Country Trust Bank lifted its position in shares of Cisco Systems, Inc. (NASDAQ:CSCO) by 1.9% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 1,086,936 shares of the network equipment provider’s stock after buying an additional 20,493 shares during the quarter. Cisco Systems makes up 2.1% of Country Trust Bank’s investment portfolio, making the stock its 11th largest position. Country Trust Bank’s holdings in Cisco Systems were worth $52,129,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors have also recently modified their holdings of the company. Cordasco Financial Network grew its holdings in shares of Cisco Systems by 78.4% during the third quarter. Cordasco Financial Network now owns 1,142 shares of the network equipment provider’s stock worth $56,000 after buying an additional 502 shares in the last quarter. AlphaOne Investment Services LLC purchased a new stake in shares of Cisco Systems during the second quarter worth about $72,000. Phocas Financial Corp. purchased a new stake in shares of Cisco Systems during the second quarter worth about $82,000. Larson Financial Group LLC grew its holdings in shares of Cisco Systems by 408.5% during the third quarter. Larson Financial Group LLC now owns 1,561 shares of the network equipment provider’s stock worth $77,000 after buying an additional 1,254 shares in the last quarter. Finally, Neo Ivy Capital Management purchased a new stake in shares of Cisco Systems during the second quarter worth about $89,000. Institutional investors and hedge funds own 72.54% of the company’s stock.
In other news, CEO Charles Robbins sold 208,084 shares of the business’s stock in a transaction on Friday, November 22nd. The shares were sold at an average price of $44.83, for a total transaction of $9,328,405.72. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, EVP Irving Tan sold 10,733 shares of the business’s stock in a transaction on Monday, November 18th. The stock was sold at an average price of $44.81, for a total transaction of $480,945.73. Following the transaction, the executive vice president now directly owns 172,199 shares in the company, valued at $7,716,237.19. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 388,864 shares of company stock valued at $17,474,321. 0.03% of the stock is owned by insiders.
Cisco Systems (NASDAQ:CSCO) last released its quarterly earnings data on Wednesday, November 13th. The network equipment provider reported $0.84 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.81 by $0.03. Cisco Systems had a net margin of 21.15% and a return on equity of 35.01%. The company had revenue of $13.16 billion during the quarter, compared to the consensus estimate of $13.09 billion. During the same period in the previous year, the firm earned $0.75 earnings per share. Cisco Systems’s revenue for the quarter was up .7% on a year-over-year basis. Analysts forecast that Cisco Systems, Inc. will post 2.94 earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 22nd. Shareholders of record on Friday, January 3rd will be paid a dividend of $0.35 per share. The ex-dividend date of this dividend is Thursday, January 2nd. This represents a $1.40 annualized dividend and a yield of 2.95%. Cisco Systems’s dividend payout ratio is currently 49.12%.
A number of equities research analysts recently issued reports on the stock. ValuEngine upgraded shares of Cisco Systems from a “sell” rating to a “hold” rating in a report on Tuesday, December 3rd. Needham & Company LLC restated a “hold” rating on shares of Cisco Systems in a report on Thursday, November 14th. Goldman Sachs Group set a $48.00 target price on shares of Cisco Systems and gave the company a “neutral” rating in a report on Thursday, November 14th. Zacks Investment Research downgraded shares of Cisco Systems from a “hold” rating to a “sell” rating and set a $47.00 target price for the company. in a report on Friday, November 15th. Finally, Evercore ISI restated a “buy” rating on shares of Cisco Systems in a report on Sunday, December 15th. One investment analyst has rated the stock with a sell rating, twelve have given a hold rating and fifteen have issued a buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and a consensus price target of $54.57.
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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