Cisco Systems, Inc. (NASDAQ:CSCO) Shares Sold by Perkins Coie Trust Co

Perkins Coie Trust Co trimmed its holdings in Cisco Systems, Inc. (NASDAQ:CSCO) by 1.9% in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 73,712 shares of the network equipment provider’s stock after selling 1,399 shares during the period. Perkins Coie Trust Co’s holdings in Cisco Systems were worth $4,548,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also modified their holdings of the business. Tallon Kerry Patrick purchased a new stake in shares of Cisco Systems in the fourth quarter valued at about $603,000. Brighton Jones LLC grew 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 period. Revolve Wealth Partners LLC grew 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 period. Private Management Group Inc. purchased a new stake in shares of Cisco Systems in the fourth quarter valued at about $220,000. Finally, Robertson Stephens Wealth Management LLC grew its holdings in shares of Cisco Systems by 7.8% in the fourth quarter. Robertson Stephens Wealth Management LLC now owns 53,083 shares of the network equipment provider’s stock valued at $3,143,000 after purchasing an additional 3,839 shares during the period. 73.33% of the stock is currently owned by institutional investors and hedge funds.

Cisco Systems Stock Up 2.2%

Shares of NASDAQ:CSCO opened at $66.06 on Friday. The firm’s 50 day moving average price is $59.61 and its 200 day moving average price is $60.34. The stock has a market cap of $261.60 billion, a price-to-earnings ratio of 28.85, a price-to-earnings-growth ratio of 4.16 and a beta of 0.88. Cisco Systems, Inc. has a fifty-two week low of $44.50 and a fifty-two week high of $66.50. The company has a quick ratio of 0.79, a current ratio of 0.87 and a debt-to-equity ratio of 0.43.

Cisco Systems (NASDAQ:CSCO) last issued its earnings results on Wednesday, May 14th. The network equipment provider reported $0.96 earnings per share for the quarter, beating the consensus estimate of $0.92 by $0.04. The firm had revenue of $14.15 billion for the quarter, compared to analysts’ expectations of $14.05 billion. Cisco Systems had a net margin of 16.96% and a return on equity of 26.08%. The firm’s revenue was up 11.4% compared to the same quarter last year. During the same quarter last year, the company earned $0.88 earnings per share. As a group, equities research analysts predict that Cisco Systems, Inc. will post 3.04 earnings per share for the current fiscal year.

Cisco Systems Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, July 23rd. Investors of record on Thursday, July 3rd will be issued a $0.41 dividend. The ex-dividend date of this dividend is Thursday, July 3rd. This represents a $1.64 annualized dividend and a yield of 2.48%. Cisco Systems’s dividend payout ratio (DPR) is 66.94%.

Cisco Systems declared that its Board of Directors has initiated a share repurchase program on Wednesday, February 12th that allows the company to buyback $15.00 billion in outstanding shares. This buyback authorization allows the network equipment provider to purchase up to 6% of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s management believes its stock is undervalued.

Analysts Set New Price Targets

Several brokerages have weighed in on CSCO. JPMorgan Chase & Co. increased their target price on shares of Cisco Systems from $70.00 to $73.00 and gave the stock an “overweight” rating in a research note on Thursday, May 15th. New Street Research reaffirmed a “neutral” rating and set a $70.00 target price on shares of Cisco Systems in a research note on Friday, May 16th. DZ Bank raised shares of Cisco Systems from a “hold” rating to a “buy” rating in a research note on Tuesday, February 18th. Rosenblatt Securities increased their target price on shares of Cisco Systems from $63.00 to $74.00 and gave the stock a “buy” rating in a research note on Thursday, May 15th. Finally, Barclays reaffirmed an “equal weight” rating on shares of Cisco Systems in a research note on Wednesday, May 21st. Eight equities research analysts have rated the stock with a hold rating, twelve have issued a buy rating and three have issued a strong buy rating to the stock. Based on data from MarketBeat.com, Cisco Systems presently has an average rating of “Moderate Buy” and an average target price of $68.00.

Insider Activity at Cisco Systems

In other Cisco Systems news, SVP Maria Victoria Wong sold 762 shares of the firm’s stock in a transaction that occurred on Wednesday, March 12th. The shares were sold at an average price of $60.99, for a total transaction of $46,474.38. Following the sale, the senior vice president now owns 44,155 shares of the company’s stock, valued at approximately $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 Securities & Exchange Commission, which can be accessed through this link. Also, CEO Charles Robbins sold 29,784 shares of the firm’s stock in a transaction that occurred on Thursday, June 5th. The stock was sold at an average price of $64.61, for a total transaction of $1,924,344.24. Following the sale, the chief executive officer now directly owns 688,409 shares in the company, valued at approximately $44,478,105.49. The trade was a 4.15% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 71,400 shares of company stock valued at $4,564,439 over the last 90 days. 0.01% of the stock is owned by corporate insiders.

Cisco Systems 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.