Tokio Marine Asset Management Co. Ltd. lowered its holdings in shares of Cisco Systems, Inc. (NASDAQ:CSCO) by 27.1% during the third quarter, HoldingsChannel.com reports. The firm owned 8,404 shares of the network equipment provider’s stock after selling 3,130 shares during the quarter. Tokio Marine Asset Management Co. Ltd.’s holdings in Cisco Systems were worth $409,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors have also added to or reduced their stakes in the company. BigSur Wealth Management LLC acquired a new stake in shares of Cisco Systems during the third quarter worth about $243,000. Arlington Partners LLC raised its position in Cisco Systems by 8.9% in the 3rd quarter. Arlington Partners LLC now owns 24,283 shares of the network equipment provider’s stock valued at $1,181,000 after buying an additional 1,985 shares during the last quarter. Jag Capital Management LLC raised its position in Cisco Systems by 67.3% in the 3rd quarter. Jag Capital Management LLC now owns 46,804 shares of the network equipment provider’s stock valued at $2,277,000 after buying an additional 18,829 shares during the last quarter. Telemus Capital LLC raised its position in Cisco Systems by 53.3% in the 3rd quarter. Telemus Capital LLC now owns 64,296 shares of the network equipment provider’s stock valued at $3,128,000 after buying an additional 22,367 shares during the last quarter. Finally, Schmidt P J Investment Management Inc. raised its position in Cisco Systems by 2.9% in the 3rd quarter. Schmidt P J Investment Management Inc. now owns 68,059 shares of the network equipment provider’s stock valued at $3,311,000 after buying an additional 1,898 shares during the last quarter. 69.25% of the stock is currently owned by institutional investors.
CSCO stock opened at $43.49 on Friday. The company has a quick ratio of 2.05, a current ratio of 2.11 and a debt-to-equity ratio of 0.42. The company has a market capitalization of $208.69 billion, a price-to-earnings ratio of 18.59, a P/E/G ratio of 2.54 and a beta of 1.15. Cisco Systems, Inc. has a twelve month low of $37.35 and a twelve month high of $49.47.
The firm also recently announced a quarterly dividend, which will be paid on Wednesday, January 23rd. Stockholders of record on Friday, January 4th will be paid a dividend of $0.33 per share. The ex-dividend date is Thursday, January 3rd. This represents a $1.32 annualized dividend and a dividend yield of 3.04%. Cisco Systems’s dividend payout ratio is currently 56.41%.
In other news, Director M Michele Burns sold 4,744 shares of Cisco Systems stock in a transaction that occurred on Wednesday, December 19th. The stock was sold at an average price of $44.06, for a total transaction of $209,020.64. Following the completion of the transaction, the director now directly owns 74,164 shares in the company, valued at approximately $3,267,665.84. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, SVP Prat Bhatt sold 33,950 shares of Cisco Systems stock in a transaction that occurred on Friday, November 23rd. The stock was sold at an average price of $44.86, for a total value of $1,522,997.00. Following the transaction, the senior vice president now owns 90,207 shares of the company’s stock, valued at $4,046,686.02. The disclosure for this sale can be found here. Insiders have sold a total of 166,067 shares of company stock valued at $7,804,662 over the last quarter. 0.03% of the stock is currently owned by corporate insiders.
A number of brokerages recently issued reports on CSCO. Piper Jaffray Companies set a $53.00 target price on Cisco Systems and gave the company an “overweight” rating in a research report on Monday, October 1st. Raymond James lifted their target price on Cisco Systems from $50.00 to $52.00 and gave the company an “outperform” rating in a research report on Thursday, November 15th. Wolfe Research began coverage on Cisco Systems in a research report on Tuesday, December 11th. They issued an “outperform” rating on the stock. UBS Group set a $56.00 target price on Cisco Systems and gave the company a “buy” rating in a research report on Wednesday, September 26th. Finally, Zacks Investment Research raised Cisco Systems from a “hold” rating to a “buy” rating and set a $55.00 target price on the stock in a research report on Wednesday, October 3rd. 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. Cisco Systems has a consensus rating of “Buy” and an average target price of $51.05.
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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.
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