Sanibel Captiva Trust Company Inc. Cuts Position in Cisco Systems, Inc. (NASDAQ:CSCO)

Sanibel Captiva Trust Company Inc. reduced its stake in shares of Cisco Systems, Inc. (NASDAQ:CSCO) by 9.7% during the 1st quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 102,805 shares of the network equipment provider’s stock after selling 11,052 shares during the period. Sanibel Captiva Trust Company Inc.’s holdings in Cisco Systems were worth $6,344,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also made changes to their positions in CSCO. Norges Bank purchased a new position in Cisco Systems in the fourth quarter valued at about $3,297,905,000. FMR LLC grew its holdings in shares of Cisco Systems by 20.8% in the 4th quarter. FMR LLC now owns 77,216,513 shares of the network equipment provider’s stock worth $4,571,218,000 after acquiring an additional 13,285,052 shares during the period. Raymond James Financial Inc. acquired a new stake in shares of Cisco Systems in the 4th quarter worth approximately $560,722,000. Alyeska Investment Group L.P. purchased a new position in Cisco Systems in the 4th quarter valued at approximately $413,491,000. Finally, GAMMA Investing LLC raised its holdings in Cisco Systems by 7,096.5% during the first quarter. GAMMA Investing LLC now owns 6,718,402 shares of the network equipment provider’s stock worth $414,593,000 after purchasing an additional 6,625,045 shares during the last quarter. 73.33% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several research firms have weighed in on CSCO. Wall Street Zen raised Cisco Systems from a “buy” rating to a “strong-buy” rating in a report on Friday, May 16th. JPMorgan Chase & Co. boosted their price objective on shares of Cisco Systems from $70.00 to $73.00 and gave the stock an “overweight” rating in a research report on Thursday, May 15th. Rosenblatt Securities raised their target price on shares of Cisco Systems from $63.00 to $74.00 and gave the company a “buy” rating in a report on Thursday, May 15th. Barclays restated an “equal weight” rating on shares of Cisco Systems in a research report on Wednesday, May 21st. Finally, Morgan Stanley reiterated a “hold” rating on shares of Cisco Systems in a research report on Wednesday, May 21st. Eight analysts have rated the stock with a hold rating, twelve have issued a buy rating and three have given a strong buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $68.00.

Cisco Systems Trading Down 0.2%

Shares of Cisco Systems stock opened at $65.90 on Tuesday. Cisco Systems, Inc. has a fifty-two week low of $44.50 and a fifty-two week high of $66.50. The business’s fifty day moving average is $59.69 and its two-hundred day moving average is $60.43. The company has a quick ratio of 0.79, a current ratio of 0.87 and a debt-to-equity ratio of 0.43. The firm has a market cap of $260.96 billion, a PE ratio of 28.78, a P/E/G ratio of 4.16 and a beta of 0.88.

Cisco Systems (NASDAQ:CSCO) last released its earnings results on Wednesday, May 14th. The network equipment provider reported $0.96 earnings per share for the quarter, topping the consensus estimate of $0.92 by $0.04. Cisco Systems had a return on equity of 26.08% and a net margin of 16.96%. The firm had revenue of $14.15 billion for the quarter, compared to the consensus estimate of $14.05 billion. During the same period in the prior year, the business posted $0.88 earnings per share. The firm’s revenue for the quarter was up 11.4% compared to the same quarter last year. Analysts anticipate that Cisco Systems, Inc. will post 3.04 earnings per share for the current year.

Cisco Systems Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, July 23rd. Investors of record on Thursday, July 3rd will be given a $0.41 dividend. The ex-dividend date of this dividend is Thursday, July 3rd. This represents a $1.64 annualized dividend and a dividend yield of 2.49%. Cisco Systems’s dividend payout ratio is presently 66.94%.

Cisco Systems announced that its Board of Directors has approved a stock repurchase plan on Wednesday, February 12th that authorizes the company to buyback $15.00 billion in outstanding shares. This buyback authorization authorizes the network equipment provider to purchase up to 6% of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s board believes its stock is undervalued.

Insider Buying and Selling

In other Cisco Systems news, SVP Maria Victoria Wong sold 762 shares of the firm’s stock in a transaction dated Wednesday, March 12th. The stock was sold at an average price of $60.99, for a total value of $46,474.38. Following the transaction, the senior vice president now directly owns 44,155 shares of the company’s stock, valued at $2,693,013.45. This trade represents a 1.70% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, EVP Thimaya K. Subaiya sold 2,065 shares of the business’s stock in a transaction dated Wednesday, March 12th. The stock was sold at an average price of $60.70, for a total value of $125,345.50. Following the transaction, the executive vice president now owns 191,184 shares in the company, valued at approximately $11,604,868.80. This represents a 1.07% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 71,400 shares of company stock valued at $4,564,439. Insiders own 0.01% of the company’s stock.

Cisco Systems Company Profile

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 and controllers; and compute portfolio including the cisco unified computing system, hyperflex, and software management capabilities, which combine computing, networking, and storage infrastructure management and virtualization.