Oakbrook Investments LLC decreased its holdings in shares of Cisco Systems, Inc. (NASDAQ:CSCO) by 15.9% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 228,757 shares of the network equipment provider’s stock after selling 43,350 shares during the quarter. Oakbrook Investments LLC’s holdings in Cisco Systems were worth $8,761,000 at the end of the most recent quarter.
A number of other hedge funds have also bought and sold shares of the stock. Vanguard Group Inc. lifted its stake in Cisco Systems by 2.2% during the second quarter. Vanguard Group Inc. now owns 352,120,694 shares of the network equipment provider’s stock worth $11,021,378,000 after purchasing an additional 7,411,891 shares during the last quarter. Ameriprise Financial Inc. lifted its stake in Cisco Systems by 23.6% during the third quarter. Ameriprise Financial Inc. now owns 62,709,508 shares of the network equipment provider’s stock worth $2,109,614,000 after purchasing an additional 11,972,070 shares during the last quarter. Dimensional Fund Advisors LP lifted its stake in Cisco Systems by 6.5% during the third quarter. Dimensional Fund Advisors LP now owns 48,741,535 shares of the network equipment provider’s stock worth $1,639,089,000 after purchasing an additional 2,987,682 shares during the last quarter. Nordea Investment Management AB lifted its stake in Cisco Systems by 8.3% during the third quarter. Nordea Investment Management AB now owns 34,013,570 shares of the network equipment provider’s stock worth $1,143,876,000 after purchasing an additional 2,617,310 shares during the last quarter. Finally, Boston Partners increased its position in Cisco Systems by 1.1% during the third quarter. Boston Partners now owns 30,401,385 shares of the network equipment provider’s stock worth $1,022,399,000 after buying an additional 329,474 shares during the period. Hedge funds and other institutional investors own 77.65% of the company’s stock.
Shares of Cisco Systems, Inc. (CSCO) opened at $45.01 on Friday. The company has a quick ratio of 2.38, a current ratio of 2.43 and a debt-to-equity ratio of 0.49. Cisco Systems, Inc. has a 12 month low of $30.36 and a 12 month high of $46.16. The firm has a market capitalization of $218,378.11, a P/E ratio of 20.42, a P/E/G ratio of 3.05 and a beta of 1.10.
The firm also recently declared a quarterly dividend, which will be paid on Wednesday, April 25th. Investors of record on Thursday, April 5th will be paid a $0.33 dividend. The ex-dividend date is Wednesday, April 4th. This is an increase from Cisco Systems’s previous quarterly dividend of $0.29. This represents a $1.32 dividend on an annualized basis and a dividend yield of 2.93%. Cisco Systems’s payout ratio is -362.50%.
Cisco Systems announced that its board has approved a share buyback program on Wednesday, February 14th that permits the company to buyback $25.00 billion in outstanding shares. This buyback authorization permits the network equipment provider to purchase shares of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s board believes its shares are undervalued.
CSCO has been the topic of several research analyst reports. Zacks Investment Research raised Cisco Systems from a “hold” rating to a “buy” rating and set a $46.00 price target on the stock in a research report on Wednesday, January 17th. Robert W. Baird reaffirmed a “buy” rating and set a $41.00 price target on shares of Cisco Systems in a research report on Tuesday, December 5th. Bank of America raised Cisco Systems from a “neutral” rating to a “buy” rating and lifted their price target for the stock from $38.99 to $46.00 in a research report on Friday, January 5th. They noted that the move was a valuation call. Argus lifted their price target on Cisco Systems from $41.00 to $44.00 and gave the stock a “buy” rating in a research report on Friday, November 17th. Finally, Cowen reaffirmed a “buy” rating on shares of Cisco Systems in a research report on Friday, November 17th. Ten investment analysts have rated the stock with a hold rating, twenty-six have given a buy rating and one has assigned a strong buy rating to the company. Cisco Systems has a consensus rating of “Buy” and a consensus price target of $44.22.
In related news, SVP Rebecca Jacoby sold 75,021 shares of Cisco Systems stock in a transaction that occurred on Tuesday, December 19th. The stock was sold at an average price of $38.42, for a total value of $2,882,306.82. Following the sale, the senior vice president now directly owns 257,476 shares in the company, valued at $9,892,227.92. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, EVP David Goeckeler sold 20,671 shares of Cisco Systems stock in a transaction that occurred on Thursday, March 15th. The shares were sold at an average price of $45.50, for a total value of $940,530.50. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 122,007 shares of company stock worth $4,998,729. Company insiders own 0.05% 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).
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