Grove Bank & Trust Raises Stock Holdings in Cisco Systems, Inc. (NASDAQ:CSCO)

Grove Bank & Trust boosted its holdings in shares of Cisco Systems, Inc. (NASDAQ:CSCO) by 3.3% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 15,514 shares of the network equipment provider’s stock after purchasing an additional 490 shares during the quarter. Grove Bank & Trust’s holdings in Cisco Systems were worth $957,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also made changes to their positions in CSCO. Norges Bank purchased a new position in shares of Cisco Systems in the fourth quarter valued at approximately $3,297,905,000. FMR LLC lifted its position in shares of Cisco Systems by 20.8% in the fourth quarter. FMR LLC now owns 77,216,513 shares of the network equipment provider’s stock valued at $4,571,218,000 after acquiring an additional 13,285,052 shares in the last quarter. Raymond James Financial Inc. purchased a new position in shares of Cisco Systems in the fourth quarter valued at approximately $560,722,000. Alyeska Investment Group L.P. purchased a new position in Cisco Systems during the fourth quarter worth approximately $413,491,000. Finally, GAMMA Investing LLC lifted its position in Cisco Systems by 7,096.5% during the first quarter. GAMMA Investing LLC now owns 6,718,402 shares of the network equipment provider’s stock worth $414,593,000 after buying an additional 6,625,045 shares in the last quarter. Hedge funds and other institutional investors own 73.33% of the company’s stock.

Analyst Ratings Changes

CSCO has been the topic of a number of analyst reports. New Street Research reiterated a “neutral” rating and set a $70.00 price objective on shares of Cisco Systems in a research report on Friday, May 16th. Citigroup lifted their price objective on Cisco Systems from $68.00 to $71.00 and gave the stock a “buy” rating in a research report on Thursday, May 15th. Wells Fargo & Company upgraded Cisco Systems from an “equal weight” rating to an “overweight” rating and lifted their price objective for the stock from $72.00 to $75.00 in a research report on Thursday, May 15th. Wall Street Zen upgraded Cisco Systems from a “buy” rating to a “strong-buy” rating in a research report on Friday, May 16th. Finally, DZ Bank raised Cisco Systems from a “hold” rating to a “buy” rating in a research note on Tuesday, February 18th. Seven investment analysts have rated the stock with a hold rating, thirteen have issued a buy rating and three have given a strong buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $69.11.

Cisco Systems Price Performance

Shares of NASDAQ:CSCO opened at $65.51 on Tuesday. Cisco Systems, Inc. has a one year low of $44.50 and a one year high of $66.50. The stock has a market cap of $259.42 billion, a PE ratio of 28.61, a price-to-earnings-growth ratio of 4.16 and a beta of 0.88. The business’s fifty day moving average price is $60.72 and its two-hundred day moving average price is $60.62. 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 (NASDAQ:CSCO) last announced its quarterly earnings results on Wednesday, May 14th. The network equipment provider reported $0.96 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.92 by $0.04. The firm had revenue of $14.15 billion during the quarter, compared to the consensus estimate of $14.05 billion. Cisco Systems had a return on equity of 26.08% and a net margin of 16.96%. The firm’s quarterly revenue was up 11.4% compared to the same quarter last year. During the same period 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 declared a quarterly dividend, which will be paid on Wednesday, July 23rd. Shareholders of record on Thursday, July 3rd will be given a $0.41 dividend. The ex-dividend date is Thursday, July 3rd. This represents a $1.64 annualized dividend and a yield of 2.50%. Cisco Systems’s dividend payout ratio (DPR) is 66.94%.

Insiders Place Their Bets

In other Cisco Systems news, CEO Charles Robbins sold 29,784 shares of Cisco Systems stock in a transaction on Thursday, June 5th. The shares were sold at an average price of $64.61, for a total transaction of $1,924,344.24. Following the completion of the sale, the chief executive officer now owns 688,409 shares of the company’s stock, valued at approximately $44,478,105.49. The trade was a 4.15% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, SVP Maria Victoria Wong sold 4,185 shares of the firm’s stock in a transaction on Wednesday, May 28th. The stock was sold at an average price of $63.51, for a total transaction of $265,789.35. Following the sale, the senior vice president now owns 38,103 shares in the company, valued at approximately $2,419,921.53. The trade was a 9.90% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 72,931 shares of company stock worth $4,671,930. Corporate insiders own 0.01% of the company’s stock.

About Cisco Systems

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.