BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp grew its holdings in shares of Cisco Systems, Inc. (NASDAQ:CSCO) by 7.5% during the 4th quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 1,954,810 shares of the network equipment provider’s stock after acquiring an additional 135,639 shares during the quarter. Cisco Systems accounts for approximately 1.0% of BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp’s holdings, making the stock its 19th biggest holding. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp’s holdings in Cisco Systems were worth $84,702,000 at the end of the most recent quarter.
Other hedge funds have also bought and sold shares of the company. Donaldson Capital Management LLC increased its holdings in shares of Cisco Systems by 1.1% in the third quarter. Donaldson Capital Management LLC now owns 908,819 shares of the network equipment provider’s stock valued at $44,214,000 after purchasing an additional 10,137 shares in the last quarter. Dixon Hubard Feinour & Brown Inc. VA increased its holdings in shares of Cisco Systems by 9.4% in the third quarter. Dixon Hubard Feinour & Brown Inc. VA now owns 73,547 shares of the network equipment provider’s stock valued at $3,578,000 after purchasing an additional 6,300 shares in the last quarter. Bessemer Group Inc. increased its holdings in shares of Cisco Systems by 5.2% in the third quarter. Bessemer Group Inc. now owns 107,644 shares of the network equipment provider’s stock valued at $5,237,000 after purchasing an additional 5,321 shares in the last quarter. Princeton Portfolio Strategies Group LLC increased its holdings in shares of Cisco Systems by 92.9% in the third quarter. Princeton Portfolio Strategies Group LLC now owns 162,608 shares of the network equipment provider’s stock valued at $7,911,000 after purchasing an additional 78,305 shares in the last quarter. Finally, McKinley Carter Wealth Services Inc. acquired a new stake in shares of Cisco Systems in the third quarter valued at approximately $1,011,000. 74.60% of the stock is currently owned by hedge funds and other institutional investors.
A number of brokerages recently weighed in on CSCO. BidaskClub lowered shares of Cisco Systems from a “buy” rating to a “hold” rating in a report on Tuesday. Goldman Sachs Group lowered shares of Cisco Systems from a “conviction-buy” rating to a “buy” rating and raised their price target for the company from $58.00 to $62.00 in a report on Tuesday, April 16th. Bank of America set a $62.00 price target on shares of Cisco Systems and gave the company a “buy” rating in a report on Thursday, May 16th. JPMorgan Chase & Co. reissued a “buy” rating on shares of Cisco Systems in a report on Thursday, May 16th. Finally, Zacks Investment Research raised shares of Cisco Systems from a “hold” rating to a “buy” rating and set a $63.00 price target for the company in a report on Tuesday, May 21st. Six investment analysts have rated the stock with a hold rating and twenty have given a buy rating to the company. Cisco Systems has an average rating of “Buy” and an average target price of $55.87.
In other news, CFO Kelly A. Kramer sold 70,000 shares of Cisco Systems stock in a transaction on Thursday, May 30th. The shares were sold at an average price of $53.56, for a total transaction of $3,749,200.00. Following the transaction, the chief financial officer now directly owns 349,122 shares of the company’s stock, valued at $18,698,974.32. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Director Wesley G. Bush purchased 10,000 shares of Cisco Systems stock in a transaction dated Friday, June 7th. The shares were purchased at an average cost of $55.74 per share, for a total transaction of $557,400.00. Following the completion of the transaction, the director now owns 3,017 shares of the company’s stock, valued at $168,167.58. The disclosure for this purchase can be found here. 0.03% of the stock is currently owned by company insiders.
Shares of CSCO stock opened at $57.11 on Wednesday. Cisco Systems, Inc. has a 52-week low of $40.25 and a 52-week high of $57.56. The company has a market capitalization of $244.47 billion, a price-to-earnings ratio of 24.41, a price-to-earnings-growth ratio of 2.86 and a beta of 1.20. The company has a current ratio of 1.69, a quick ratio of 1.64 and a debt-to-equity ratio of 0.43.
Cisco Systems (NASDAQ:CSCO) last announced its quarterly earnings data on Wednesday, May 15th. The network equipment provider reported $0.78 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.77 by $0.01. Cisco Systems had a net margin of 25.76% and a return on equity of 29.88%. The firm had revenue of $12.96 billion for the quarter, compared to analysts’ expectations of $12.89 billion. During the same period last year, the firm earned $0.66 earnings per share. The business’s revenue for the quarter was up 4.0% on a year-over-year basis. As a group, equities analysts anticipate that Cisco Systems, Inc. will post 2.8 earnings per share for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, July 24th. Shareholders of record on Friday, July 5th will be paid a $0.35 dividend. The ex-dividend date is Wednesday, July 3rd. This represents a $1.40 dividend on an annualized basis and a yield of 2.45%. Cisco Systems’s payout ratio is presently 59.83%.
Cisco Systems declared that its Board of Directors has authorized a share repurchase program on Wednesday, February 13th that permits the company to buyback $15.00 billion in outstanding shares. This buyback authorization permits the network equipment provider to repurchase up to 6.5% of its shares through open market purchases. Shares buyback programs are usually an indication that the company’s leadership believes its stock is undervalued.
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 worldwide. The company offers switching products; routing products that interconnect public and private wireline and mobile networks; data center products; and wireless access points for use in voice, video, and data applications.
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