Loews Corp maintained its position in shares of Cisco Systems, Inc. (NASDAQ:CSCO) during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 500,000 shares of the network equipment provider’s stock at the end of the fourth quarter. Cisco Systems accounts for about 0.1% of Loews Corp’s investment portfolio, making the stock its 11th largest position. Loews Corp’s holdings in Cisco Systems were worth $15,110,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors have also recently modified their holdings of CSCO. Proficio Capital Partners LLC raised its stake in Cisco Systems by 7.0% in the third quarter. Proficio Capital Partners LLC now owns 3,211 shares of the network equipment provider’s stock valued at $102,000 after buying an additional 210 shares during the period. Orrstown Financial Services Inc. raised its stake in Cisco Systems by 89.3% in the third quarter. Orrstown Financial Services Inc. now owns 3,243 shares of the network equipment provider’s stock valued at $103,000 after buying an additional 1,530 shares during the period. Reilly Financial Advisors LLC raised its stake in Cisco Systems by 9.5% in the third quarter. Reilly Financial Advisors LLC now owns 3,289 shares of the network equipment provider’s stock valued at $104,000 after buying an additional 286 shares during the period. Edmond DE Rothschild Monaco acquired a new stake in Cisco Systems during the third quarter valued at $111,000. Finally, Morgan Dempsey Capital Management LLC raised its stake in Cisco Systems by 19.5% in the third quarter. Morgan Dempsey Capital Management LLC now owns 4,080 shares of the network equipment provider’s stock valued at $129,000 after buying an additional 667 shares during the period. 75.24% of the stock is currently owned by hedge funds and other institutional investors.
Cisco Systems, Inc. (NASDAQ:CSCO) traded down 0.03% during trading on Friday, reaching $32.82. The company had a trading volume of 13,877,681 shares. Cisco Systems, Inc. has a one year low of $25.81 and a one year high of $34.53. The firm’s 50-day moving average price is $33.60 and its 200 day moving average price is $31.60. The firm has a market capitalization of $164.36 billion, a P/E ratio of 16.92 and a beta of 1.36.
The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, April 26th. Stockholders of record on Thursday, April 6th will be issued a dividend of $0.29 per share. The ex-dividend date is Tuesday, April 4th. This is a positive change from Cisco Systems’s previous quarterly dividend of $0.26. This represents a $1.16 dividend on an annualized basis and a dividend yield of 3.53%. Cisco Systems’s payout ratio is 49.52%.
Several analysts recently weighed in on CSCO shares. BMO Capital Markets reaffirmed an “outperform” rating and issued a $33.00 price objective on shares of Cisco Systems in a research note on Thursday, January 12th. Royal Bank of Canada increased their target price on Cisco Systems from $35.00 to $37.00 and gave the company an “outperform” rating in a research report on Thursday, February 16th. William Blair reiterated an “outperform” rating on shares of Cisco Systems in a research report on Thursday, February 16th. Pacific Crest reiterated an “overweight” rating and issued a $33.00 target price on shares of Cisco Systems in a research report on Thursday, December 29th. Finally, Berenberg Bank initiated coverage on Cisco Systems in a research report on Tuesday, April 4th. They issued a “hold” rating and a $35.00 target price for the company. Two equities research analysts have rated the stock with a sell rating, eleven have issued a hold rating, twenty have assigned a buy rating and one has issued a strong buy rating to the company. The stock presently has an average rating of “Buy” and a consensus price target of $34.23.
In related news, Director Steven M. West acquired 3,027 shares of the company’s stock in a transaction dated Wednesday, February 22nd. The shares were purchased at an average cost of $33.92 per share, with a total value of $102,675.84. Following the completion of the acquisition, the director now directly owns 3,700 shares of the company’s stock, valued at $125,504. The acquisition was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider John T. Chambers sold 295,538 shares of the firm’s stock in a transaction that occurred on Thursday, February 23rd. The shares were sold at an average price of $34.06, for a total transaction of $10,066,024.28. Following the completion of the transaction, the insider now directly owns 1,220,581 shares of the company’s stock, valued at approximately $41,572,988.86. The disclosure for this sale can be found here. Insiders have sold 371,807 shares of company stock worth $12,668,893 over the last three months. Corporate insiders own 0.11% of the company’s stock.
About Cisco Systems
Cisco Systems, Inc designs and sells a range of products, provides services and delivers integrated solutions to develop and connect networks around the world. The Company operates through three geographic segments: Americas; Europe, the Middle East and Africa (EMEA), and Asia Pacific, Japan and China (APJC).
