BTC Capital Management Inc. Sells 2,707 Shares of Cisco Systems, Inc. (NASDAQ:CSCO)

BTC Capital Management Inc. lowered its stake in Cisco Systems, Inc. (NASDAQ:CSCO) by 1.4% in the 2nd quarter, Holdings Channel reports. The firm owned 193,305 shares of the network equipment provider’s stock after selling 2,707 shares during the quarter. Cisco Systems accounts for approximately 1.1% of BTC Capital Management Inc.’s portfolio, making the stock its 21st largest position. BTC Capital Management Inc.’s holdings in Cisco Systems were worth $10,098,000 as of its most recent filing with the Securities & Exchange Commission.

Several other large investors have also added to or reduced their stakes in the stock. United Bank bought a new stake in shares of Cisco Systems during the 1st quarter valued at about $645,000. Mirae Asset Global Investments Co. Ltd. boosted its position in shares of Cisco Systems by 32.5% during the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 4,243,073 shares of the network equipment provider’s stock valued at $236,593,000 after acquiring an additional 1,040,607 shares during the last quarter. Roundview Capital LLC boosted its position in shares of Cisco Systems by 13.1% during the 1st quarter. Roundview Capital LLC now owns 10,540 shares of the network equipment provider’s stock valued at $588,000 after acquiring an additional 1,221 shares during the last quarter. Merit Financial Group LLC boosted its position in shares of Cisco Systems by 21.5% during the 1st quarter. Merit Financial Group LLC now owns 11,763 shares of the network equipment provider’s stock valued at $656,000 after acquiring an additional 2,079 shares during the last quarter. Finally, Mackenzie Financial Corp boosted its position in shares of Cisco Systems by 8.1% during the 1st quarter. Mackenzie Financial Corp now owns 2,429,518 shares of the network equipment provider’s stock valued at $135,470,000 after acquiring an additional 182,857 shares during the last quarter. Institutional investors own 72.21% of the company’s stock.

Wall Street Analyst Weigh In

CSCO has been the subject of a number of research analyst reports. Bank of America lifted their price target on Cisco Systems from $56.00 to $60.00 and gave the company a “neutral” rating in a research report on Wednesday, September 13th. Barclays boosted their target price on Cisco Systems from $51.00 to $53.00 and gave the stock an “equal weight” rating in a research report on Thursday, August 17th. BNP Paribas assumed coverage on Cisco Systems in a research report on Thursday, July 20th. They issued an “underperform” rating and a $45.00 target price for the company. Morgan Stanley boosted their target price on Cisco Systems from $55.00 to $56.00 and gave the stock an “equal weight” rating in a research report on Thursday, August 17th. Finally, Oppenheimer restated an “outperform” rating and issued a $58.00 target price on shares of Cisco Systems in a research report on Thursday, August 17th. One analyst has rated the stock with a sell rating, ten have assigned a hold rating and eleven have given a buy rating to the company’s stock. According to MarketBeat, Cisco Systems currently has a consensus rating of “Hold” and an average target price of $59.43.

Cisco Systems Price Performance

CSCO opened at $56.11 on Tuesday. The company has a debt-to-equity ratio of 0.15, a quick ratio of 1.27 and a current ratio of 1.38. Cisco Systems, Inc. has a 52-week low of $38.60 and a 52-week high of $58.19. The stock has a market capitalization of $227.52 billion, a PE ratio of 18.28, a price-to-earnings-growth ratio of 2.50 and a beta of 0.97. The stock’s 50 day moving average price is $54.20 and its 200-day moving average price is $51.17.

Cisco Systems (NASDAQ:CSCO) last posted its earnings results on Wednesday, August 16th. The network equipment provider reported $1.14 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.06 by $0.08. The firm had revenue of $15.20 billion for the quarter, compared to analysts’ expectations of $15.05 billion. Cisco Systems had a return on equity of 33.42% and a net margin of 22.13%. The business’s revenue was up 16.0% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.74 earnings per share. On average, equities research analysts predict that Cisco Systems, Inc. will post 3.58 EPS for the current year.

Cisco Systems Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, October 25th. Investors of record on Wednesday, October 4th will be paid a $0.39 dividend. The ex-dividend date of this dividend is Tuesday, October 3rd. This represents a $1.56 annualized dividend and a yield of 2.78%. Cisco Systems’s payout ratio is 50.81%.

Insider Buying and Selling

In other Cisco Systems news, CEO Charles Robbins sold 17,687 shares of the business’s stock in a transaction on Friday, August 18th. The stock was sold at an average price of $55.16, for a total value of $975,614.92. Following the sale, the chief executive officer now directly owns 716,191 shares of the company’s stock, valued at $39,505,095.56. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In other Cisco Systems news, CFO Richard Scott Herren sold 2,579 shares of the business’s stock in a transaction on Thursday, June 22nd. The stock was sold at an average price of $50.65, for a total value of $130,626.35. Following the sale, the chief financial officer now directly owns 281,493 shares of the company’s stock, valued at $14,257,620.45. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Charles Robbins sold 17,687 shares of the business’s stock in a transaction on Friday, August 18th. The stock was sold at an average price of $55.16, for a total value of $975,614.92. Following the completion of the sale, the chief executive officer now directly owns 716,191 shares in the company, valued at $39,505,095.56. The disclosure for this sale can be found here. Insiders have sold a total of 54,438 shares of company stock valued at $2,948,779 over the last ninety days. Company insiders own 0.02% of the company’s stock.

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 in the Americas, Europe, the Middle East, Africa, the Asia Pacific, Japan, and China. The company also offers switching portfolio encompasses campus switching as well as data center switching; enterprise routing portfolio interconnects public and private wireline and mobile networks, delivering highly secure, and reliable connectivity to campus, data center and branch networks; wireless products include wireless access points that are standalone, controller appliance-based, switch-converged, and Meraki cloud-managed offerings; and compute portfolio including the cisco unified computing system, hyperflex, and software management capabilities, which combine computing, networking, and storage infrastructure management and virtualization.