Foresters Investment Management Company Inc. lifted its holdings in shares of Cisco Systems, Inc. (NASDAQ:CSCO) by 0.7% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,439,475 shares of the network equipment provider’s stock after buying an additional 9,600 shares during the quarter. Cisco Systems comprises 1.2% of Foresters Investment Management Company Inc.’s investment portfolio, making the stock its 8th biggest position. Foresters Investment Management Company Inc.’s holdings in Cisco Systems were worth $62,372,000 as of its most recent SEC filing.
Other hedge funds have also made changes to their positions in the company. Essex Investment Management Co. LLC purchased a new stake in Cisco Systems in the 4th quarter worth approximately $29,000. Horan Securities Inc. lifted its stake in Cisco Systems by 663.0% in the 4th quarter. Horan Securities Inc. now owns 763 shares of the network equipment provider’s stock worth $33,000 after purchasing an additional 663 shares in the last quarter. Highwater Wealth Management LLC purchased a new stake in Cisco Systems in the 4th quarter worth approximately $51,000. Portfolio Solutions LLC purchased a new stake in Cisco Systems in the 4th quarter worth approximately $48,000. Finally, Contravisory Investment Management Inc. purchased a new stake in Cisco Systems in the 4th quarter worth approximately $49,000. Institutional investors own 74.60% of the company’s stock.
Shares of NASDAQ:CSCO opened at $55.86 on Thursday. The firm has a market capitalization of $244.47 billion, a PE ratio of 21.07, a P/E/G ratio of 2.92 and a beta of 1.21. Cisco Systems, Inc. has a one year low of $40.25 and a one year high of $57.56. The company has a debt-to-equity ratio of 0.43, a quick ratio of 1.64 and a current ratio of 1.69.
Cisco Systems (NASDAQ:CSCO) last released its earnings results on Wednesday, May 15th. The network equipment provider reported $0.78 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.77 by $0.01. Cisco Systems had a net margin of 25.76% and a return on equity of 29.88%. The company had revenue of $12.96 billion for the quarter, compared to analyst estimates of $12.89 billion. During the same quarter last year, the firm earned $0.66 EPS. The firm’s quarterly revenue was up 4.0% compared to the same quarter last year. Research analysts expect that Cisco Systems, Inc. will post 2.8 EPS for the current fiscal year.
Cisco Systems declared that its board has approved a stock buyback plan on Wednesday, February 13th that allows the company to buyback $15.00 billion in outstanding shares. This buyback authorization allows the network equipment provider to reacquire up to 6.5% of its shares through open market purchases. Shares buyback plans are often an indication that the company’s board believes its shares are undervalued.
The firm also recently announced a quarterly dividend, which will be paid on Wednesday, July 24th. Investors of record on Friday, July 5th will be issued a dividend of $0.35 per share. This represents a $1.40 annualized dividend and a dividend yield of 2.51%. The ex-dividend date of this dividend is Wednesday, July 3rd. Cisco Systems’s dividend payout ratio is currently 59.83%.
In related news, CFO Kelly A. Kramer sold 70,000 shares of the stock in a transaction on Thursday, May 30th. The shares were sold at an average price of $53.56, for a total transaction of $3,749,200.00. Following the transaction, the chief financial officer now owns 349,122 shares of the company’s stock, valued at approximately $18,698,974.32. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, EVP Mark D. Chandler sold 1,379 shares of the stock in a transaction on Wednesday, June 12th. The shares were sold at an average price of $55.94, for a total transaction of $77,141.26. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 75,129 shares of company stock worth $4,035,554. 0.03% of the stock is owned by insiders.
CSCO has been the topic of several recent analyst reports. Wells Fargo & Co reiterated an “outperform” rating and issued a $57.00 target price (up from $52.00) on shares of Cisco Systems in a research note on Wednesday, February 13th. Oppenheimer increased their target price on shares of Cisco Systems from $52.00 to $60.00 and gave the stock an “outperform” rating in a research note on Friday, April 26th. BidaskClub cut shares of Cisco Systems from a “strong-buy” rating to a “buy” rating in a research note on Tuesday, May 7th. MKM Partners increased their target price on shares of Cisco Systems to $56.00 and gave the stock a “neutral” rating in a research note on Thursday, May 16th. Finally, KeyCorp increased their price target on shares of Cisco Systems from $53.00 to $55.00 and gave the stock an “overweight” rating in a report on Thursday, February 14th. Seven analysts have rated the stock with a hold rating and nineteen have assigned a buy rating to the stock. Cisco Systems currently has an average rating of “Buy” and an average target price of $55.92.
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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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