Penobscot Investment Management Company Inc. Decreases Position in Cisco Systems, Inc. (NASDAQ:CSCO)

Penobscot Investment Management Company Inc. trimmed its holdings in Cisco Systems, Inc. (NASDAQ:CSCO) by 1.5% in the 4th quarter, Holdings Channel.com reports. The institutional investor owned 110,552 shares of the network equipment provider’s stock after selling 1,637 shares during the period. Penobscot Investment Management Company Inc.’s holdings in Cisco Systems were worth $6,545,000 as of its most recent filing with the SEC.

Several other hedge funds have also recently made changes to their positions in the stock. FPC Investment Advisory Inc. purchased a new stake in shares of Cisco Systems during the 4th quarter valued at about $26,000. Runnymede Capital Advisors Inc. bought a new stake in shares of Cisco Systems during the 4th quarter valued at $30,000. Campbell Capital Management Inc. purchased a new position in shares of Cisco Systems in the fourth quarter valued at about $31,000. Highline Wealth Partners LLC lifted its holdings in Cisco Systems by 76.7% in the 4th quarter. Highline Wealth Partners LLC now owns 599 shares of the network equipment provider’s stock worth $35,000 after purchasing an additional 260 shares in the last quarter. Finally, Synergy Investment Management LLC purchased a new position in Cisco Systems during the fourth quarter valued at $36,000. 73.33% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In related news, CFO Richard Scott Herren sold 19,929 shares of the business’s stock in a transaction on Friday, February 14th. The shares were sold at an average price of $64.41, for a total value of $1,283,626.89. Following the completion of the transaction, the chief financial officer now directly owns 335,605 shares in the company, valued at $21,616,318.05. The trade was a 5.61 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CEO Charles Robbins sold 31,983 shares of the company’s stock in a transaction dated Friday, February 14th. The stock was sold at an average price of $64.41, for a total transaction of $2,060,025.03. Following the completion of the transaction, the chief executive officer now owns 736,120 shares of the company’s stock, valued at approximately $47,413,489.20. This trade represents a 4.16 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 66,547 shares of company stock valued at $4,275,553 in the last ninety days. Insiders own 0.01% of the company’s stock.

Cisco Systems Stock Up 0.0 %

NASDAQ:CSCO opened at $60.99 on Wednesday. The company’s 50 day moving average is $62.03 and its two-hundred day moving average is $58.34. The company has a market cap of $242.64 billion, a PE ratio of 26.63, a P/E/G ratio of 4.16 and a beta of 0.79. Cisco Systems, Inc. has a twelve month low of $44.50 and a twelve month high of $66.50. The company has a current ratio of 0.87, a quick ratio of 0.79 and a debt-to-equity ratio of 0.43.

Cisco Systems (NASDAQ:CSCO) last released 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 16.96% and a return on equity of 26.08%. Analysts anticipate that Cisco Systems, Inc. will post 3.04 EPS for the current year.

Cisco Systems declared that its Board of Directors has approved a share repurchase plan on Wednesday, February 12th that permits the company to buyback $15.00 billion in shares. This buyback authorization permits the network equipment provider to buy up to 6% of its shares through open market purchases. Shares buyback plans are usually a sign that the company’s board of directors believes its shares are undervalued.

Cisco Systems Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, April 23rd. Shareholders of record on Thursday, April 3rd will be given a dividend of $0.41 per share. The ex-dividend date of this dividend is Thursday, April 3rd. This is a positive change from Cisco Systems’s previous quarterly dividend of $0.40. This represents a $1.64 dividend on an annualized basis and a yield of 2.69%. Cisco Systems’s dividend payout ratio (DPR) is currently 71.62%.

Analysts Set New Price Targets

Several equities research analysts recently weighed in on CSCO shares. Morgan Stanley boosted their price target on shares of Cisco Systems from $62.00 to $68.00 and gave the stock an “overweight” rating in a research report on Tuesday, December 17th. The Goldman Sachs Group raised their price target on Cisco Systems from $56.00 to $63.00 and gave the stock a “neutral” rating in a research note on Thursday, February 13th. Melius Research raised shares of Cisco Systems from a “hold” rating to a “strong-buy” rating in a research report on Monday, January 6th. Melius upgraded Cisco Systems from a “hold” rating to a “buy” rating and raised their price target for the company from $66.00 to $73.00 in a research note on Monday, January 6th. Finally, Rosenblatt Securities raised shares of Cisco Systems from a “neutral” rating to a “buy” rating and upped their price target for the stock from $66.00 to $80.00 in a research report on Thursday, February 13th. Seven research analysts have rated the stock with a hold rating, fifteen have assigned a buy rating and two have given a strong buy rating to the company’s stock. According to MarketBeat, Cisco Systems currently has an average rating of “Moderate Buy” and a consensus target price of $66.63.

Cisco Systems Company 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.