Cisco Systems, Inc. (NASDAQ:CSCO) Shares Purchased by Summit Global Investments

Summit Global Investments boosted its position in Cisco Systems, Inc. (NASDAQ:CSCO) by 6.3% in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 209,138 shares of the network equipment provider’s stock after purchasing an additional 12,402 shares during the quarter. Cisco Systems comprises approximately 0.7% of Summit Global Investments’ investment portfolio, making the stock its 29th largest position. Summit Global Investments’ holdings in Cisco Systems were worth $10,566,000 at the end of the most recent quarter.

Several other hedge funds have also recently added to or reduced their stakes in the company. Valued Wealth Advisors LLC acquired a new stake in shares of Cisco Systems in the 4th quarter worth $32,000. DiNuzzo Private Wealth Inc. acquired a new stake in shares of Cisco Systems in the 4th quarter worth $33,000. Morton Brown Family Wealth LLC increased its stake in shares of Cisco Systems by 41.9% in the 4th quarter. Morton Brown Family Wealth LLC now owns 704 shares of the network equipment provider’s stock worth $36,000 after acquiring an additional 208 shares during the last quarter. Bourgeon Capital Management LLC increased its position in shares of Cisco Systems by 3,500.0% during the 4th quarter. Bourgeon Capital Management LLC now owns 720 shares of the network equipment provider’s stock worth $36,000 after purchasing an additional 700 shares during the last quarter. Finally, Rakuten Securities Inc. acquired a new stake in shares of Cisco Systems during the 4th quarter worth about $43,000. 73.33% of the stock is owned by institutional investors and hedge funds.

Cisco Systems Stock Performance

CSCO traded down $0.07 during trading on Thursday, hitting $46.77. 10,100,565 shares of the stock were exchanged, compared to its average volume of 19,124,313. The firm has a market capitalization of $189.38 billion, a P/E ratio of 14.24, a PEG ratio of 2.71 and a beta of 0.87. Cisco Systems, Inc. has a 1-year low of $45.56 and a 1-year high of $58.19. The stock has a fifty day moving average price of $48.86 and a two-hundred day moving average price of $49.90. The company has a quick ratio of 1.26, a current ratio of 1.37 and a debt-to-equity ratio of 0.14.

Cisco Systems (NASDAQ:CSCO) last released its earnings results on Wednesday, February 14th. The network equipment provider reported $0.87 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.84 by $0.03. The business had revenue of $12.79 billion for the quarter, compared to analyst estimates of $12.71 billion. Cisco Systems had a return on equity of 33.01% and a net margin of 23.49%. The company’s revenue for the quarter was down 5.9% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.76 earnings per share. As a group, sell-side analysts predict that Cisco Systems, Inc. will post 3.13 earnings per share for the current year.

Cisco Systems Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, April 24th. Stockholders of record on Thursday, April 4th were issued a $0.40 dividend. The ex-dividend date of this dividend was Wednesday, April 3rd. This represents a $1.60 dividend on an annualized basis and a dividend yield of 3.42%. This is a positive change from Cisco Systems’s previous quarterly dividend of $0.39. Cisco Systems’s payout ratio is presently 48.63%.

Analyst Ratings Changes

A number of analysts recently issued reports on the company. Bank of America raised Cisco Systems from a “neutral” rating to a “buy” rating and raised their price objective for the stock from $55.00 to $60.00 in a research report on Monday, April 15th. Needham & Company LLC reissued a “hold” rating on shares of Cisco Systems in a research report on Tuesday, April 9th. Deutsche Bank Aktiengesellschaft raised their target price on Cisco Systems from $51.00 to $52.00 and gave the company a “hold” rating in a report on Tuesday, April 9th. Melius cut Cisco Systems from a “buy” rating to a “hold” rating in a report on Monday, January 8th. Finally, Citigroup assumed coverage on Cisco Systems in a report on Friday, April 12th. They set a “neutral” rating and a $52.00 target price for the company. Two analysts have rated the stock with a sell rating, fourteen have issued a hold rating and six have given a buy rating to the company. Based on data from MarketBeat, Cisco Systems currently has a consensus rating of “Hold” and an average target price of $55.53.

Insider Activity

In other news, EVP Deborah L. Stahlkopf sold 3,002 shares of the business’s stock in a transaction that occurred on Wednesday, March 13th. The stock was sold at an average price of $50.01, for a total value of $150,130.02. Following the transaction, the executive vice president now owns 191,559 shares of the company’s stock, valued at $9,579,865.59. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. In related news, EVP Deborah L. Stahlkopf sold 3,002 shares of Cisco Systems stock in a transaction that occurred on Wednesday, March 13th. The stock was sold at an average price of $50.01, for a total value of $150,130.02. Following the sale, the executive vice president now directly owns 191,559 shares in the company, valued at $9,579,865.59. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CFO Richard Scott Herren sold 13,942 shares of Cisco Systems stock in a transaction that occurred on Monday, March 11th. The shares were sold at an average price of $50.00, for a total value of $697,100.00. Following the completion of the sale, the chief financial officer now owns 328,491 shares in the company, valued at $16,424,550. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 19,441 shares of company stock valued at $972,080. Company insiders own 0.02% 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.