Smith Salley Wealth Management Boosts Holdings in Cisco Systems, Inc. (NASDAQ:CSCO)

by · The Cerbat Gem

Smith Salley Wealth Management lifted its stake in shares of Cisco Systems, Inc. (NASDAQ:CSCO – Free Report) by 3.4% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 68,242 shares of the network equipment provider’s stock after purchasing an additional 2,252 shares during the period. Smith Salley Wealth Management’s holdings in Cisco Systems were worth $4,211,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also recently modified their holdings of CSCO. Norges Bank purchased a new position in Cisco Systems in the 4th quarter valued at $3,297,905,000. FMR LLC raised 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 buying an additional 13,285,052 shares during the last quarter. Raymond James Financial Inc. purchased a new position in shares of Cisco Systems in the fourth quarter worth about $560,722,000. Alyeska Investment Group L.P. purchased a new position in shares of Cisco Systems in the fourth quarter worth about $413,491,000. Finally, GAMMA Investing LLC boosted 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 acquiring an additional 6,625,045 shares during the last quarter. Institutional investors and hedge funds own 73.33% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts have commented on the stock. Wall Street Zen upgraded shares of Cisco Systems from a “buy” rating to a “strong-buy” rating in a report on Friday, May 16th. Citigroup upped their price target on Cisco Systems from $68.00 to $71.00 and gave the company a “buy” rating in a research report on Thursday, May 15th. JPMorgan Chase & Co. lifted their price objective on Cisco Systems from $70.00 to $73.00 and gave the stock an “overweight” rating in a research report on Thursday, May 15th. Barclays reissued an “equal weight” rating on shares of Cisco Systems in a research note on Wednesday, May 21st. Finally, New Street Research reaffirmed a “neutral” rating and issued a $70.00 target price on shares of Cisco Systems in a research note on Friday, May 16th. Seven analysts have rated the stock with a hold rating, fourteen have assigned a buy rating and three have assigned a strong buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $69.53.

Check Out Our Latest Analysis on CSCO

Cisco Systems Stock Performance

Shares of CSCO stock opened at $69.38 on Tuesday. The company has a debt-to-equity ratio of 0.50, a quick ratio of 0.87 and a current ratio of 0.95. The firm has a market cap of $274.74 billion, a P/E ratio of 28.32, a P/E/G ratio of 4.11 and a beta of 0.88. The firm’s 50 day moving average price is $62.87 and its 200-day moving average price is $61.19. Cisco Systems, Inc. has a one year low of $44.50 and a one year high of $69.78.

Cisco Systems (NASDAQ:CSCO – Get Free Report) last released its quarterly earnings results on Wednesday, May 14th. The network equipment provider reported $0.96 EPS for the quarter, topping analysts’ consensus estimates of $0.92 by $0.04. Cisco Systems had a return on equity of 26.48% and a net margin of 17.60%. The company had revenue of $14.15 billion for the quarter, compared to analysts’ expectations of $14.05 billion. During the same period in the prior year, the firm earned $0.88 earnings per share. The firm’s revenue was up 11.4% compared to the same quarter last year. As a group, equities research analysts predict that Cisco Systems, Inc. will post 3.04 EPS for the current year.

Cisco Systems Announces Dividend

The company also recently announced 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. This represents a $1.64 annualized dividend and a yield of 2.36%. The ex-dividend date is Thursday, July 3rd. Cisco Systems’s dividend payout ratio is currently 66.94%.

Insider Activity at Cisco Systems

In other news, EVP Thimaya K. Subaiya sold 8,726 shares of the firm’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 value of $571,902.04. Following the completion of the transaction, the executive vice president owned 174,669 shares of the company’s stock, valued at approximately $11,447,806.26. This trade represents a 4.76% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider Jeetendra I. Patel sold 899 shares of Cisco Systems 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 completion of the transaction, the insider owned 255,377 shares of the company’s stock, valued at $16,413,079.79. This trade represents a 0.35% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 97,335 shares of company stock valued at $6,271,054. 0.01% of the stock is owned by company insiders.

Cisco Systems Profile

(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.

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