Iowa State Bank Sells 13,874 Shares of Cisco Systems, Inc. (NASDAQ:CSCO)

Iowa State Bank decreased its holdings in Cisco Systems, Inc. (NASDAQ:CSCO) by 9.4% in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 134,479 shares of the network equipment provider’s stock after selling 13,874 shares during the period. Cisco Systems accounts for about 1.8% of Iowa State Bank’s portfolio, making the stock its 13th biggest holding. Iowa State Bank’s holdings in Cisco Systems were worth $8,299,000 as of its most recent SEC filing.

Other institutional investors have also added to or reduced their stakes in the company. Norges Bank purchased a new position in Cisco Systems during the 4th quarter valued at approximately $3,297,905,000. FMR LLC raised its holdings in Cisco Systems by 20.8% during the 4th quarter. FMR LLC now owns 77,216,513 shares of the network equipment provider’s stock valued at $4,571,218,000 after buying an additional 13,285,052 shares during the period. Raymond James Financial Inc. purchased a new position in shares of Cisco Systems during the 4th quarter worth about $560,722,000. Alyeska Investment Group L.P. bought a new position in shares of Cisco Systems during the fourth quarter valued at approximately $413,491,000. Finally, GAMMA Investing LLC lifted its position in shares of Cisco Systems by 7,096.5% during the first quarter. GAMMA Investing LLC now owns 6,718,402 shares of the network equipment provider’s stock worth $414,593,000 after purchasing an additional 6,625,045 shares during the last quarter. 73.33% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Cisco Systems

In related news, EVP Thimaya K. Subaiya sold 2,065 shares of Cisco Systems stock in a transaction that occurred on 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 transaction, the executive vice president now directly owns 191,184 shares in the company, valued at approximately $11,604,868.80. This trade represents a 1.07% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, SVP Maria Victoria Wong sold 762 shares of the business’s stock in a transaction that occurred on Wednesday, March 12th. The shares were sold at an average price of $60.99, for a total value of $46,474.38. Following the completion of the transaction, the senior vice president now directly owns 44,155 shares of the company’s stock, valued at $2,693,013.45. The trade was a 1.70% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 41,616 shares of company stock worth $2,640,095. Company insiders own 0.01% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts have weighed in on CSCO shares. Morgan Stanley reiterated a “hold” rating on shares of Cisco Systems in a report on Wednesday, May 21st. Rosenblatt Securities boosted their price target on Cisco Systems from $63.00 to $74.00 and gave the stock a “buy” rating in a research report on Thursday, May 15th. DZ Bank upgraded Cisco Systems from a “hold” rating to a “buy” rating in a research note on Tuesday, February 18th. Wells Fargo & Company upgraded Cisco Systems from an “equal weight” rating to an “overweight” rating and lifted their target price for the company from $72.00 to $75.00 in a research note on Thursday, May 15th. Finally, The Goldman Sachs Group increased their price target on shares of Cisco Systems from $56.00 to $63.00 and gave the company a “neutral” rating in a research report on Thursday, February 13th. Eight investment analysts have rated the stock with a hold rating, twelve have given a buy rating and three have given a strong buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $68.00.

Cisco Systems Trading Down 0.4%

NASDAQ CSCO opened at $62.81 on Friday. Cisco Systems, Inc. has a 12-month low of $44.50 and a 12-month high of $66.50. The company has a fifty day simple moving average of $59.30 and a two-hundred day simple moving average of $60.11. The company has a current ratio of 0.87, a quick ratio of 0.79 and a debt-to-equity ratio of 0.43. The stock has a market cap of $248.73 billion, a P/E ratio of 27.43, a P/E/G ratio of 4.16 and a beta of 0.89.

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

Cisco Systems declared that its board has initiated a stock repurchase plan on Wednesday, February 12th that permits the company to repurchase $15.00 billion in shares. This repurchase authorization permits the network equipment provider to repurchase up to 6% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company’s board of directors believes its stock is undervalued.

Cisco Systems Dividend Announcement

The firm also recently declared 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 2.61%. The ex-dividend date of this dividend is Thursday, July 3rd. Cisco Systems’s dividend payout ratio is presently 66.94%.

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 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.