Cisco Systems, Inc. (NASDAQ:CSCO) Stock Holdings Trimmed by Conning Inc.

by · The Markets Daily

Conning Inc. decreased its holdings in Cisco Systems, Inc. (NASDAQ:CSCO – Free Report) by 11.4% in the 1st quarter, HoldingsChannel reports. The firm owned 578,045 shares of the network equipment provider’s stock after selling 74,270 shares during the quarter. Cisco Systems makes up 1.2% of Conning Inc.’s portfolio, making the stock its 26th largest holding. Conning Inc.’s holdings in Cisco Systems were worth $35,671,000 at the end of the most recent quarter.

A number of other large investors also recently modified their holdings of CSCO. Glass Jacobson Investment Advisors llc increased its stake in Cisco Systems by 8.7% during the 4th quarter. Glass Jacobson Investment Advisors llc now owns 2,070 shares of the network equipment provider’s stock valued at $123,000 after buying an additional 166 shares during the period. BlackDiamond Wealth Management LLC boosted its holdings in shares of Cisco Systems by 3.1% in the fourth quarter. BlackDiamond Wealth Management LLC now owns 5,656 shares of the network equipment provider’s stock valued at $335,000 after acquiring an additional 168 shares in the last quarter. Legacy Financial Group Inc. increased its stake in shares of Cisco Systems by 3.4% during the fourth quarter. Legacy Financial Group Inc. now owns 5,100 shares of the network equipment provider’s stock valued at $302,000 after acquiring an additional 169 shares during the period. Capital Advantage Inc. raised its holdings in Cisco Systems by 1.0% during the fourth quarter. Capital Advantage Inc. now owns 17,361 shares of the network equipment provider’s stock worth $1,028,000 after purchasing an additional 172 shares in the last quarter. Finally, Lynx Investment Advisory lifted its position in Cisco Systems by 3.9% in the fourth quarter. Lynx Investment Advisory now owns 4,593 shares of the network equipment provider’s stock worth $272,000 after purchasing an additional 174 shares during the period. 73.33% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on CSCO shares. Evercore ISI lifted their price target on Cisco Systems from $67.00 to $72.00 and gave the company an “outperform” rating in a research report on Thursday, May 15th. New Street Research reiterated a “neutral” rating and issued a $70.00 price target on shares of Cisco Systems in a research report on Friday, May 16th. Wall Street Zen raised shares of Cisco Systems from a “buy” rating to a “strong-buy” rating in a report on Friday, May 16th. Deutsche Bank Aktiengesellschaft raised shares of Cisco Systems from a “hold” rating to a “buy” rating and lifted their price objective for the stock from $65.00 to $73.00 in a research note on Monday, June 16th. Finally, Rosenblatt Securities raised their target price on shares of Cisco Systems from $63.00 to $74.00 and gave the stock a “buy” rating in a report on Thursday, May 15th. Seven investment analysts have rated the stock with a hold rating, fourteen have issued a buy rating and three have given a strong buy rating to the stock. According to data from MarketBeat.com, Cisco Systems presently has a consensus rating of “Moderate Buy” and a consensus price target of $69.53.

Read Our Latest Analysis on Cisco Systems

Insiders Place Their Bets

In related news, insider Jeetendra I. Patel sold 899 shares of the business’s stock in a transaction that occurred on Thursday, June 12th. The shares were sold at an average price of $64.27, for a total transaction of $57,778.73. Following the transaction, the insider directly owned 255,377 shares of the company’s stock, valued at approximately $16,413,079.79. The trade was a 0.35% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, EVP Thimaya K. Subaiya sold 8,726 shares of the company’s stock in a transaction that occurred on Tuesday, June 17th. The shares were sold at an average price of $65.54, for a total transaction of $571,902.04. Following the completion of the transaction, the executive vice president owned 174,669 shares in the company, valued at approximately $11,447,806.26. This represents a 4.76% decrease in their position. The disclosure for this sale can be found here. Insiders sold 97,335 shares of company stock valued at $6,271,054 over the last ninety days. Insiders own 0.01% of the company’s stock.

Cisco Systems Price Performance

Shares of NASDAQ:CSCO opened at $69.64 on Friday. The company’s fifty day moving average is $63.67 and its two-hundred day moving average is $61.38. The company has a market cap of $275.77 billion, a P/E ratio of 28.42, a price-to-earnings-growth ratio of 4.10 and a beta of 0.90. Cisco Systems, Inc. has a 12-month low of $44.50 and a 12-month high of $69.78. The company has a quick ratio of 0.87, a current ratio of 0.95 and a debt-to-equity ratio of 0.50.

Cisco Systems (NASDAQ:CSCO – Get Free Report) last issued its quarterly earnings results on Wednesday, May 14th. The network equipment provider reported $0.96 earnings per share for the quarter, beating analysts’ consensus estimates of $0.92 by $0.04. The business had revenue of $14.15 billion for the quarter, compared to the consensus estimate of $14.05 billion. Cisco Systems had a return on equity of 26.48% and a net margin of 17.60%. Cisco Systems’s revenue for the quarter was up 11.4% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.88 earnings per share. Equities analysts expect that Cisco Systems, Inc. will post 3.04 earnings per share for the current fiscal year.

Cisco Systems Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, July 23rd. Stockholders of record on Thursday, July 3rd will be issued a $0.41 dividend. The ex-dividend date of this dividend is Thursday, July 3rd. This represents a $1.64 dividend on an annualized basis and a dividend yield of 2.35%. Cisco Systems’s dividend payout ratio is 66.94%.

About Cisco Systems

(Free Report)

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.

See Also

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