Armbruster Capital Management Inc. Reduces Holdings in Cisco Systems, Inc. (NASDAQ:CSCO)

Armbruster Capital Management Inc. decreased its holdings in Cisco Systems, Inc. (NASDAQ:CSCO) by 15.6% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 5,770 shares of the network equipment provider’s stock after selling 1,065 shares during the quarter. Armbruster Capital Management Inc.’s holdings in Cisco Systems were worth $356,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently made changes to their positions in the business. FMR LLC boosted its holdings in shares of Cisco Systems by 20.8% in the fourth quarter. FMR LLC now owns 77,216,513 shares of the network equipment provider’s stock worth $4,571,218,000 after buying an additional 13,285,052 shares during the last quarter. Norges Bank purchased a new position in Cisco Systems during the fourth quarter valued at approximately $3,297,905,000. Northern Trust Corp lifted its holdings in Cisco Systems by 11.4% during the fourth quarter. Northern Trust Corp now owns 47,238,258 shares of the network equipment provider’s stock valued at $2,796,505,000 after purchasing an additional 4,832,813 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its holdings in Cisco Systems by 7.8% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 36,471,275 shares of the network equipment provider’s stock valued at $2,159,099,000 after purchasing an additional 2,637,006 shares in the last quarter. Finally, Dimensional Fund Advisors LP lifted its holdings in Cisco Systems by 2.4% during the fourth quarter. Dimensional Fund Advisors LP now owns 29,419,041 shares of the network equipment provider’s stock valued at $1,741,597,000 after purchasing an additional 681,555 shares in the last quarter. Hedge funds and other institutional investors own 73.33% of the company’s stock.

Cisco Systems Trading Down 1.6%

Shares of CSCO opened at $64.09 on Friday. The company’s fifty day moving average is $60.47 and its 200 day moving average is $60.56. Cisco Systems, Inc. has a fifty-two week low of $44.50 and a fifty-two week high of $66.50. The stock has a market capitalization of $253.80 billion, a PE ratio of 27.99, a P/E/G ratio of 4.16 and a beta of 0.88. The company has a debt-to-equity ratio of 0.43, a quick ratio of 0.79 and a current ratio of 0.87.

Cisco Systems (NASDAQ:CSCO) last announced its quarterly earnings results on Wednesday, May 14th. The network equipment provider reported $0.96 earnings per share for the quarter, topping the consensus estimate of $0.92 by $0.04. Cisco Systems had a net margin of 16.96% and a return on equity of 26.08%. The company had revenue of $14.15 billion for the quarter, compared to analysts’ expectations of $14.05 billion. During the same quarter in the previous year, the business posted $0.88 earnings per share. Cisco Systems’s quarterly revenue was up 11.4% on a year-over-year basis. Sell-side analysts expect that Cisco Systems, Inc. will post 3.04 earnings per share for the current fiscal year.

Cisco Systems Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, July 23rd. Shareholders of record on Thursday, July 3rd will be given a dividend of $0.41 per share. This represents a $1.64 dividend on an annualized basis and a yield of 2.56%. The ex-dividend date is Thursday, July 3rd. Cisco Systems’s dividend payout ratio (DPR) is 66.94%.

Analyst Ratings Changes

CSCO has been the topic of several analyst reports. Evercore ISI lifted their price target on shares of Cisco Systems from $67.00 to $72.00 and gave the company an “outperform” rating in a report on Thursday, May 15th. Wall Street Zen raised shares of Cisco Systems from a “buy” rating to a “strong-buy” rating in a report on Friday, May 16th. Rosenblatt Securities lifted their price target on shares of Cisco Systems from $63.00 to $74.00 and gave the company a “buy” rating in a report on Thursday, May 15th. Wells Fargo & Company raised shares of Cisco Systems from an “equal weight” rating to an “overweight” rating and lifted their price target for the company from $72.00 to $75.00 in a report on Thursday, May 15th. Finally, New Street Research reaffirmed a “neutral” rating and set a $70.00 price target on shares of Cisco Systems in a report on Friday, May 16th. Eight equities research analysts have rated the stock with a hold rating, twelve have assigned a buy rating and three have given a strong buy rating to the company. According to data from MarketBeat, Cisco Systems has an average rating of “Moderate Buy” and an average target price of $68.00.

Insider Buying and Selling at Cisco Systems

In other Cisco Systems news, insider Jeetendra I. Patel sold 9,961 shares of the business’s stock in a transaction on Friday, May 16th. The shares were sold at an average price of $63.97, for a total transaction of $637,205.17. Following the transaction, the insider now 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 transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, SVP Maria Victoria Wong sold 4,185 shares of the business’s stock in a transaction on Wednesday, May 28th. The shares were sold at an average price of $63.51, for a total transaction of $265,789.35. Following the transaction, the senior vice president now owns 38,103 shares in the company, valued at $2,419,921.53. This trade represents a 9.90% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 72,931 shares of company stock worth $4,671,930 over the last quarter. Insiders own 0.01% of the company’s stock.

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 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.