US Asset Management LLC Sells 500 Shares of Cisco Systems, Inc. (NASDAQ:CSCO)

by · The Cerbat Gem

US Asset Management LLC trimmed its position in shares of Cisco Systems, Inc. (NASDAQ:CSCO – Free Report) by 3.4% during the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 14,229 shares of the network equipment provider’s stock after selling 500 shares during the period. US Asset Management LLC’s holdings in Cisco Systems were worth $842,000 at the end of the most recent quarter.

Other large investors have also recently added to or reduced their stakes in the company. Norges Bank acquired a new position in shares of Cisco Systems in the fourth quarter valued at $3,297,905,000. FMR LLC increased its holdings in Cisco Systems by 20.8% in the 4th 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 period. Raymond James Financial Inc. bought a new position in shares of Cisco Systems during the 4th quarter worth about $560,722,000. Alyeska Investment Group L.P. acquired a new stake in shares of Cisco Systems during the 4th quarter valued at about $413,491,000. Finally, Caisse DE Depot ET Placement DU Quebec boosted its position in shares of Cisco Systems by 187.9% during the 4th quarter. Caisse DE Depot ET Placement DU Quebec now owns 7,478,872 shares of the network equipment provider’s stock valued at $442,749,000 after acquiring an additional 4,880,747 shares in the last quarter. Institutional investors and hedge funds own 73.33% of the company’s stock.

Insider Activity

In other news, SVP Maria Victoria Wong sold 762 shares of the business’s stock in a transaction dated Wednesday, March 12th. The stock was sold at an average price of $60.99, for a total value of $46,474.38. Following the sale, the senior vice president now directly owns 44,155 shares in the company, valued at $2,693,013.45. The trade was a 1.70% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Jeetendra I. Patel sold 9,961 shares of the company’s stock in a transaction dated Friday, May 16th. The stock was sold at an average price of $63.97, for a total value of $637,205.17. Following the transaction, the insider now directly owns 257,162 shares of the company’s stock, valued at $16,450,653.14. This represents a 3.73% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 22,431 shares of company stock worth $1,421,356 over the last quarter. 0.01% of the stock is currently owned by company insiders.

Cisco Systems Stock Performance

CSCO stock opened at $63.36 on Friday. Cisco Systems, Inc. has a 1-year low of $44.50 and a 1-year high of $66.50. The company has a current ratio of 0.87, a quick ratio of 0.79 and a debt-to-equity ratio of 0.43. The firm has a market cap of $252.06 billion, a PE ratio of 27.67, a P/E/G ratio of 4.16 and a beta of 0.89. The business’s 50-day moving average price is $59.00 and its two-hundred day moving average price is $59.88.

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 26.08% and a net margin of 16.96%. The company had revenue of $14.15 billion for the quarter, compared to analyst estimates of $14.05 billion. During the same quarter last year, the firm posted $0.88 earnings per share. Cisco Systems’s revenue was up 11.4% compared to the same quarter last year. As a group, research analysts forecast that Cisco Systems, Inc. will post 3.04 earnings per share for the current year.

Cisco Systems announced that its board has approved a stock buyback plan on Wednesday, February 12th that permits the company to repurchase $15.00 billion in outstanding shares. This repurchase authorization permits the network equipment provider to buy up to 6% of its stock through open market purchases. Stock repurchase plans are often a sign that the company’s board believes its stock is undervalued.

Cisco Systems Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, July 23rd. Shareholders of record on Thursday, July 3rd will be paid a $0.41 dividend. This represents a $1.64 dividend on an annualized basis and a yield of 2.59%. The ex-dividend date is Thursday, July 3rd. Cisco Systems’s payout ratio is currently 66.94%.

Analysts Set New Price Targets

A number of research analysts have commented on the stock. UBS Group raised their price target on shares of Cisco Systems from $62.00 to $70.00 and gave the stock a “neutral” rating in a research note on Thursday, February 13th. Morgan Stanley restated a “hold” rating on shares of Cisco Systems in a research report on Wednesday. BNP Paribas upgraded Cisco Systems from a “neutral” rating to an “outperform” rating and set a $72.00 price objective for the company in a research note on Tuesday, January 28th. Rosenblatt Securities boosted their price objective on shares of Cisco Systems from $63.00 to $74.00 and gave the stock a “buy” rating in a research report on Thursday, May 15th. Finally, DZ Bank upgraded Cisco Systems from a “hold” rating to a “buy” rating in a research report on Tuesday, February 18th. Eight analysts have rated the stock with a hold rating, twelve have given a buy rating and three have issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $68.00.

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Cisco Systems Company Profile

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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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