Artisan Partners Limited Partnership cut its stake in Cisco Systems, Inc. (NASDAQ:CSCO) by 8.4% during the first quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 11,085,461 shares of the network equipment provider’s stock after selling 1,010,802 shares during the period. Artisan Partners Limited Partnership owned about 0.22% of Cisco Systems worth $374,689,000 as of its most recent filing with the SEC.
Other institutional investors have also made changes to their positions in the company. L & S Advisors Inc bought a new position in shares of Cisco Systems during the fourth quarter worth approximately $1,982,000. Fortis Advisors LLC bought a new position in shares of Cisco Systems during the fourth quarter worth approximately $419,000. Menora Mivtachim Holdings LTD. increased its position in shares of Cisco Systems by 0.5% in the fourth quarter. Menora Mivtachim Holdings LTD. now owns 2,026,340 shares of the network equipment provider’s stock worth $61,236,000 after buying an additional 10,000 shares during the last quarter. Princeton Portfolio Strategies Group LLC increased its position in shares of Cisco Systems by 16.4% in the fourth quarter. Princeton Portfolio Strategies Group LLC now owns 52,959 shares of the network equipment provider’s stock worth $1,600,000 after buying an additional 7,448 shares during the last quarter. Finally, Congress Asset Management Co. MA acquired a new stake in Cisco Systems during the fourth quarter worth about $4,280,000. 75.28% of the stock is currently owned by institutional investors.
Shares of Cisco Systems, Inc. (NASDAQ:CSCO) opened at 30.37 on Friday. The firm’s 50-day moving average price is $31.48 and its 200 day moving average price is $32.55. Cisco Systems, Inc. has a one year low of $29.12 and a one year high of $34.60. The firm has a market cap of $151.64 billion, a P/E ratio of 15.98 and a beta of 1.24.
Cisco Systems (NASDAQ:CSCO) last released its earnings results on Wednesday, August 16th. The network equipment provider reported $0.61 EPS for the quarter, meeting the Zacks’ consensus estimate of $0.61. The company had revenue of $12.13 billion during the quarter, compared to analysts’ expectations of $12.07 billion. Cisco Systems had a return on equity of 17.04% and a net margin of 20.02%. The firm’s revenue for the quarter was down 4.0% compared to the same quarter last year. During the same quarter last year, the business posted $0.63 EPS. Analysts predict that Cisco Systems, Inc. will post $2.43 EPS for the current year.
The business also recently disclosed a quarterly dividend, which was paid on Wednesday, July 26th. Shareholders of record on Friday, July 7th were paid a dividend of $0.29 per share. This represents a $1.16 dividend on an annualized basis and a yield of 3.82%. The ex-dividend date was Wednesday, July 5th. Cisco Systems’s payout ratio is 60.73%.
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A number of analysts have issued reports on the stock. William Blair reiterated an “outperform” rating on shares of Cisco Systems in a research note on Saturday. JMP Securities reiterated a “market perform” rating on shares of Cisco Systems in a research note on Friday. Berenberg Bank set a $33.00 target price on shares of Cisco Systems and gave the company a “hold” rating in a research note on Thursday. Morgan Stanley restated an “overweight” rating and issued a $39.00 price objective on shares of Cisco Systems in a research note on Thursday. Finally, Piper Jaffray Companies restated a “buy” rating and issued a $36.00 price objective on shares of Cisco Systems in a research note on Thursday. Fourteen research analysts have rated the stock with a hold rating and twenty-one have given a buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and a consensus target price of $35.46.
In other Cisco Systems news, insider John T. Chambers sold 295,537 shares of Cisco Systems stock in a transaction on Wednesday, May 24th. The stock was sold at an average price of $31.52, for a total transaction of $9,315,326.24. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, SVP Rebecca Jacoby sold 92,840 shares of Cisco Systems stock in a transaction on Wednesday, June 14th. The shares were sold at an average price of $31.71, for a total value of $2,943,956.40. Following the transaction, the senior vice president now owns 271,725 shares of the company’s stock, valued at approximately $8,616,399.75. The disclosure for this sale can be found here. Insiders have sold 396,179 shares of company stock valued at $12,503,407 in the last quarter. 0.11% of the stock is owned by company insiders.
About Cisco Systems
Cisco Systems, Inc designs and sells a range of products, provides services and delivers integrated solutions to develop and connect networks around the world. The Company operates through three geographic segments: Americas; Europe, the Middle East and Africa (EMEA), and Asia Pacific, Japan and China (APJC).
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