Shufro Rose & Co. LLC grew its position in Cisco Systems, Inc. (NASDAQ:CSCO) by 0.4% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 939,506 shares of the network equipment provider’s stock after acquiring an additional 3,450 shares during the quarter. Cisco Systems makes up approximately 3.2% of Shufro Rose & Co. LLC’s holdings, making the stock its 5th largest position. Shufro Rose & Co. LLC’s holdings in Cisco Systems were worth $31,596,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors have also recently modified their holdings of the company. Ameriprise Financial Inc. boosted its position in Cisco Systems by 23.6% during the 3rd quarter. Ameriprise Financial Inc. now owns 62,709,508 shares of the network equipment provider’s stock worth $2,109,614,000 after acquiring an additional 11,972,070 shares during the period. Vanguard Group Inc. lifted its holdings in shares of Cisco Systems by 2.2% in the second quarter. Vanguard Group Inc. now owns 352,120,694 shares of the network equipment provider’s stock valued at $11,021,378,000 after buying an additional 7,411,891 shares during the period. American Century Companies Inc. lifted its holdings in shares of Cisco Systems by 54.2% in the second quarter. American Century Companies Inc. now owns 14,362,422 shares of the network equipment provider’s stock valued at $449,544,000 after buying an additional 5,049,326 shares during the period. Janus Henderson Group PLC lifted its holdings in shares of Cisco Systems by 51.1% in the second quarter. Janus Henderson Group PLC now owns 13,528,059 shares of the network equipment provider’s stock valued at $423,475,000 after buying an additional 4,577,831 shares during the period. Finally, Parametric Portfolio Associates LLC lifted its holdings in shares of Cisco Systems by 36.1% in the second quarter. Parametric Portfolio Associates LLC now owns 13,415,432 shares of the network equipment provider’s stock valued at $419,903,000 after buying an additional 3,559,275 shares during the period. Institutional investors and hedge funds own 77.65% of the company’s stock.
In other news, Director M Michele Burns sold 12,126 shares of Cisco Systems stock in a transaction on Monday, February 26th. The stock was sold at an average price of $45.37, for a total value of $550,156.62. Following the completion of the sale, the director now directly owns 74,479 shares of the company’s stock, valued at approximately $3,379,112.23. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Roderick C. Mcgeary sold 15,230 shares of the firm’s stock in a transaction on Thursday, December 14th. The stock was sold at an average price of $38.00, for a total value of $578,740.00. Following the completion of the transaction, the director now owns 113,154 shares in the company, valued at $4,299,852. The disclosure for this sale can be found here. Insiders sold a total of 116,566 shares of company stock valued at $4,636,938 over the last three months. Insiders own 0.05% of the company’s stock.
Cisco Systems (NASDAQ:CSCO) last released its quarterly earnings results on Wednesday, February 14th. The network equipment provider reported $0.63 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.59 by $0.04. The firm had revenue of $11.89 billion during the quarter, compared to analysts’ expectations of $11.82 billion. Cisco Systems had a positive return on equity of 17.77% and a negative net margin of 3.00%. During the same period last year, the firm posted $0.57 EPS. equities analysts anticipate that Cisco Systems, Inc. will post 2.32 earnings per share for the current fiscal year.
Cisco Systems declared that its board has initiated a stock buyback program on Wednesday, February 14th that authorizes the company to repurchase $25.00 billion in outstanding shares. This repurchase authorization authorizes the network equipment provider to repurchase shares of its stock through open market purchases. Stock repurchase programs are generally a sign that the company’s leadership believes its shares are undervalued.
The company also recently announced a quarterly dividend, which will be paid on Wednesday, April 25th. Stockholders of record on Thursday, April 5th will be paid a $0.33 dividend. This is a boost from Cisco Systems’s previous quarterly dividend of $0.29. This represents a $1.32 annualized dividend and a dividend yield of 2.92%. The ex-dividend date of this dividend is Wednesday, April 4th. Cisco Systems’s dividend payout ratio (DPR) is -362.50%.
Several analysts have recently weighed in on the company. Argus restated a “buy” rating and issued a $50.00 price objective (up previously from $44.00) on shares of Cisco Systems in a report on Friday, February 16th. Vetr downgraded Cisco Systems from a “buy” rating to a “hold” rating and set a $44.13 target price for the company. in a report on Monday, February 19th. MKM Partners upped their target price on Cisco Systems to $48.00 and gave the company a “neutral” rating in a report on Friday, February 16th. Oppenheimer reissued an “outperform” rating and set a $50.00 price target (up from $46.00) on shares of Cisco Systems in a research report on Friday, February 16th. Finally, Zacks Investment Research raised Cisco Systems from a “hold” rating to a “buy” rating and set a $50.00 price target on the stock in a research report on Wednesday, February 21st. Ten equities research analysts have rated the stock with a hold rating, twenty-six have issued a buy rating and one has issued a strong buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and an average price target of $44.04.
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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