94 on Friday. The company has a market capitalization of $254.37 billion, a P/E ratio of 27.92, a P/E/G ratio of 4.16 and a beta of 0.79. The company has a debt-to-equity ratio of 0.43, a quick ratio of 0.79 and a current ratio of 0.87. The company has a fifty day moving average of $61.63 and a 200 day moving average of $57.34. Cisco Systems, Inc. has a fifty-two week low of $44.50 and a fifty-two week high of $66.50.

Cisco Systems (NASDAQ:CSCO) last issued its earnings results on Wednesday, February 12th. The network equipment provider reported $0.77 earnings per share for the quarter, missing the consensus estimate of $0.91 by ($0.14). Cisco Systems had a return on equity of 26.08% and a net margin of 16.96%. On average, sell-side analysts anticipate that Cisco Systems, Inc. will post 3.04 earnings per share for the current fiscal year.

Cisco Systems Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, April 23rd. Shareholders of record on Thursday, April 3rd will be paid a $0.41 dividend. The ex-dividend date of this dividend is Thursday, April 3rd. This represents a $1.64 annualized dividend and a yield of 2.56%. This is a boost from Cisco Systems’s previous quarterly dividend of $0.40. Cisco Systems’s payout ratio is presently 71.62%.

Cisco Systems announced that its Board of Directors has initiated a stock repurchase plan on Wednesday, February 12th that allows the company to buyback $15.00 billion in outstanding shares. This buyback authorization allows the network equipment provider to repurchase up to 6% of its stock through open market purchases. Stock buyback plans are often a sign that the company’s management believes its shares are undervalued.

Analysts Set New Price Targets

A number of equities analysts recently weighed in on the stock. The Goldman Sachs Group boosted their price objective on shares of Cisco Systems from $56.00 to $63.00 and gave the stock a “neutral” rating in a report on Thursday, February 13th. Melius Research upgraded shares of Cisco Systems from a “hold” rating to a “strong-buy” rating in a research note on Monday, January 6th. Morgan Stanley boosted their target price on shares of Cisco Systems from $62.00 to $68.00 and gave the company an “overweight” rating in a research note on Tuesday, December 17th. Melius upgraded shares of Cisco Systems from a “hold” rating to a “buy” rating and boosted their target price for the company from $66.00 to $73.00 in a research note on Monday, January 6th. Finally, UBS Group boosted their target price on shares of Cisco Systems from $62.00 to $70.00 and gave the company a “neutral” rating in a research note on Thursday, February 13th. Seven analysts have rated the stock with a hold rating, fifteen have given a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $66.63.

Insiders Place Their Bets

In other Cisco Systems news, CEO Charles Robbins sold 31,983 shares of the business’s stock in a transaction on Friday, February 14th. The shares were sold at an average price of $64.41, for a total value of $2,060,025.03. Following the sale, the chief executive officer now owns 736,120 shares in the company, valued at $47,413,489.20. The trade was a 4.16 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, SVP Maria Victoria Wong sold 586 shares of the business’s stock in a transaction on Thursday, December 12th. The stock was sold at an average price of $58.69, for a total transaction of $34,392.34. Following the completion of the sale, the senior vice president now owns 50,767 shares in the company, valued at approximately $2,979,515.23. The trade was a 1.14 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 67,348 shares of company stock worth $4,318,181 in the last 90 days. 0.01% of the stock is currently owned by corporate insiders.

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.