Mittelman Wealth Management Decreases Stake in Cisco Systems, Inc. (NASDAQ:CSCO)

Mittelman Wealth Management trimmed its holdings in shares of Cisco Systems, Inc. (NASDAQ:CSCO) by 12.2% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 5,264 shares of the network equipment provider’s stock after selling 734 shares during the quarter. Cisco Systems accounts for about 0.3% of Mittelman Wealth Management’s investment portfolio, making the stock its 28th biggest position. Mittelman Wealth Management’s holdings in Cisco Systems were worth $312,000 as of its most recent SEC filing.

Several other institutional investors have also modified their holdings of the business. FPC Investment Advisory Inc. purchased a new stake in Cisco Systems during the 4th quarter worth approximately $26,000. Navigoe LLC bought a new stake in shares of Cisco Systems in the fourth quarter worth $26,000. Mpwm Advisory Solutions LLC acquired a new stake in Cisco Systems in the fourth quarter valued at $26,000. JDM Financial Group LLC boosted its stake in Cisco Systems by 160.4% during the 4th quarter. JDM Financial Group LLC now owns 487 shares of the network equipment provider’s stock valued at $29,000 after acquiring an additional 300 shares during the last quarter. Finally, Runnymede Capital Advisors Inc. acquired a new position in Cisco Systems during the 4th quarter worth $30,000. Institutional investors and hedge funds own 73.33% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts have recently issued reports on the stock. Evercore ISI upped their target price on shares of Cisco Systems from $67.00 to $72.00 and gave the company an “outperform” rating in a research note on Thursday, May 15th. Citigroup upped their price objective on Cisco Systems from $68.00 to $71.00 and gave the company a “buy” rating in a research note on Thursday, May 15th. JPMorgan Chase & Co. lifted their target price on Cisco Systems from $70.00 to $73.00 and gave the stock an “overweight” rating in a research report on Thursday, May 15th. Morgan Stanley reiterated a “hold” rating on shares of Cisco Systems in a report on Wednesday. Finally, Rosenblatt Securities raised their price objective on Cisco Systems from $63.00 to $74.00 and gave the stock a “buy” rating in a research note on Thursday, May 15th. Eight research analysts have rated the stock with a hold rating, twelve have assigned a buy rating and three have assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $68.00.

Insider Buying and Selling

In related news, insider Jeetendra I. Patel sold 9,961 shares of Cisco Systems stock in a transaction dated Friday, May 16th. The shares were sold at an average price of $63.97, for a total transaction of $637,205.17. Following the sale, the insider now directly owns 257,162 shares in the company, valued at $16,450,653.14. The trade was a 3.73% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Thimaya K. Subaiya sold 2,065 shares of the company’s stock in a transaction dated Wednesday, March 12th. The stock was sold at an average price of $60.70, for a total transaction of $125,345.50. Following the completion of the sale, the executive vice president now directly owns 191,184 shares of the company’s stock, valued at $11,604,868.80. The trade was a 1.07% decrease in their position. The disclosure for this sale can be found here. Insiders sold 22,431 shares of company stock valued at $1,421,356 in the last three months. 0.01% of the stock is currently owned by corporate insiders.

Cisco Systems Stock Performance

CSCO stock opened at $63.36 on Friday. Cisco Systems, Inc. has a 1 year low of $44.50 and a 1 year high of $66.50. The stock has a market capitalization of $252.06 billion, a price-to-earnings ratio of 27.67, a PEG ratio of 4.16 and a beta of 0.89. The company has a debt-to-equity ratio of 0.43, a quick ratio of 0.79 and a current ratio of 0.87. The stock’s fifty day moving average is $59.00 and its two-hundred day moving average is $59.88.

Cisco Systems (NASDAQ:CSCO) last released its quarterly earnings data on Wednesday, May 14th. The network equipment provider reported $0.96 earnings per share for the quarter, topping analysts’ consensus estimates of $0.92 by $0.04. The business 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 company’s revenue for the quarter was up 11.4% compared to the same quarter last year. During the same quarter last year, the company earned $0.88 EPS. On average, research analysts predict that Cisco Systems, Inc. will post 3.04 EPS for the current year.

Cisco Systems Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, July 23rd. Stockholders of record on Thursday, July 3rd will be given a dividend of $0.41 per share. The ex-dividend date of this dividend is Thursday, July 3rd. This represents a $1.64 annualized dividend and a dividend yield of 2.59%. Cisco Systems’s dividend payout ratio is presently 66.94%.

Cisco Systems announced that its board has approved a share repurchase program on Wednesday, February 12th that authorizes the company to buyback $15.00 billion in outstanding shares. This buyback authorization authorizes the network equipment provider to repurchase up to 6% of its stock through open market purchases. Stock buyback programs are often a sign that the company’s management believes its shares are undervalued.

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.