Buckingham Capital Management Inc. trimmed its holdings in Cisco Systems, Inc. (NASDAQ:CSCO) by 11.9% in the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 38,607 shares of the network equipment provider’s stock after selling 5,233 shares during the period. Buckingham Capital Management Inc.’s holdings in Cisco Systems were worth $1,878,000 as of its most recent filing with the Securities & Exchange Commission.
Other hedge funds and other institutional investors have also modified their holdings of the company. WBI Investments Inc. grew its position in Cisco Systems by 302.4% during the second quarter. WBI Investments Inc. now owns 57,270 shares of the network equipment provider’s stock worth $2,464,000 after buying an additional 43,037 shares in the last quarter. Pinebridge Investments L.P. grew its position in Cisco Systems by 35.1% during the second quarter. Pinebridge Investments L.P. now owns 539,685 shares of the network equipment provider’s stock worth $23,223,000 after buying an additional 140,218 shares in the last quarter. BancorpSouth Bank grew its position in Cisco Systems by 3.6% during the second quarter. BancorpSouth Bank now owns 92,196 shares of the network equipment provider’s stock worth $3,967,000 after buying an additional 3,215 shares in the last quarter. Charles Schwab Investment Advisory Inc. acquired a new stake in Cisco Systems during the second quarter worth approximately $279,790,000. Finally, Robecosam AG grew its position in Cisco Systems by 1.8% during the second quarter. Robecosam AG now owns 310,896 shares of the network equipment provider’s stock worth $13,350,000 after buying an additional 5,522 shares in the last quarter. Institutional investors and hedge funds own 68.13% of the company’s stock.
Shares of CSCO stock opened at $53.20 on Friday. The firm has a market capitalization of $253.35 billion, a price-to-earnings ratio of 22.74, a price-to-earnings-growth ratio of 2.72 and a beta of 1.22. Cisco Systems, Inc. has a fifty-two week low of $40.19 and a fifty-two week high of $53.62. The company has a debt-to-equity ratio of 0.39, a quick ratio of 1.74 and a current ratio of 1.80.
Cisco Systems (NASDAQ:CSCO) last issued its earnings results on Wednesday, February 13th. The network equipment provider reported $0.73 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.72 by $0.01. The firm had revenue of $12.45 billion for the quarter, compared to the consensus estimate of $12.43 billion. Cisco Systems had a return on equity of 27.58% and a net margin of 25.31%. The company’s revenue was up 4.7% compared to the same quarter last year. During the same quarter last year, the business posted $0.63 EPS. On average, analysts forecast that Cisco Systems, Inc. will post 2.74 earnings per share for the current year.
Cisco Systems announced that its board has authorized a stock buyback plan on Wednesday, February 13th that permits the company to buyback $15.00 billion in outstanding shares. This buyback authorization permits the network equipment provider to reacquire up to 6.5% of its shares through open market purchases. Shares buyback plans are generally an indication that the company’s leadership believes its stock is undervalued.
The firm also recently announced a quarterly dividend, which will be paid on Wednesday, April 24th. Shareholders of record on Friday, April 5th will be issued a $0.35 dividend. This represents a $1.40 dividend on an annualized basis and a dividend yield of 2.63%. The ex-dividend date of this dividend is Thursday, April 4th. This is an increase from Cisco Systems’s previous quarterly dividend of $0.33. Cisco Systems’s dividend payout ratio (DPR) is currently 56.41%.
In related news, CFO Kelly A. Kramer sold 70,000 shares of the firm’s stock in a transaction on Thursday, February 28th. The stock was sold at an average price of $51.70, for a total transaction of $3,619,000.00. Following the sale, the chief financial officer now owns 420,696 shares of the company’s stock, valued at approximately $21,749,983.20. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director M Michele Burns sold 4,744 shares of the firm’s stock in a transaction on Wednesday, December 19th. The shares were sold at an average price of $44.06, for a total value of $209,020.64. Following the sale, the director now directly owns 74,164 shares in the company, valued at approximately $3,267,665.84. The disclosure for this sale can be found here. In the last ninety days, insiders sold 119,744 shares of company stock worth $6,135,021. Company insiders own 0.03% of the company’s stock.
A number of brokerages recently issued reports on CSCO. Bank of America reissued a “buy” rating and set a $56.00 price target on shares of Cisco Systems in a research report on Thursday, February 14th. MKM Partners increased their price target on Cisco Systems to $54.00 and gave the stock a “neutral” rating in a research report on Thursday, February 14th. Credit Suisse Group increased their price target on Cisco Systems from $44.00 to $47.00 and gave the stock a “neutral” rating in a research report on Thursday, February 14th. KeyCorp increased their price target on Cisco Systems from $53.00 to $55.00 and gave the stock an “overweight” rating in a research report on Thursday, February 14th. Finally, Morgan Stanley downgraded Cisco Systems from an “overweight” rating to an “equal weight” rating and reduced their price target for the stock from $51.00 to $49.00 in a research report on Tuesday, February 12th. Seven analysts have rated the stock with a hold rating, nineteen have assigned a buy rating and one has given a strong buy rating to the stock. Cisco Systems currently has a consensus rating of “Buy” and an average price target of $53.36.
COPYRIGHT VIOLATION NOTICE: “Buckingham Capital Management Inc. Sells 5,233 Shares of Cisco Systems, Inc. (CSCO)” was first posted by American Banking News and is the sole property of of American Banking News. If you are accessing this story on another publication, it was stolen and reposted in violation of United States and international copyright legislation. The correct version of this story can be accessed at https://www.americanbankingnews.com/2019/03/17/buckingham-capital-management-inc-sells-5233-shares-of-cisco-systems-inc-csco.html.
About Cisco Systems
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.
Featured Story: How much can an individual set aside as a catch-up contribution?
Want to see what other hedge funds are holding CSCO? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Cisco Systems, Inc. (NASDAQ:CSCO).
Receive News & Ratings for Cisco Systems Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Cisco Systems and related companies with MarketBeat.com's FREE daily email newsletter.