Granite Group Advisors LLC Reduces Stock Holdings in Cisco Systems, Inc. (NASDAQ:CSCO)

by · The Markets Daily

Granite Group Advisors LLC lessened its holdings in shares of Cisco Systems, Inc. (NASDAQ:CSCO – Free Report) by 1.4% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 47,375 shares of the network equipment provider’s stock after selling 693 shares during the period. Cisco Systems makes up 1.6% of Granite Group Advisors LLC’s holdings, making the stock its 12th biggest position. Granite Group Advisors LLC’s holdings in Cisco Systems were worth $2,521,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in CSCO. Swedbank AB purchased a new position in shares of Cisco Systems during the 1st quarter valued at approximately $840,538,000. Dimensional Fund Advisors LP grew its position in Cisco Systems by 22.5% during the second quarter. Dimensional Fund Advisors LP now owns 26,409,843 shares of the network equipment provider’s stock valued at $1,254,739,000 after buying an additional 4,843,146 shares during the period. Pathway Financial Advisers LLC increased its holdings in Cisco Systems by 5,231.5% in the third quarter. Pathway Financial Advisers LLC now owns 4,935,107 shares of the network equipment provider’s stock valued at $262,646,000 after buying an additional 4,842,542 shares in the last quarter. Natixis raised its position in shares of Cisco Systems by 438.4% in the first quarter. Natixis now owns 4,924,988 shares of the network equipment provider’s stock worth $245,806,000 after acquiring an additional 4,010,228 shares during the period. Finally, Price T Rowe Associates Inc. MD boosted its stake in shares of Cisco Systems by 26.5% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 13,858,505 shares of the network equipment provider’s stock worth $691,678,000 after acquiring an additional 2,906,357 shares in the last quarter. 73.33% of the stock is currently owned by institutional investors and hedge funds.

Cisco Systems Trading Down 0.3 %

Shares of NASDAQ:CSCO traded down $0.16 during midday trading on Friday, reaching $57.92. 979,835 shares of the company’s stock were exchanged, compared to its average volume of 18,898,332. The firm’s 50 day simple moving average is $53.00 and its two-hundred day simple moving average is $49.27. Cisco Systems, Inc. has a fifty-two week low of $44.50 and a fifty-two week high of $58.30. The company has a debt-to-equity ratio of 0.43, a current ratio of 0.91 and a quick ratio of 0.83. The stock has a market cap of $231.14 billion, a price-to-earnings ratio of 22.87, a P/E/G ratio of 4.63 and a beta of 0.83.

Cisco Systems (NASDAQ:CSCO – Get Free Report) last issued its quarterly earnings data on Wednesday, August 14th. The network equipment provider reported $0.87 earnings per share for the quarter, beating analysts’ consensus estimates of $0.85 by $0.02. The business had revenue of $13.64 billion during the quarter, compared to analysts’ expectations of $13.53 billion. Cisco Systems had a return on equity of 27.83% and a net margin of 19.18%. The company’s revenue was down 10.3% on a year-over-year basis. During the same period in the previous year, the firm posted $1.01 earnings per share. As a group, sell-side analysts forecast that Cisco Systems, Inc. will post 2.89 EPS for the current fiscal year.

Cisco Systems Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, October 23rd. Stockholders of record on Wednesday, October 2nd were given a dividend of $0.40 per share. The ex-dividend date was Wednesday, October 2nd. This represents a $1.60 annualized dividend and a dividend yield of 2.76%. Cisco Systems’s dividend payout ratio is presently 62.99%.

Analyst Upgrades and Downgrades

A number of equities analysts recently weighed in on CSCO shares. Citigroup raised Cisco Systems from a “neutral” rating to a “buy” rating and upped their price target for the stock from $52.00 to $62.00 in a report on Wednesday, October 16th. StockNews.com downgraded Cisco Systems from a “buy” rating to a “hold” rating in a research note on Tuesday. Needham & Company LLC reissued a “hold” rating on shares of Cisco Systems in a research note on Thursday, August 15th. Evercore ISI upped their price objective on shares of Cisco Systems from $55.00 to $60.00 and gave the stock an “outperform” rating in a research report on Friday, September 20th. Finally, HSBC upgraded shares of Cisco Systems from a “hold” rating to a “buy” rating and lifted their target price for the company from $46.00 to $58.00 in a research report on Friday, August 16th. Thirteen equities research analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $56.74.

Read Our Latest Research Report on CSCO

Insider Activity

In related news, EVP Thimaya K. Subaiya sold 1,328 shares of the firm’s stock in a transaction that occurred on Thursday, September 12th. The stock was sold at an average price of $48.92, for a total transaction of $64,965.76. Following the transaction, the executive vice president now owns 132,910 shares in the company, valued at $6,501,957.20. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. In other Cisco Systems news, EVP Thimaya K. Subaiya sold 1,328 shares of Cisco Systems stock in a transaction that occurred on Thursday, September 12th. The stock was sold at an average price of $48.92, for a total value of $64,965.76. Following the sale, the executive vice president now owns 132,910 shares of the company’s stock, valued at approximately $6,501,957.20. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Charles Robbins sold 27,143 shares of the business’s stock in a transaction dated Friday, August 16th. The stock was sold at an average price of $49.45, for a total transaction of $1,342,221.35. Following the sale, the chief executive officer now directly owns 683,403 shares in the company, valued at approximately $33,794,278.35. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 70,529 shares of company stock worth $3,509,049. Corporate insiders own 0.01% of the company’s stock.

Cisco Systems Company Profile

(Free Report)

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.

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