Cisco Systems, Inc. (CSCO) Stake Lessened by Patten Group Inc.
Patten Group Inc. trimmed its holdings in Cisco Systems, Inc. (NASDAQ:CSCO) by 14.7% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 62,529 shares of the network equipment provider’s stock after selling 10,812 shares during the period. Cisco Systems accounts for about 0.9% of Patten Group Inc.’s portfolio, making the stock its 24th biggest holding. Patten Group Inc.’s holdings in Cisco Systems were worth $2,395,000 at the end of the most recent quarter.
Several other institutional investors and hedge funds have also added to or reduced their stakes in CSCO. Pzena Investment Management LLC lifted its holdings in Cisco Systems by 0.4% during the 3rd quarter. Pzena Investment Management LLC now owns 2,517,046 shares of the network equipment provider’s stock worth $84,648,000 after purchasing an additional 10,265 shares during the last quarter. Forward Management LLC acquired a new stake in Cisco Systems during the 3rd quarter worth approximately $869,000. Rothschild Investment Corp IL lifted its holdings in Cisco Systems by 1.9% during the 4th quarter. Rothschild Investment Corp IL now owns 297,112 shares of the network equipment provider’s stock worth $11,379,000 after purchasing an additional 5,517 shares during the last quarter. Mitsubishi UFJ Asset Management UK Ltd. lifted its holdings in Cisco Systems by 320.0% during the 4th quarter. Mitsubishi UFJ Asset Management UK Ltd. now owns 126,000 shares of the network equipment provider’s stock worth $4,825,000 after purchasing an additional 96,000 shares during the last quarter. Finally, Troy Asset Management Ltd lifted its holdings in Cisco Systems by 15.0% during the 3rd quarter. Troy Asset Management Ltd now owns 117,250 shares of the network equipment provider’s stock worth $3,943,000 after purchasing an additional 15,250 shares during the last quarter. 77.55% of the stock is owned by institutional investors.
Several analysts recently weighed in on CSCO shares. ValuEngine raised Cisco Systems from a “hold” rating to a “buy” rating in a report on Friday, February 2nd. Zacks Investment Research raised Cisco Systems from a “hold” rating to a “buy” rating and set a $48.00 price target for the company in a report on Wednesday, January 31st. Vetr raised Cisco Systems from a “hold” rating to a “buy” rating and set a $44.13 price target for the company in a report on Tuesday, January 30th. Bank of America raised Cisco Systems from a “neutral” rating to a “buy” rating and lifted their price target for the stock from $38.99 to $46.00 in a report on Friday, January 5th. They noted that the move was a valuation call. Finally, Goldman Sachs started coverage on Cisco Systems in a report on Wednesday, February 7th. They set a “buy” rating and a $48.00 price target for the company. Ten research analysts have rated the stock with a hold rating, twenty-five have issued a buy rating and two have issued a strong buy rating to the company’s stock. Cisco Systems has an average rating of “Buy” and an average price target of $44.23.
Shares of CSCO opened at $43.30 on Tuesday. Cisco Systems, Inc. has a 52-week low of $30.36 and a 52-week high of $46.16. The company has a debt-to-equity ratio of 0.49, a quick ratio of 2.38 and a current ratio of 2.43. The firm has a market capitalization of $207,153.28, a PE ratio of 20.14, a price-to-earnings-growth ratio of 2.88 and a beta of 1.14.
Cisco Systems (NASDAQ:CSCO) last issued its quarterly earnings data on Wednesday, February 14th. The network equipment provider reported $0.63 earnings per share for the quarter, topping analysts’ consensus estimates of $0.59 by $0.04. The business had revenue of $11.89 billion for the quarter, compared to analyst estimates of $11.82 billion. Cisco Systems had a positive return on equity of 17.77% and a negative net margin of 3.00%. During the same quarter in the previous year, the company posted $0.57 EPS. equities research analysts expect that Cisco Systems, Inc. will post 2.33 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, April 25th. Investors of record on Thursday, April 5th will be given a dividend of $0.33 per share. The ex-dividend date is Wednesday, April 4th. This represents a $1.32 dividend on an annualized basis and a yield of 3.05%. This is a positive change from Cisco Systems’s previous quarterly dividend of $0.29. Cisco Systems’s payout ratio is currently 61.40%.
Cisco Systems announced that its Board of Directors has authorized a share repurchase program on Wednesday, February 14th that permits the company to buyback $25.00 billion in outstanding shares. This buyback authorization permits the network equipment provider to reacquire shares of its stock through open market purchases. Stock buyback programs are often a sign that the company’s leadership believes its stock is undervalued.
Cisco Systems Company Profile
Cisco Systems, Inc designs, manufactures, and sells Internet Protocol (IP) based networking and other products related to the communications and information technology industry worldwide. The company offers switching products, including fixed-configuration and modular switches, and storage products that provide connectivity to end users, workstations, IP phones, wireless access points, and servers; and next-generation network routing products that interconnect public and private wireline and mobile networks for mobile, data, voice, and video applications.
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