Cullinan Associates Inc. Sells 56,464 Shares of Cisco Systems, Inc. (NASDAQ:CSCO)

Cullinan Associates Inc. lessened its stake in shares of Cisco Systems, Inc. (NASDAQ:CSCO – Get Rating) by 14.0% in the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 346,954 shares of the network equipment provider’s stock after selling 56,464 shares during the period. Cisco Systems makes up about 0.9% of Cullinan Associates Inc.’s investment portfolio, making the stock its 24th largest holding. Cullinan Associates Inc.’s holdings in Cisco Systems were worth $16,529,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. United Bank bought a new stake in shares of Cisco Systems in the 1st quarter worth $645,000. Mirae Asset Global Investments Co. Ltd. increased its holdings in shares of Cisco Systems by 32.5% in the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 4,243,073 shares of the network equipment provider’s stock worth $236,593,000 after purchasing an additional 1,040,607 shares in the last quarter. Roundview Capital LLC increased its holdings in shares of Cisco Systems by 13.1% in the 1st quarter. Roundview Capital LLC now owns 10,540 shares of the network equipment provider’s stock worth $588,000 after purchasing an additional 1,221 shares in the last quarter. Merit Financial Group LLC boosted its stake in shares of Cisco Systems by 21.5% in the 1st quarter. Merit Financial Group LLC now owns 11,763 shares of the network equipment provider’s stock worth $656,000 after buying an additional 2,079 shares during the last quarter. Finally, Mackenzie Financial Corp boosted its stake in shares of Cisco Systems by 8.1% in the 1st quarter. Mackenzie Financial Corp now owns 2,429,518 shares of the network equipment provider’s stock worth $135,470,000 after buying an additional 182,857 shares during the last quarter. Institutional investors own 71.10% of the company’s stock.

Cisco Systems Stock Up 0.1 %

Shares of NASDAQ CSCO opened at $50.19 on Friday. The company has a debt-to-equity ratio of 0.18, a quick ratio of 1.30 and a current ratio of 1.41. The firm has a market capitalization of $205.57 billion, a price-to-earnings ratio of 18.38, a PEG ratio of 2.31 and a beta of 1.00. The stock has a 50 day moving average price of $48.59 and a 200 day moving average price of $46.33. Cisco Systems, Inc. has a 52-week low of $38.60 and a 52-week high of $56.94.

Cisco Systems (NASDAQ:CSCO – Get Rating) last announced its quarterly earnings results on Wednesday, February 15th. The network equipment provider reported $0.88 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.76 by $0.12. The firm had revenue of $13.59 billion during the quarter, compared to analyst estimates of $13.41 billion. Cisco Systems had a return on equity of 31.19% and a net margin of 21.26%. Cisco Systems’s quarterly revenue was up 6.9% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.77 earnings per share. Sell-side analysts expect that Cisco Systems, Inc. will post 3.34 earnings per share for the current year.

Cisco Systems Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, April 26th. Investors of record on Wednesday, April 5th will be issued a $0.39 dividend. This is a positive change from Cisco Systems’s previous quarterly dividend of $0.38. The ex-dividend date of this dividend is Tuesday, April 4th. This represents a $1.56 dividend on an annualized basis and a dividend yield of 3.11%. Cisco Systems’s payout ratio is presently 55.68%.

Analysts Set New Price Targets

A number of research firms have recently issued reports on CSCO. TheStreet upgraded Cisco Systems from a “c+” rating to a “b-” rating in a research note on Monday, November 28th. JPMorgan Chase & Co. boosted their price objective on Cisco Systems from $54.00 to $55.00 and gave the company a “neutral” rating in a research report on Thursday, February 16th. Raymond James lifted their target price on Cisco Systems from $59.00 to $63.00 and gave the stock an “outperform” rating in a report on Thursday, February 16th. Credit Suisse Group boosted their price objective on Cisco Systems from $67.00 to $69.00 and gave the stock an “outperform” rating in a research note on Thursday, February 16th. Finally, Loop Capital boosted their price objective on Cisco Systems from $65.00 to $66.00 and gave the stock a “buy” rating in a research note on Thursday, February 16th. One investment analyst has rated the stock with a sell rating, nine have issued a hold rating, twelve have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $56.38.

Insider Activity at Cisco Systems

In related news, CEO Charles Robbins sold 20,117 shares of the business’s stock in a transaction that occurred on Thursday, February 23rd. The stock was sold at an average price of $49.08, for a total value of $987,342.36. Following the completion of the sale, the chief executive officer now owns 798,970 shares in the company, valued at $39,213,447.60. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Cisco Systems news, SVP Prat Bhatt sold 608 shares of the company’s stock in a transaction on Tuesday, March 14th. The stock was sold at an average price of $48.74, for a total transaction of $29,633.92. Following the completion of the sale, the senior vice president now owns 50,162 shares in the company, valued at $2,444,895.88. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CEO Charles Robbins sold 20,117 shares of the company’s stock in a transaction on Thursday, February 23rd. The stock was sold at an average price of $49.08, for a total value of $987,342.36. Following the sale, the chief executive officer now owns 798,970 shares of the company’s stock, valued at approximately $39,213,447.60. The disclosure for this sale can be found here. Over the last quarter, insiders sold 47,568 shares of company stock worth $2,376,624. Company insiders own 0.02% of the company’s stock.

About Cisco Systems

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Cisco Systems, Inc engages in the design, manufacture, and sale of Internet Protocol-based networking products and services related to the communications and information technology industry. The firm operates through the following geographical segments: the Americas, EMEA, and APJC. Its products include the following categories: Switches, Routers, Wireless, Network Management Interfaces and Modules, Optical Networking, Access Points, Outdoor and Industrial Access Points, Next-Generation Firewalls, Advanced Malware Protection, VPN Security Clients, Email, and Web Security.