Cisco Systems, Inc. (CSCO) Shares Sold by Palouse Capital Management Inc.

Palouse Capital Management Inc. decreased its stake in Cisco Systems, Inc. (NASDAQ:CSCO) by 2.8% in the 4th quarter, HoldingsChannel reports. The institutional investor owned 132,159 shares of the network equipment provider’s stock after selling 3,799 shares during the period. Cisco Systems accounts for 2.3% of Palouse Capital Management Inc.’s portfolio, making the stock its 10th biggest position. Palouse Capital Management Inc.’s holdings in Cisco Systems were worth $5,726,000 as of its most recent SEC filing.

Several other institutional investors also recently modified their holdings of CSCO. Bank of New York Mellon Corp raised its position in Cisco Systems by 193,168.7% in the 3rd quarter. Bank of New York Mellon Corp now owns 104,741,949 shares of the network equipment provider’s stock valued at $5,095,693,000 after purchasing an additional 104,687,754 shares during the last quarter. TIAA CREF Investment Management LLC raised its position in Cisco Systems by 1.7% in the 3rd quarter. TIAA CREF Investment Management LLC now owns 33,285,440 shares of the network equipment provider’s stock valued at $1,619,337,000 after purchasing an additional 558,313 shares during the last quarter. Fisher Asset Management LLC raised its position in Cisco Systems by 36.0% in the 4th quarter. Fisher Asset Management LLC now owns 27,338,574 shares of the network equipment provider’s stock valued at $1,184,580,000 after purchasing an additional 7,238,755 shares during the last quarter. Loomis Sayles & Co. L P raised its position in Cisco Systems by 1.0% in the 3rd quarter. Loomis Sayles & Co. L P now owns 23,312,087 shares of the network equipment provider’s stock valued at $1,134,133,000 after purchasing an additional 230,344 shares during the last quarter. Finally, Teachers Advisors LLC raised its position in Cisco Systems by 3.1% in the 3rd quarter. Teachers Advisors LLC now owns 16,278,554 shares of the network equipment provider’s stock valued at $791,952,000 after purchasing an additional 482,109 shares during the last quarter. Institutional investors and hedge funds own 66.84% of the company’s stock.

Shares of Cisco Systems stock opened at $54.19 on Friday. The firm has a market cap of $261.06 billion, a price-to-earnings ratio of 23.16, a PEG ratio of 2.89 and a beta of 1.21. The company has a quick ratio of 1.64, a current ratio of 1.69 and a debt-to-equity ratio of 0.43. Cisco Systems, Inc. has a one year low of $40.25 and a one year high of $57.53.

Cisco Systems (NASDAQ:CSCO) last announced its quarterly earnings data on Wednesday, May 15th. The network equipment provider reported $0.78 EPS for the quarter, topping the Zacks’ consensus estimate of $0.77 by $0.01. The company had revenue of $12.96 billion during the quarter, compared to the consensus estimate of $12.89 billion. Cisco Systems had a net margin of 25.76% and a return on equity of 29.88%. Cisco Systems’s quarterly revenue was up 4.0% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.66 EPS. On average, equities research analysts forecast that Cisco Systems, Inc. will post 2.8 earnings per share for the current year.

Cisco Systems declared that its Board of Directors has approved a share buyback program on Wednesday, February 13th that permits the company to buyback $15.00 billion in shares. This buyback authorization permits the network equipment provider to buy up to 6.5% of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s board believes its shares are undervalued.

CSCO has been the subject of several research reports. Goldman Sachs Group downgraded shares of Cisco Systems from a “conviction-buy” rating to a “buy” rating and upped their price target for the company from $58.00 to $62.00 in a research report on Tuesday, April 16th. BidaskClub downgraded shares of Cisco Systems from a “strong-buy” rating to a “buy” rating in a research report on Tuesday, May 7th. Bank of America reiterated a “buy” rating and issued a $56.00 price target on shares of Cisco Systems in a research report on Thursday, February 14th. Jefferies Financial Group upped their price target on shares of Cisco Systems to $55.00 and gave the company a “buy” rating in a research report on Thursday, February 14th. They noted that the move was a valuation call. Finally, Citigroup upped their price target on shares of Cisco Systems from $52.00 to $56.00 and gave the company a “buy” rating in a research report on Thursday, February 14th. Five equities research analysts have rated the stock with a hold rating and twenty-one have issued a buy rating to the company. The stock presently has an average rating of “Buy” and an average price target of $55.87.

In other Cisco Systems news, EVP Mark D. Chandler sold 3,750 shares of the company’s stock in a transaction on Monday, May 20th. The shares were sold at an average price of $55.79, for a total transaction of $209,212.50. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Kelly A. Kramer sold 70,000 shares of the company’s stock in a transaction on Thursday, February 28th. The stock was sold at an average price of $51.70, for a total transaction of $3,619,000.00. Following the transaction, the chief financial officer now owns 420,696 shares of the company’s stock, valued at approximately $21,749,983.20. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 103,750 shares of company stock valued at $5,390,313. 0.03% of the stock is owned by insiders.

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About Cisco Systems

Cisco Systems, Inc designs, manufactures, and sells Internet Protocol based networking and other products related to the communications and information technology industry worldwide. The company offers switching products; routing products that interconnect public and private wireline and mobile networks; data center products; and wireless access points for use in voice, video, and data applications.

Further Reading: Are sell-side analysts objective?

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

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