Sterling Investment Management Inc. Cuts Position in Cisco Systems, Inc. (CSCO)

Sterling Investment Management Inc. reduced its stake in shares of Cisco Systems, Inc. (NASDAQ:CSCO) by 6.3% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 79,792 shares of the network equipment provider’s stock after selling 5,393 shares during the period. Cisco Systems accounts for about 2.7% of Sterling Investment Management Inc.’s holdings, making the stock its 11th biggest position. Sterling Investment Management Inc.’s holdings in Cisco Systems were worth $3,433,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors also recently modified their holdings of CSCO. Summit Trail Advisors LLC raised its position in shares of Cisco Systems by 4,313.3% during the 1st quarter. Summit Trail Advisors LLC now owns 4,814,373 shares of the network equipment provider’s stock worth $4,814,000 after purchasing an additional 4,705,284 shares during the last quarter. BlackRock Inc. raised its holdings in Cisco Systems by 1.1% in the 1st quarter. BlackRock Inc. now owns 339,004,547 shares of the network equipment provider’s stock valued at $14,539,904,000 after acquiring an additional 3,630,488 shares during the last quarter. OppenheimerFunds Inc. raised its holdings in Cisco Systems by 61.0% in the 1st quarter. OppenheimerFunds Inc. now owns 9,183,708 shares of the network equipment provider’s stock valued at $393,888,000 after acquiring an additional 3,479,165 shares during the last quarter. Alps Advisors Inc. acquired a new position in Cisco Systems in the 2nd quarter valued at $78,609,000. Finally, KBC Group NV raised its holdings in Cisco Systems by 81.4% in the 2nd quarter. KBC Group NV now owns 3,801,073 shares of the network equipment provider’s stock valued at $163,560,000 after acquiring an additional 1,705,640 shares during the last quarter. Hedge funds and other institutional investors own 71.52% of the company’s stock.

Shares of NASDAQ CSCO opened at $47.11 on Friday. Cisco Systems, Inc. has a 52-week low of $33.67 and a 52-week high of $49.47. The firm has a market cap of $230.76 billion, a PE ratio of 20.13, a P/E/G ratio of 2.83 and a beta of 1.11. The company has a debt-to-equity ratio of 0.47, a current ratio of 2.29 and a quick ratio of 2.22.

Cisco Systems (NASDAQ:CSCO) last announced its quarterly earnings data on Wednesday, August 15th. The network equipment provider reported $0.70 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.69 by $0.01. Cisco Systems had a net margin of 0.22% and a return on equity of 22.12%. The company had revenue of $12.84 billion during the quarter, compared to analysts’ expectations of $12.76 billion. During the same period in the previous year, the company earned $0.61 EPS. The business’s quarterly revenue was up 5.9% compared to the same quarter last year. As a group, sell-side analysts expect that Cisco Systems, Inc. will post 2.67 EPS for the current fiscal year.

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, October 24th. Stockholders of record on Friday, October 5th were paid a dividend of $0.33 per share. The ex-dividend date of this dividend was Thursday, October 4th. This represents a $1.32 annualized dividend and a dividend yield of 2.80%. Cisco Systems’s dividend payout ratio is presently 56.41%.

In related news, EVP Mark D. Chandler sold 31,842 shares of the company’s stock in a transaction on Thursday, September 13th. The shares were sold at an average price of $47.20, for a total transaction of $1,502,942.40. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Chairman Charles Robbins sold 217,420 shares of the company’s stock in a transaction on Monday, September 17th. The stock was sold at an average price of $47.28, for a total transaction of $10,279,617.60. The disclosure for this sale can be found here. Insiders have sold a total of 450,620 shares of company stock valued at $21,322,282 over the last three months. Corporate insiders own 0.03% of the company’s stock.

Several research analysts have weighed in on the company. Zacks Investment Research downgraded Cisco Systems from a “buy” rating to a “hold” rating in a report on Thursday, August 2nd. Piper Jaffray Companies set a $50.00 price target on Cisco Systems and gave the company a “buy” rating in a report on Tuesday, September 11th. BidaskClub upgraded Cisco Systems from a “buy” rating to a “strong-buy” rating in a report on Saturday, August 25th. Royal Bank of Canada boosted their price target on Cisco Systems to $52.00 and gave the company an “outperform” rating in a report on Thursday, August 16th. Finally, Goldman Sachs Group reiterated a “buy” rating and issued a $56.00 price target on shares of Cisco Systems in a report on Thursday, August 16th. Eight research analysts have rated the stock with a hold rating, twenty-three have issued a buy rating and one has assigned a strong buy rating to the company’s stock. The company currently has an average rating of “Buy” and a consensus price target of $48.76.

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Cisco Systems Profile

Cisco Systems, Inc designs, manufactures, and sells Internet Protocol based networking and other products related to the communications and information technology industry worldwide. The company offers switching products; routing products that interconnect public and private wireline and mobile networks; data center products; and wireless access points for use in voice, video, and data applications.

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Institutional Ownership by Quarter for Cisco Systems (NASDAQ:CSCO)

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