Ropes Wealth Advisors LLC Trims Stake in Cisco Systems, Inc. (NASDAQ:CSCO)

Ropes Wealth Advisors LLC cut its stake in shares of Cisco Systems, Inc. (NASDAQ:CSCOGet Rating) by 17.9% in the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 74,842 shares of the network equipment provider’s stock after selling 16,347 shares during the period. Ropes Wealth Advisors LLC’s holdings in Cisco Systems were worth $4,743,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently bought and sold shares of the business. Wellington Management Group LLP raised its stake in Cisco Systems by 5.8% during the 3rd quarter. Wellington Management Group LLP now owns 93,121,610 shares of the network equipment provider’s stock valued at $5,068,609,000 after acquiring an additional 5,079,220 shares during the last quarter. Geode Capital Management LLC raised its stake in Cisco Systems by 2.6% during the 3rd quarter. Geode Capital Management LLC now owns 71,756,668 shares of the network equipment provider’s stock valued at $3,895,601,000 after acquiring an additional 1,821,159 shares during the last quarter. Northern Trust Corp raised its stake in Cisco Systems by 0.3% during the 4th quarter. Northern Trust Corp now owns 55,173,669 shares of the network equipment provider’s stock valued at $3,496,355,000 after acquiring an additional 183,779 shares during the last quarter. Invesco Ltd. raised its stake in Cisco Systems by 30.1% during the 3rd quarter. Invesco Ltd. now owns 33,964,920 shares of the network equipment provider’s stock valued at $1,848,711,000 after acquiring an additional 7,850,030 shares during the last quarter. Finally, UBS Asset Management Americas Inc. raised its stake in Cisco Systems by 1.3% during the 3rd quarter. UBS Asset Management Americas Inc. now owns 26,672,246 shares of the network equipment provider’s stock valued at $1,451,770,000 after acquiring an additional 341,269 shares during the last quarter. 73.18% of the stock is owned by hedge funds and other institutional investors.

In other Cisco Systems news, CEO Charles Robbins sold 15,382 shares of the stock in a transaction on Thursday, February 24th. The stock was sold at an average price of $53.86, for a total transaction of $828,474.52. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, SVP Prat Bhatt sold 3,623 shares of the stock in a transaction on Tuesday, February 22nd. The stock was sold at an average price of $56.40, for a total value of $204,337.20. The disclosure for this sale can be found here. In the last quarter, insiders have sold 20,605 shares of company stock worth $1,121,147. 0.02% of the stock is owned by insiders.

Several research firms have commented on CSCO. Morgan Stanley reduced their price objective on Cisco Systems from $61.00 to $59.00 and set an “equal weight” rating for the company in a research note on Tuesday, April 12th. Loop Capital started coverage on Cisco Systems in a research report on Monday, February 14th. They set a “buy” rating and a $71.00 target price on the stock. JPMorgan Chase & Co. dropped their target price on Cisco Systems from $70.00 to $69.00 in a research report on Thursday, January 20th. Raymond James dropped their target price on Cisco Systems from $64.00 to $63.00 and set an “outperform” rating on the stock in a research report on Thursday, February 17th. Finally, Wells Fargo & Company cut Cisco Systems from an “overweight” rating to an “equal weight” rating and dropped their target price for the stock from $70.00 to $65.00 in a research report on Thursday, March 10th. One research analyst has rated the stock with a sell rating, eleven have issued a hold rating and eleven have issued a buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $62.44.

NASDAQ:CSCO traded up $1.27 during trading hours on Friday, reaching $49.56. 18,948,650 shares of the company traded hands, compared to its average volume of 19,540,174. The firm’s 50-day moving average is $52.97 and its 200-day moving average is $55.98. The stock has a market cap of $205.88 billion, a P/E ratio of 17.70, a P/E/G ratio of 2.42 and a beta of 0.99. The company has a debt-to-equity ratio of 0.23, a current ratio of 1.42 and a quick ratio of 1.34. Cisco Systems, Inc. has a 1-year low of $47.47 and a 1-year high of $64.29.

Cisco Systems (NASDAQ:CSCOGet Rating) last announced its earnings results on Wednesday, February 16th. The network equipment provider reported $0.77 EPS for the quarter, beating analysts’ consensus estimates of $0.73 by $0.04. The firm had revenue of $12.72 billion for the quarter, compared to analysts’ expectations of $12.67 billion. Cisco Systems had a return on equity of 30.95% and a net margin of 22.94%. Cisco Systems’s quarterly revenue was up 6.4% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.71 EPS. As a group, research analysts predict that Cisco Systems, Inc. will post 3.09 earnings per share for the current year.

Cisco Systems declared that its Board of Directors has authorized a share repurchase program on Wednesday, February 16th that allows the company to buyback $15.00 billion in outstanding shares. This buyback authorization allows the network equipment provider to buy up to 6.4% of its shares through open market purchases. Shares buyback programs are often an indication that the company’s leadership believes its stock is undervalued.

The business also recently announced a quarterly dividend, which was paid on Wednesday, April 27th. Shareholders of record on Wednesday, April 6th were issued a dividend of $0.38 per share. This represents a $1.52 dividend on an annualized basis and a yield of 3.07%. The ex-dividend date of this dividend was Tuesday, April 5th. This is a boost from Cisco Systems’s previous quarterly dividend of $0.37. Cisco Systems’s dividend payout ratio is 54.29%.

Cisco Systems Company Profile (Get Rating)

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. It provides infrastructure platforms, including networking technologies of switching, routing, wireless, and data center products that are designed to work together to deliver networking capabilities, and transport and/or store data.

Further Reading

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Institutional Ownership by Quarter for Cisco Systems (NASDAQ:CSCO)

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