Schafer Cullen Capital Management Inc. reduced its position in Cisco Systems, Inc. (NASDAQ:CSCO) by 4.3% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 4,338,006 shares of the network equipment provider’s stock after selling 195,840 shares during the period. Cisco Systems comprises approximately 2.2% of Schafer Cullen Capital Management Inc.’s holdings, making the stock its 4th largest position. Schafer Cullen Capital Management Inc.’s holdings in Cisco Systems were worth $186,057,000 at the end of the most recent reporting period.
Other institutional investors have also recently added to or reduced their stakes in the company. Keeler Thomas Management LLC purchased a new position in Cisco Systems during the fourth quarter valued at approximately $108,000. Certified Advisory Corp purchased a new position in Cisco Systems during the fourth quarter valued at approximately $116,000. Trustcore Financial Services LLC grew its position in Cisco Systems by 143.5% during the first quarter. Trustcore Financial Services LLC now owns 3,294 shares of the network equipment provider’s stock valued at $141,000 after purchasing an additional 1,941 shares in the last quarter. Smart Portfolios LLC purchased a new position in Cisco Systems during the first quarter valued at approximately $146,000. Finally, Stelac Advisory Services LLC purchased a new position in Cisco Systems during the first quarter valued at approximately $149,000. 73.40% of the stock is currently owned by institutional investors and hedge funds.
NASDAQ CSCO opened at $44.00 on Wednesday. The company has a quick ratio of 2.28, a current ratio of 2.34 and a debt-to-equity ratio of 0.44. Cisco Systems, Inc. has a 12-month low of $30.36 and a 12-month high of $46.37. The company has a market capitalization of $210.91 billion, a price-to-earnings ratio of 20.47, a price-to-earnings-growth ratio of 2.64 and a beta of 1.07.
The company also recently disclosed a quarterly dividend, which was paid on Wednesday, July 25th. Stockholders of record on Friday, July 6th were paid a $0.33 dividend. This represents a $1.32 dividend on an annualized basis and a dividend yield of 3.00%. The ex-dividend date was Thursday, July 5th. Cisco Systems’s payout ratio is 61.40%.
In other news, EVP David Goeckeler sold 35,000 shares of the business’s stock in a transaction on Friday, June 22nd. The shares were sold at an average price of $43.27, for a total value of $1,514,450.00. Following the completion of the sale, the executive vice president now directly owns 490,458 shares in the company, valued at $21,222,117.66. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 0.05% of the stock is currently owned by insiders.
CSCO has been the topic of a number of research analyst reports. Vetr downgraded shares of Cisco Systems from a “buy” rating to a “hold” rating and set a $46.32 price objective on the stock. in a research report on Wednesday, April 18th. Piper Jaffray Companies reaffirmed an “overweight” rating and set a $49.00 price objective (up from $48.00) on shares of Cisco Systems in a research report on Wednesday, April 18th. Macquarie initiated coverage on shares of Cisco Systems in a research report on Monday, April 30th. They set an “outperform” rating on the stock. JPMorgan Chase & Co. initiated coverage on shares of Cisco Systems in a research report on Thursday, May 3rd. They set an “overweight” rating and a $57.00 price objective on the stock. Finally, Credit Suisse Group initiated coverage on shares of Cisco Systems in a research report on Wednesday, May 9th. They set a “neutral” rating and a $41.00 price objective on the stock. Ten analysts have rated the stock with a hold rating, twenty-four have issued a buy rating and one has issued a strong buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and an average target price of $46.42.
About Cisco Systems
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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