Griffin Asset Management Inc. Sells 798 Shares of Cisco Systems, Inc. (NASDAQ:CSCO)

Griffin Asset Management Inc. trimmed its holdings in Cisco Systems, Inc. (NASDAQ:CSCO) by 8.8% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 8,261 shares of the network equipment provider’s stock after selling 798 shares during the period. Griffin Asset Management Inc.’s holdings in Cisco Systems were worth $510,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also recently made changes to their positions in CSCO. Tallon Kerry Patrick purchased a new stake in shares of Cisco Systems in the fourth quarter valued at about $603,000. Brighton Jones LLC raised its holdings in shares of Cisco Systems by 49.5% in the fourth quarter. Brighton Jones LLC now owns 74,187 shares of the network equipment provider’s stock valued at $4,392,000 after purchasing an additional 24,562 shares during the last quarter. Revolve Wealth Partners LLC raised its holdings in shares of Cisco Systems by 37.0% in the fourth quarter. Revolve Wealth Partners LLC now owns 9,156 shares of the network equipment provider’s stock valued at $542,000 after purchasing an additional 2,474 shares during the last quarter. Root Financial Partners LLC purchased a new stake in shares of Cisco Systems in the fourth quarter valued at about $306,000. Finally, Banque Pictet & Cie SA raised its holdings in shares of Cisco Systems by 3.8% in the fourth quarter. Banque Pictet & Cie SA now owns 55,150 shares of the network equipment provider’s stock valued at $3,250,000 after purchasing an additional 2,000 shares during the last quarter. 73.33% of the stock is owned by institutional investors.

Insider Activity

In other news, EVP Deborah L. Stahlkopf sold 2,407 shares of the firm’s stock in a transaction that occurred on Wednesday, June 11th. The shares were sold at an average price of $64.01, for a total value of $154,072.07. Following the completion of the transaction, the executive vice president now directly owns 177,027 shares in the company, valued at approximately $11,331,498.27. This trade represents a 1.34% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP Maria Victoria Wong sold 4,185 shares of Cisco Systems stock in a transaction that occurred on Wednesday, May 28th. The shares were sold at an average price of $63.51, for a total transaction of $265,789.35. Following the sale, the senior vice president now owns 38,103 shares of the company’s stock, valued at approximately $2,419,921.53. The trade was a 9.90% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 72,931 shares of company stock worth $4,671,930. 0.01% of the stock is owned by company insiders.

Analysts Set New Price Targets

CSCO has been the subject of several analyst reports. Morgan Stanley reiterated a “hold” rating on shares of Cisco Systems in a report on Wednesday, May 21st. Rosenblatt Securities raised their price objective on shares of Cisco Systems from $63.00 to $74.00 and gave the stock a “buy” rating in a report on Thursday, May 15th. Citigroup raised their price objective on shares of Cisco Systems from $68.00 to $71.00 and gave the stock a “buy” rating in a report on Thursday, May 15th. Evercore ISI raised their price objective on shares of Cisco Systems from $67.00 to $72.00 and gave the stock an “outperform” rating in a report on Thursday, May 15th. Finally, JPMorgan Chase & Co. raised their price objective on shares of Cisco Systems from $70.00 to $73.00 and gave the stock an “overweight” rating in a report on Thursday, May 15th. Eight investment 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 stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $68.00.

Cisco Systems Price Performance

CSCO opened at $64.09 on Friday. The company has a market capitalization of $253.80 billion, a price-to-earnings ratio of 27.99, a PEG ratio of 4.16 and a beta of 0.88. 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 50-day moving average price of $60.47 and a 200-day moving average price of $60.57. Cisco Systems, Inc. has a twelve month low of $44.50 and a twelve month high of $66.50.

Cisco Systems (NASDAQ:CSCO) last released its quarterly earnings data on Wednesday, May 14th. The network equipment provider reported $0.96 EPS for the quarter, beating analysts’ consensus estimates of $0.92 by $0.04. Cisco Systems had a net margin of 16.96% and a return on equity of 26.08%. The company had revenue of $14.15 billion during the quarter, compared to analyst estimates of $14.05 billion. During the same period last year, the business earned $0.88 earnings per share. Cisco Systems’s revenue was up 11.4% compared to the same quarter last year. Equities analysts expect that Cisco Systems, Inc. will post 3.04 EPS for the current year.

Cisco Systems Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, July 23rd. Stockholders 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 dividend on an annualized basis and a dividend yield of 2.56%. Cisco Systems’s dividend payout ratio (DPR) is currently 66.94%.

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 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.