Gemmer Asset Management LLC Trims Stock Position in Cisco Systems, Inc. (NASDAQ:CSCO)

Gemmer Asset Management LLC cut its stake in shares of Cisco Systems, Inc. (NASDAQ:CSCO) by 4.4% in the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 9,524 shares of the network equipment provider’s stock after selling 441 shares during the period. Gemmer Asset Management LLC’s holdings in Cisco Systems were worth $588,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Piscataqua Savings Bank raised its stake in shares of Cisco Systems by 1.4% during the 1st quarter. Piscataqua Savings Bank now owns 25,912 shares of the network equipment provider’s stock worth $1,599,000 after buying an additional 367 shares in the last quarter. Joule Financial LLC raised its stake in shares of Cisco Systems by 16.3% during the 1st quarter. Joule Financial LLC now owns 23,457 shares of the network equipment provider’s stock worth $1,448,000 after buying an additional 3,286 shares in the last quarter. Hudson Valley Investment Advisors Inc. ADV raised its stake in shares of Cisco Systems by 0.8% during the 1st quarter. Hudson Valley Investment Advisors Inc. ADV now owns 119,144 shares of the network equipment provider’s stock worth $7,352,000 after buying an additional 951 shares in the last quarter. Sara Bay Financial raised its stake in shares of Cisco Systems by 72.7% during the 1st quarter. Sara Bay Financial now owns 25,926 shares of the network equipment provider’s stock worth $1,578,000 after buying an additional 10,911 shares in the last quarter. Finally, First Affirmative Financial Network raised its stake in shares of Cisco Systems by 12.1% during the 1st quarter. First Affirmative Financial Network now owns 23,514 shares of the network equipment provider’s stock worth $1,451,000 after buying an additional 2,544 shares in the last quarter. 73.33% of the stock is owned by hedge funds and other institutional investors.

Cisco Systems Price Performance

Shares of NASDAQ:CSCO opened at $66.06 on Friday. The business’s fifty day moving average price is $59.61 and its two-hundred day moving average price is $60.34. The stock has a market cap of $261.60 billion, a PE ratio of 28.85, a price-to-earnings-growth ratio of 4.16 and a beta of 0.88. The company has a debt-to-equity ratio of 0.43, a quick ratio of 0.79 and a current ratio of 0.87. Cisco Systems, Inc. has a one year low of $44.50 and a one year high of $66.50.

Cisco Systems (NASDAQ:CSCO) last announced its earnings results on Wednesday, May 14th. The network equipment provider reported $0.96 EPS for the quarter, beating analysts’ consensus estimates of $0.92 by $0.04. The firm had revenue of $14.15 billion for the quarter, compared to analysts’ expectations of $14.05 billion. Cisco Systems had a return on equity of 26.08% and a net margin of 16.96%. Cisco Systems’s quarterly revenue was up 11.4% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.88 EPS. On average, analysts forecast that Cisco Systems, Inc. will post 3.04 EPS for the current fiscal year.

Cisco Systems Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, July 23rd. Stockholders of record on Thursday, July 3rd will be issued a dividend of $0.41 per share. This represents a $1.64 annualized dividend and a dividend yield of 2.48%. The ex-dividend date of this dividend is Thursday, July 3rd. Cisco Systems’s dividend payout ratio (DPR) is 66.94%.

Cisco Systems declared that its Board of Directors has authorized a stock repurchase program on Wednesday, February 12th that permits the company to repurchase $15.00 billion in outstanding shares. This repurchase authorization permits the network equipment provider to purchase up to 6% of its shares through open market purchases. Shares repurchase programs are often a sign that the company’s management believes its stock is undervalued.

Wall Street Analyst Weigh In

A number of equities analysts have recently issued reports on CSCO shares. Wells Fargo & Company raised Cisco Systems from an “equal weight” rating to an “overweight” rating and increased their target price for the stock from $72.00 to $75.00 in a research note on Thursday, May 15th. Citigroup increased their target price on Cisco Systems from $68.00 to $71.00 and gave the stock a “buy” rating in a research note on Thursday, May 15th. JPMorgan Chase & Co. increased their target price on Cisco Systems from $70.00 to $73.00 and gave the stock an “overweight” rating in a research note on Thursday, May 15th. Wall Street Zen raised Cisco Systems from a “buy” rating to a “strong-buy” rating in a research note on Friday, May 16th. Finally, Morgan Stanley reissued a “hold” rating on shares of Cisco Systems in a research note on Wednesday, May 21st. Eight analysts have rated the stock with a hold rating, twelve have assigned a buy rating and three have assigned a strong buy rating to the company. According to data from MarketBeat, Cisco Systems currently has an average rating of “Moderate Buy” and a consensus price target of $68.00.

Insider Transactions at Cisco Systems

In related news, EVP Deborah L. Stahlkopf sold 9,643 shares of the stock in a transaction on Friday, May 16th. The stock was sold at an average price of $63.50, for a total value of $612,330.50. Following the transaction, the executive vice president now directly owns 181,186 shares of the company’s stock, valued at approximately $11,505,311. This trade represents a 5.05% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO Charles Robbins sold 29,784 shares of the stock in a transaction on Thursday, June 5th. The stock was sold at an average price of $64.61, for a total value of $1,924,344.24. Following the completion of the transaction, the chief executive officer now directly owns 688,409 shares in the company, valued at $44,478,105.49. This trade represents a 4.15% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 71,400 shares of company stock worth $4,564,439 over the last quarter. 0.01% of the stock is currently owned by 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.