Washington Trust Bank Grows Holdings in Cisco Systems, Inc. (CSCO)
Washington Trust Bank grew its stake in Cisco Systems, Inc. (NASDAQ:CSCO) by 6.4% in the fourth quarter, HoldingsChannel reports. The institutional investor owned 237,809 shares of the network equipment provider’s stock after buying an additional 14,222 shares during the quarter. Cisco Systems makes up approximately 1.3% of Washington Trust Bank’s portfolio, making the stock its 13th biggest position. Washington Trust Bank’s holdings in Cisco Systems were worth $9,108,000 as of its most recent SEC filing.
Other hedge funds also recently added to or reduced their stakes in the company. Vantage Financial Partners Ltd. Inc. purchased a new position in Cisco Systems in the 2nd quarter worth approximately $231,000. Tortoise Investment Management LLC grew its stake in Cisco Systems by 36.1% in the 2nd quarter. Tortoise Investment Management LLC now owns 3,309 shares of the network equipment provider’s stock worth $104,000 after buying an additional 878 shares in the last quarter. Mountain Capital Investment Advisors Inc purchased a new position in Cisco Systems in the 2nd quarter worth approximately $104,000. Manchester Capital Management LLC lifted its holdings in shares of Cisco Systems by 10.7% in the 2nd quarter. Manchester Capital Management LLC now owns 3,606 shares of the network equipment provider’s stock worth $113,000 after acquiring an additional 350 shares during the last quarter. Finally, Ffcm LLC lifted its holdings in shares of Cisco Systems by 2,025.0% in the 2nd quarter. Ffcm LLC now owns 3,740 shares of the network equipment provider’s stock worth $117,000 after acquiring an additional 3,564 shares during the last quarter. 76.70% of the stock is owned by institutional investors and hedge funds.
A number of equities research analysts have recently weighed in on CSCO shares. Zacks Investment Research upgraded shares of Cisco Systems from a “hold” rating to a “buy” rating and set a $46.00 price objective for the company in a report on Wednesday, January 17th. Wells Fargo & Co restated an “outperform” rating and issued a $42.00 price objective on shares of Cisco Systems in a report on Tuesday, November 14th. Vetr upgraded shares of Cisco Systems from a “sell” rating to a “hold” rating and set a $38.01 price objective for the company in a report on Wednesday, December 27th. Royal Bank of Canada boosted their price objective on shares of Cisco Systems to $50.00 and gave the stock an “outperform” rating in a report on Thursday, February 15th. Finally, Barclays boosted their price objective on shares of Cisco Systems from $34.00 to $37.00 and gave the stock an “overweight” rating in a report on Thursday, November 16th. Ten research analysts have rated the stock with a hold rating, twenty-six have assigned a buy rating and one has given a strong buy rating to the company’s stock. The company has an average rating of “Buy” and an average target price of $44.02.
Cisco Systems (NASDAQ:CSCO) last issued its quarterly earnings data on Wednesday, February 14th. The network equipment provider reported $0.63 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.59 by $0.04. Cisco Systems had a negative net margin of 3.00% and a positive return on equity of 17.77%. The business had revenue of $11.89 billion during the quarter, compared to analyst estimates of $11.82 billion. During the same period in the prior year, the business earned $0.57 EPS. sell-side analysts predict that Cisco Systems, Inc. will post 2.32 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, April 25th. Shareholders of record on Thursday, April 5th will be issued a $0.33 dividend. The ex-dividend date of this dividend is Wednesday, April 4th. This is a positive change from Cisco Systems’s previous quarterly dividend of $0.29. This represents a $1.32 annualized dividend and a yield of 3.00%. Cisco Systems’s dividend payout ratio is -362.50%.
Cisco Systems announced that its board has authorized a share buyback program on Wednesday, February 14th that allows the company to repurchase $25.00 billion in outstanding shares. This repurchase authorization allows the network equipment provider to repurchase shares of its stock through open market purchases. Shares repurchase programs are generally a sign that the company’s board of directors believes its shares are undervalued.
In other news, SVP Rebecca Jacoby sold 75,021 shares of the company’s stock in a transaction dated Tuesday, December 19th. The shares were sold at an average price of $38.42, for a total value of $2,882,306.82. Following the sale, the senior vice president now directly owns 257,476 shares of the company’s stock, valued at approximately $9,892,227.92. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Roderick C. Mcgeary sold 15,230 shares of the company’s stock in a transaction dated Thursday, December 14th. The stock was sold at an average price of $38.00, for a total transaction of $578,740.00. Following the completion of the sale, the director now directly owns 113,154 shares in the company, valued at $4,299,852. The disclosure for this sale can be found here. Insiders sold a total of 116,566 shares of company stock valued at $4,636,938 over the last 90 days. Company insiders own 0.05% of the company’s stock.
About Cisco Systems
Cisco Systems, Inc designs and sells a range of products, provides services and delivers integrated solutions to develop and connect networks around the world. The Company operates through three geographic segments: Americas; Europe, the Middle East and Africa (EMEA), and Asia Pacific, Japan and China (APJC).
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