Sunburst Financial Group LLC Sells 293 Shares of Cisco Systems, Inc. (NASDAQ:CSCO)

Sunburst Financial Group LLC cut its stake in shares of Cisco Systems, Inc. (NASDAQ:CSCO) by 2.2% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 12,754 shares of the network equipment provider’s stock after selling 293 shares during the quarter. Sunburst Financial Group LLC’s holdings in Cisco Systems were worth $755,000 as of its most recent SEC filing.

Other large investors have also recently modified their holdings of the company. Exchange Traded Concepts LLC raised its stake in shares of Cisco Systems by 57.7% in the third quarter. Exchange Traded Concepts LLC now owns 5,126 shares of the network equipment provider’s stock worth $273,000 after purchasing an additional 1,876 shares during the last quarter. Creative Planning raised its position in Cisco Systems by 3.4% in the 3rd quarter. Creative Planning now owns 1,155,964 shares of the network equipment provider’s stock worth $60,979,000 after buying an additional 38,000 shares during the last quarter. Swedbank AB lifted its stake in Cisco Systems by 0.6% during the 3rd quarter. Swedbank AB now owns 9,029,594 shares of the network equipment provider’s stock valued at $480,555,000 after acquiring an additional 52,711 shares during the period. Sumitomo Life Insurance Co. boosted its holdings in shares of Cisco Systems by 2.4% during the 3rd quarter. Sumitomo Life Insurance Co. now owns 36,707 shares of the network equipment provider’s stock valued at $1,954,000 after acquiring an additional 847 shares during the last quarter. Finally, IQ EQ FUND MANAGEMENT IRELAND Ltd grew its stake in shares of Cisco Systems by 0.8% in the third quarter. IQ EQ FUND MANAGEMENT IRELAND Ltd now owns 188,268 shares of the network equipment provider’s stock worth $10,020,000 after acquiring an additional 1,553 shares during the period. Hedge funds and other institutional investors own 73.33% of the company’s stock.

Insider Activity at Cisco Systems

In related news, EVP Thimaya K. Subaiya sold 21,230 shares of the firm’s stock in a transaction on Wednesday, November 20th. The shares were sold at an average price of $57.07, for a total value of $1,211,596.10. Following the completion of the transaction, the executive vice president now directly owns 213,834 shares of the company’s stock, valued at approximately $12,203,506.38. This trade represents a 9.03 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Kristina M. Johnson sold 7,500 shares of Cisco Systems stock in a transaction on Friday, December 6th. The stock was sold at an average price of $59.87, for a total transaction of $449,025.00. Following the completion of the transaction, the director now directly owns 65,915 shares of the company’s stock, valued at $3,946,331.05. The trade was a 10.22 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 37,239 shares of company stock valued at $2,166,612. Corporate insiders own 0.01% of the company’s stock.

Cisco Systems Price Performance

NASDAQ:CSCO opened at $63.84 on Friday. The business’s 50-day simple moving average is $59.89 and its two-hundred day simple moving average is $55.36. Cisco Systems, Inc. has a 52 week low of $44.50 and a 52 week high of $66.50. The stock has a market cap of $254.26 billion, a PE ratio of 27.40, a P/E/G ratio of 4.63 and a beta of 0.84. The company has a quick ratio of 0.80, a current ratio of 0.88 and a debt-to-equity ratio of 0.43.

Cisco Systems (NASDAQ:CSCO) last issued its earnings results on Wednesday, February 12th. The network equipment provider reported $0.77 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.91 by ($0.14). Cisco Systems had a net margin of 17.73% and a return on equity of 25.70%. As a group, analysts forecast that Cisco Systems, Inc. will post 2.97 EPS for the current fiscal year.

Cisco Systems announced that its Board of Directors has authorized a stock buyback program on Wednesday, February 12th that authorizes the company to buyback $15.00 billion in outstanding shares. This buyback authorization authorizes the network equipment provider to purchase up to 6% of its shares through open market purchases. Shares buyback programs are typically a sign that the company’s board of directors believes its stock is undervalued.

Cisco Systems Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, April 23rd. Investors of record on Thursday, April 3rd will be given a dividend of $0.41 per share. This is a positive change from Cisco Systems’s previous quarterly dividend of $0.40. The ex-dividend date of this dividend is Thursday, April 3rd. This represents a $1.64 dividend on an annualized basis and a dividend yield of 2.57%. Cisco Systems’s dividend payout ratio is currently 68.67%.

Analyst Ratings Changes

A number of research analysts recently weighed in on CSCO shares. UBS Group increased their price objective on shares of Cisco Systems from $62.00 to $70.00 and gave the company a “neutral” rating in a research report on Thursday. BNP Paribas raised Cisco Systems from a “neutral” rating to an “outperform” rating and set a $72.00 price target on the stock in a report on Tuesday, January 28th. StockNews.com raised Cisco Systems from a “hold” rating to a “buy” rating in a report on Thursday, November 14th. The Goldman Sachs Group increased their target price on Cisco Systems from $56.00 to $63.00 and gave the company a “neutral” rating in a report on Thursday. Finally, Melius Research upgraded Cisco Systems from a “hold” rating to a “strong-buy” rating in a research note on Monday, January 6th. Seven analysts have rated the stock with a hold rating, fourteen have given a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat.com, Cisco Systems presently has an average rating of “Moderate Buy” and a consensus target price of $66.53.

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.