RNC Capital Management LLC lessened its stake in shares of Cisco Systems, Inc. (NASDAQ:CSCO) by 0.3% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 930,652 shares of the network equipment provider’s stock after selling 2,649 shares during the period. Cisco Systems accounts for about 2.5% of RNC Capital Management LLC’s portfolio, making the stock its 20th biggest position. RNC Capital Management LLC’s holdings in Cisco Systems were worth $35,644,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Other institutional investors also recently bought and sold shares of the company. Vanguard Group Inc. boosted its holdings in shares of Cisco Systems by 2.2% in the 2nd quarter. Vanguard Group Inc. now owns 352,120,694 shares of the network equipment provider’s stock valued at $11,021,378,000 after purchasing an additional 7,411,891 shares in the last quarter. Ameriprise Financial Inc. boosted its holdings in shares of Cisco Systems by 23.6% in the 3rd quarter. Ameriprise Financial Inc. now owns 62,709,508 shares of the network equipment provider’s stock valued at $2,109,614,000 after purchasing an additional 11,972,070 shares in the last quarter. Dimensional Fund Advisors LP boosted its holdings in shares of Cisco Systems by 6.5% during the 3rd quarter. Dimensional Fund Advisors LP now owns 48,741,535 shares of the network equipment provider’s stock valued at $1,639,089,000 after acquiring an additional 2,987,682 shares in the last quarter. Nordea Investment Management AB boosted its holdings in shares of Cisco Systems by 8.3% during the 3rd quarter. Nordea Investment Management AB now owns 34,013,570 shares of the network equipment provider’s stock valued at $1,143,876,000 after acquiring an additional 2,617,310 shares in the last quarter. Finally, Boston Partners boosted its holdings in shares of Cisco Systems by 1.1% during the 3rd quarter. Boston Partners now owns 30,401,385 shares of the network equipment provider’s stock valued at $1,022,399,000 after acquiring an additional 329,474 shares in the last quarter. Hedge funds and other institutional investors own 77.65% of the company’s stock.
In related news, Director Roderick C. Mcgeary sold 15,230 shares of the company’s stock in a transaction that occurred 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 transaction, the director now owns 113,154 shares in the company, valued at $4,299,852. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, SVP Rebecca Jacoby sold 75,021 shares of the company’s stock in a transaction that occurred on Tuesday, December 19th. The shares were sold at an average price of $38.42, for a total value of $2,882,306.82. Following the completion of the transaction, the senior vice president now owns 257,476 shares in the company, valued at approximately $9,892,227.92. The disclosure for this sale can be found here. Insiders sold a total of 116,566 shares of company stock worth $4,636,938 in the last 90 days. Company insiders own 0.05% of the company’s stock.
Cisco Systems (NASDAQ:CSCO) last announced its earnings results on Wednesday, February 14th. The network equipment provider reported $0.63 earnings per share for the quarter, topping analysts’ consensus estimates of $0.59 by $0.04. Cisco Systems had a positive return on equity of 17.77% and a negative net margin of 3.00%. The firm had revenue of $11.89 billion for the quarter, compared to the consensus estimate of $11.82 billion. During the same quarter in the previous year, the business earned $0.57 EPS. research analysts forecast that Cisco Systems, Inc. will post 2.32 earnings per share for the current fiscal year.
Cisco Systems declared that its board has approved a stock repurchase plan 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 buy shares of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s management believes its shares are undervalued.
The firm 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 represents a $1.32 dividend on an annualized basis and a dividend yield of 2.92%. The ex-dividend date is Wednesday, April 4th. This is an increase from Cisco Systems’s previous quarterly dividend of $0.29. Cisco Systems’s payout ratio is presently -362.50%.
Several equities research analysts recently weighed in on CSCO shares. Vetr raised Cisco Systems from a “hold” rating to a “buy” rating and set a $46.17 price objective on the stock in a report on Wednesday, March 7th. Zacks Investment Research raised Cisco Systems from a “hold” rating to a “buy” rating and set a $46.00 price objective on the stock in a report on Wednesday, January 17th. Wells Fargo & Co reissued an “outperform” rating and set a $42.00 price objective on shares of Cisco Systems in a report on Tuesday, November 14th. Royal Bank of Canada raised their price objective on Cisco Systems to $50.00 and gave the company an “outperform” rating in a report on Thursday, February 15th. Finally, Barclays lifted their target price on Cisco Systems from $34.00 to $37.00 and gave the stock an “overweight” rating in a report on Thursday, November 16th. Ten research analysts have rated the stock with a hold rating, twenty-six have given a buy rating and one has assigned a strong buy rating to the stock. The stock currently has a consensus rating of “Buy” and a consensus price target of $44.04.
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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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