Hartford Investment Management Co. trimmed its position in shares of Cisco Systems, Inc. (NASDAQ:CSCO) by 1.9% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,202,077 shares of the network equipment provider’s stock after selling 22,842 shares during the period. Cisco Systems makes up 0.8% of Hartford Investment Management Co.’s portfolio, making the stock its 25th biggest position. Hartford Investment Management Co.’s holdings in Cisco Systems were worth $40,426,000 at the end of the most recent quarter.
Other hedge funds also recently made changes to their positions in the company. Barnett & Company Inc. grew its holdings in Cisco Systems by 1,511.5% during the 2nd quarter. Barnett & Company Inc. now owns 3,223 shares of the network equipment provider’s stock worth $101,000 after acquiring an additional 3,023 shares in the last quarter. Tortoise Investment Management LLC grew its holdings in Cisco Systems by 36.1% during the 2nd quarter. Tortoise Investment Management LLC now owns 3,309 shares of the network equipment provider’s stock worth $104,000 after acquiring an additional 878 shares in the last quarter. Mountain Capital Investment Advisors Inc acquired a new position in Cisco Systems during the 2nd quarter worth $104,000. Manchester Capital Management LLC grew its holdings in Cisco Systems by 10.7% during the 2nd quarter. Manchester Capital Management LLC now owns 3,606 shares of the network equipment provider’s stock worth $113,000 after acquiring an additional 350 shares in the last quarter. Finally, Ffcm LLC grew its holdings in Cisco Systems by 2,025.0% during the 2nd quarter. Ffcm LLC now owns 3,740 shares of the network equipment provider’s stock worth $117,000 after acquiring an additional 3,564 shares in the last quarter. 75.42% of the stock is owned by institutional investors.
Several research analysts have weighed in on the stock. Argus reissued a “buy” rating and set a $50.00 price objective (up from $44.00) on shares of Cisco Systems in a report on Friday. Vetr downgraded shares of Cisco Systems from a “buy” rating to a “hold” rating and set a $44.13 price target on the stock. in a research report on Monday. MKM Partners raised their price target on shares of Cisco Systems to $48.00 and gave the stock a “neutral” rating in a research report on Friday. Oppenheimer restated an “outperform” rating and issued a $50.00 price target (up from $46.00) on shares of Cisco Systems in a research report on Friday. Finally, Loop Capital began coverage on shares of Cisco Systems in a research report on Monday, January 29th. They issued a “hold” rating and a $45.00 price target on the stock. Twelve research analysts have rated the stock with a hold rating, twenty-four have given a buy rating and one has given a strong buy rating to the stock. The stock has an average rating of “Buy” and an average target price of $43.57.
Cisco Systems (NASDAQ:CSCO) last announced its quarterly earnings data on Wednesday, February 14th. The network equipment provider reported $0.63 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.59 by $0.04. The company had revenue of $11.89 billion for the quarter, compared to analysts’ expectations of $11.82 billion. Cisco Systems had a negative net margin of 3.00% and a positive return on equity of 17.77%. During the same quarter in the previous year, the company posted $0.57 EPS. sell-side analysts anticipate that Cisco Systems, Inc. will post 2.24 earnings per share for the current fiscal year.
The firm also recently disclosed 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. The ex-dividend date of this dividend is Wednesday, April 4th. This represents a $1.32 annualized dividend and a dividend yield of 2.98%. This is a boost from Cisco Systems’s previous quarterly dividend of $0.29. Cisco Systems’s payout ratio is currently -362.50%.
Cisco Systems declared that its board has authorized a stock repurchase program on Wednesday, February 14th that permits the company to repurchase $25.00 billion in outstanding shares. This repurchase authorization permits the network equipment provider to purchase shares of its stock through open market purchases. Shares repurchase programs are typically an indication that the company’s board of directors believes its stock is undervalued.
In other news, insider John T. Chambers sold 250,000 shares of Cisco Systems stock in a transaction that occurred on Wednesday, November 22nd. The shares were sold at an average price of $36.50, for a total value of $9,125,000.00. Following the transaction, the insider now owns 712,736 shares of the company’s stock, valued at approximately $26,014,864. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CAO Prat Bhatt sold 2,606 shares of Cisco Systems stock in a transaction that occurred on Wednesday, November 22nd. The stock was sold at an average price of $36.49, for a total transaction of $95,092.94. Following the completion of the transaction, the chief accounting officer now directly owns 89,184 shares in the company, valued at approximately $3,254,324.16. The disclosure for this sale can be found here. Insiders sold a total of 348,643 shares of company stock worth $12,892,271 in the last ninety days. Corporate insiders own 0.05% of the company’s stock.
Cisco Systems Company Profile
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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