Reliant Investment Management LLC Cuts Stake in Cisco Systems, Inc. (NASDAQ:CSCO)

Reliant Investment Management LLC lowered its position in Cisco Systems, Inc. (NASDAQ:CSCO) by 65.8% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 6,465 shares of the network equipment provider’s stock after selling 12,415 shares during the quarter. Reliant Investment Management LLC’s holdings in Cisco Systems were worth $302,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also recently modified their holdings of the company. Kiley Juergens Wealth Management LLC boosted its stake in Cisco Systems by 2.2% in the second quarter. Kiley Juergens Wealth Management LLC now owns 21,950 shares of the network equipment provider’s stock worth $1,023,000 after buying an additional 475 shares in the last quarter. Kentucky Retirement Systems Insurance Trust Fund bought a new stake in Cisco Systems in the second quarter valued at approximately $4,865,000. Community Bank N.A. lifted its position in Cisco Systems by 4.7% in the second quarter. Community Bank N.A. now owns 173,051 shares of the network equipment provider’s stock valued at $8,070,000 after purchasing an additional 7,830 shares during the last quarter. Balentine LLC bought a new stake in Cisco Systems in the first quarter valued at approximately $131,000. Finally, Cigna Investments Inc. New lifted its position in Cisco Systems by 0.5% in the second quarter. Cigna Investments Inc. New now owns 160,723 shares of the network equipment provider’s stock valued at $7,495,000 after purchasing an additional 775 shares during the last quarter. 71.28% of the stock is owned by institutional investors and hedge funds.

Shares of CSCO traded up $0.23 during mid-day trading on Tuesday, reaching $40.60. The company had a trading volume of 19,005,088 shares, compared to its average volume of 25,963,152. Cisco Systems, Inc. has a 52-week low of $32.40 and a 52-week high of $50.28. The company has a quick ratio of 1.67, a current ratio of 1.72 and a debt-to-equity ratio of 0.31. The stock has a market capitalization of $170.90 billion, a P/E ratio of 15.36, a PEG ratio of 2.28 and a beta of 0.84. The stock has a 50 day moving average of $43.68 and a two-hundred day moving average of $43.18.

Cisco Systems (NASDAQ:CSCO) last announced its earnings results on Wednesday, August 12th. The network equipment provider reported $0.80 EPS for the quarter, beating analysts’ consensus estimates of $0.74 by $0.06. Cisco Systems had a return on equity of 34.75% and a net margin of 22.75%. During the same quarter in the previous year, the company earned $0.83 earnings per share. On average, sell-side analysts expect that Cisco Systems, Inc. will post 2.8 earnings per share for the current year.

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 21st. Investors of record on Friday, October 2nd will be given a $0.36 dividend. The ex-dividend date of this dividend is Thursday, October 1st. This represents a $1.44 annualized dividend and a yield of 3.55%. Cisco Systems’s payout ratio is 49.32%.

In other news, CEO Charles Robbins sold 7,806 shares of the stock in a transaction on Wednesday, August 19th. The stock was sold at an average price of $42.10, for a total value of $328,632.60. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CAO Prat Bhatt sold 2,873 shares of the firm’s stock in a transaction on Monday, August 17th. The shares were sold at an average price of $42.11, for a total value of $120,982.03. Following the completion of the sale, the chief accounting officer now owns 82,006 shares in the company, valued at $3,453,272.66. The disclosure for this sale can be found here. Insiders sold 60,166 shares of company stock valued at $2,528,248 over the last quarter. 0.03% of the stock is currently owned by company insiders.

Several brokerages have weighed in on CSCO. BidaskClub downgraded Cisco Systems from a “sell” rating to a “strong sell” rating in a research report on Saturday, August 1st. Barclays downgraded Cisco Systems to a “hold” rating in a report on Thursday, July 9th. Wolfe Research initiated coverage on Cisco Systems in a report on Friday, July 24th. They set an “outperform” rating and a $54.00 target price for the company. Goldman Sachs Group restated a “neutral” rating and set a $45.00 target price on shares of Cisco Systems in a report on Thursday, August 13th. Finally, Credit Suisse Group upped their target price on Cisco Systems from $41.00 to $45.00 and gave the company a “neutral” rating in a report on Thursday, August 13th. One equities research analyst has rated the stock with a sell rating, sixteen have assigned a hold rating and thirteen have issued a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and an average price target of $48.91.

Cisco Systems Profile

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.

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

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