First City Capital Management Inc. Cuts Stake in Cisco Systems, Inc. (NASDAQ:CSCO)

First City Capital Management Inc. lowered its stake in shares of Cisco Systems, Inc. (NASDAQ:CSCO) by 13.0% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 17,606 shares of the network equipment provider’s stock after selling 2,626 shares during the period. First City Capital Management Inc.’s holdings in Cisco Systems were worth $836,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors also recently bought and sold shares of the stock. Fidelis Capital Partners LLC increased its stake in Cisco Systems by 11.5% in the 2nd quarter. Fidelis Capital Partners LLC now owns 59,289 shares of the network equipment provider’s stock worth $2,675,000 after acquiring an additional 6,120 shares during the last quarter. Frank Rimerman Advisors LLC lifted its position in Cisco Systems by 7,246.8% during the second quarter. Frank Rimerman Advisors LLC now owns 64,064 shares of the network equipment provider’s stock valued at $3,044,000 after purchasing an additional 63,192 shares during the last quarter. Holderness Investments Co. raised its position in shares of Cisco Systems by 0.3% during the 2nd quarter. Holderness Investments Co. now owns 85,215 shares of the network equipment provider’s stock valued at $4,049,000 after buying an additional 283 shares in the last quarter. Kayne Anderson Rudnick Investment Management LLC grew its position in Cisco Systems by 27.5% in the second quarter. Kayne Anderson Rudnick Investment Management LLC now owns 220,894 shares of the network equipment provider’s stock worth $10,495,000 after acquiring an additional 47,590 shares in the last quarter. Finally, Westwood Holdings Group Inc. raised its position in Cisco Systems by 18.8% during the second quarter. Westwood Holdings Group Inc. now owns 223,121 shares of the network equipment provider’s stock valued at $10,600,000 after purchasing an additional 35,302 shares during the period. 73.33% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

CSCO has been the subject of several recent analyst reports. Deutsche Bank Aktiengesellschaft lifted their price objective on shares of Cisco Systems from $52.00 to $53.00 and gave the stock a “hold” rating in a research note on Thursday, August 15th. New Street Research raised shares of Cisco Systems from a “neutral” rating to a “buy” rating and set a $57.00 price objective for the company in a research note on Thursday, August 15th. Evercore ISI upped their target price on Cisco Systems from $55.00 to $60.00 and gave the company an “outperform” rating in a research note on Friday. Hsbc Global Res raised Cisco Systems to a “strong-buy” rating in a research note on Friday, August 16th. Finally, Needham & Company LLC reaffirmed a “hold” rating on shares of Cisco Systems in a research report on Thursday, August 15th. One research analyst has rated the stock with a sell rating, fourteen have assigned a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $56.11.

Insider Transactions at Cisco Systems

In related news, CEO Charles Robbins sold 27,143 shares of the company’s stock in a transaction dated Friday, August 16th. The stock was sold at an average price of $49.45, for a total transaction of $1,342,221.35. Following the transaction, the chief executive officer now directly owns 683,403 shares of the company’s stock, valued at approximately $33,794,278.35. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In other Cisco Systems news, CFO Richard Scott Herren sold 22,309 shares of Cisco Systems stock in a transaction dated Tuesday, August 20th. The stock was sold at an average price of $50.00, for a total transaction of $1,115,450.00. Following the completion of the sale, the chief financial officer now owns 293,184 shares of the company’s stock, valued at approximately $14,659,200. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CEO Charles Robbins sold 27,143 shares of the stock in a transaction dated Friday, August 16th. The shares were sold at an average price of $49.45, for a total value of $1,342,221.35. Following the completion of the transaction, the chief executive officer now directly owns 683,403 shares in the company, valued at $33,794,278.35. The disclosure for this sale can be found here. Insiders sold 70,529 shares of company stock valued at $3,509,049 in the last quarter. 0.02% of the stock is currently owned by corporate insiders.

Cisco Systems Price Performance

Shares of CSCO stock opened at $51.97 on Friday. The company has a market cap of $209.38 billion, a P/E ratio of 17.50, a PEG ratio of 3.87 and a beta of 0.83. The company has a debt-to-equity ratio of 0.43, a current ratio of 0.91 and a quick ratio of 0.83. The stock’s 50-day moving average is $48.52 and its 200 day moving average is $48.05. Cisco Systems, Inc. has a 1-year low of $44.50 and a 1-year high of $54.58.

Cisco Systems (NASDAQ:CSCO) last released its quarterly earnings results on Wednesday, August 14th. The network equipment provider reported $0.87 earnings per share for the quarter, beating analysts’ consensus estimates of $0.85 by $0.02. The business had revenue of $13.64 billion for the quarter, compared to analysts’ expectations of $13.53 billion. Cisco Systems had a net margin of 19.18% and a return on equity of 27.83%. The company’s revenue was down 10.3% compared to the same quarter last year. During the same period last year, the business earned $1.01 EPS. Research analysts predict that Cisco Systems, Inc. will post 2.9 earnings per share for the current fiscal year.

Cisco Systems Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 23rd. Stockholders of record on Wednesday, October 2nd will be issued a dividend of $0.40 per share. The ex-dividend date is Wednesday, October 2nd. This represents a $1.60 annualized dividend and a dividend yield of 3.08%. Cisco Systems’s dividend payout ratio is presently 53.87%.

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.