State Treasurer State of Michigan Has $51.03 Million Holdings in Cisco Systems, Inc. (NASDAQ:CSCO)

State Treasurer State of Michigan cut its stake in Cisco Systems, Inc. (NASDAQ:CSCO) by 7.7% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 1,517,291 shares of the network equipment provider’s stock after selling 126,000 shares during the quarter. State Treasurer State of Michigan’s holdings in Cisco Systems were worth $51,026,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently modified their holdings of the business. Town & Country Bank & Trust CO dba First Bankers Trust CO grew its position in shares of Cisco Systems by 17.8% in the 3rd quarter. Town & Country Bank & Trust CO dba First Bankers Trust CO now owns 34,051 shares of the network equipment provider’s stock worth $1,145,000 after buying an additional 5,140 shares during the period. Mathes Company Inc. grew its position in shares of Cisco Systems by 87.5% in the 3rd quarter. Mathes Company Inc. now owns 18,210 shares of the network equipment provider’s stock worth $612,000 after buying an additional 8,500 shares during the period. Rockefeller Financial Services Inc. grew its position in shares of Cisco Systems by 31.6% in the 3rd quarter. Rockefeller Financial Services Inc. now owns 430,658 shares of the network equipment provider’s stock worth $14,483,000 after buying an additional 103,473 shares during the period. Butensky & Cohen Financial Security Inc. grew its position in shares of Cisco Systems by 3.9% in the 3rd quarter. Butensky & Cohen Financial Security Inc. now owns 68,046 shares of the network equipment provider’s stock worth $2,288,000 after buying an additional 2,560 shares during the period. Finally, Fisher Asset Management LLC grew its position in shares of Cisco Systems by 1.9% in the 3rd quarter. Fisher Asset Management LLC now owns 16,386,990 shares of the network equipment provider’s stock worth $551,094,000 after buying an additional 310,873 shares during the period. Institutional investors and hedge funds own 75.55% of the company’s stock.

Cisco Systems, Inc. (CSCO) traded up $0.77 during mid-day trading on Friday, hitting $40.87. 23,712,990 shares of the company were exchanged, compared to its average volume of 20,490,000. Cisco Systems, Inc. has a 1 year low of $29.84 and a 1 year high of $40.93. The company has a debt-to-equity ratio of 0.39, a quick ratio of 2.81 and a current ratio of 2.87. The stock has a market capitalization of $202,050.00, a price-to-earnings ratio of 21.18, a PEG ratio of 3.63 and a beta of 1.19.

Cisco Systems (NASDAQ:CSCO) last posted its earnings results on Wednesday, November 15th. The network equipment provider reported $0.61 earnings per share for the quarter, beating analysts’ consensus estimates of $0.60 by $0.01. The firm had revenue of $12.14 billion during the quarter, compared to analyst estimates of $12.11 billion. Cisco Systems had a net margin of 20.26% and a return on equity of 16.64%. Cisco Systems’s revenue for the quarter was down 1.7% compared to the same quarter last year. During the same period last year, the firm posted $0.61 earnings per share. research analysts anticipate that Cisco Systems, Inc. will post 2.21 EPS for the current fiscal year.

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 24th. Shareholders of record on Friday, January 5th will be paid a dividend of $0.29 per share. This represents a $1.16 annualized dividend and a yield of 2.84%. The ex-dividend date of this dividend is Thursday, January 4th. Cisco Systems’s payout ratio is 60.10%.

A number of analysts have recently weighed in on CSCO shares. Oppenheimer reaffirmed a “buy” rating and issued a $36.00 target price on shares of Cisco Systems in a research report on Friday, October 20th. Wells Fargo & Co reissued an “outperform” rating and set a $42.00 price objective on shares of Cisco Systems in a research report on Tuesday, November 14th. ValuEngine raised shares of Cisco Systems from a “hold” rating to a “buy” rating in a research report on Tuesday, September 26th. Vetr raised shares of Cisco Systems from a “sell” rating to a “hold” rating and set a $38.01 price objective on the stock in a research report on Wednesday, December 27th. Finally, Jefferies Group reissued a “buy” rating and set a $37.00 price objective on shares of Cisco Systems in a research report on Friday, October 6th. One analyst has rated the stock with a sell rating, twelve have assigned a hold rating, twenty-two have given a buy rating and one has issued a strong buy rating to the company’s stock. The stock has a consensus rating of “Buy” and a consensus price target of $37.93.

In other news, SVP Karen Walker sold 5,786 shares of Cisco Systems stock in a transaction on Wednesday, November 22nd. The stock was sold at an average price of $36.49, for a total transaction of $211,131.14. Following the completion of the sale, the senior vice president now directly owns 176,418 shares in the company, valued at $6,437,492.82. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CAO Prat Bhatt sold 2,606 shares of Cisco Systems stock in a transaction on Wednesday, November 22nd. The stock was sold at an average price of $36.49, for a total value of $95,092.94. Following the sale, the chief accounting officer now owns 89,184 shares of the company’s stock, valued at $3,254,324.16. The disclosure for this sale can be found here. Insiders have sold 348,643 shares of company stock valued at $12,892,271 over the last ninety days. 0.05% of the stock is owned by insiders.

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Cisco Systems Profile

Cisco Systems, Inc designs and sells a range of products, provides services and delivers integrated solutions to develop and connect networks around the world. The Company operates through three geographic segments: Americas; Europe, the Middle East and Africa (EMEA), and Asia Pacific, Japan and China (APJC).

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

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