King Luther Capital Management Corp Sells 10,614 Shares of Cisco Systems, Inc. (NASDAQ:CSCO)

King Luther Capital Management Corp decreased its stake in Cisco Systems, Inc. (NASDAQ:CSCO) by 1.9% in the 3rd quarter, Holdings Channel.com reports. The fund owned 555,583 shares of the network equipment provider’s stock after selling 10,614 shares during the quarter. King Luther Capital Management Corp’s holdings in Cisco Systems were worth $29,568,000 as of its most recent SEC filing.

Other institutional investors have also added to or reduced their stakes in the company. Summit Securities Group LLC bought a new position in shares of Cisco Systems in the second quarter valued at about $25,000. Quarry LP lifted its position in Cisco Systems by 222.4% during the second quarter. Quarry LP now owns 661 shares of the network equipment provider’s stock worth $31,000 after acquiring an additional 456 shares during the last quarter. West Financial Advisors LLC boosted its holdings in shares of Cisco Systems by 116.6% during the third quarter. West Financial Advisors LLC now owns 574 shares of the network equipment provider’s stock worth $31,000 after acquiring an additional 309 shares during the period. Hobbs Group Advisors LLC bought a new position in shares of Cisco Systems during the second quarter worth approximately $36,000. Finally, Iron Horse Wealth Management LLC lifted its holdings in Cisco Systems by 617.7% during the 2nd quarter. Iron Horse Wealth Management LLC now owns 890 shares of the network equipment provider’s stock worth $42,000 after purchasing an additional 766 shares during the last quarter. 73.33% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other news, EVP Thimaya K. Subaiya sold 1,328 shares of Cisco Systems stock in a transaction that occurred on Thursday, September 12th. The stock was sold at an average price of $48.92, for a total value of $64,965.76. Following the sale, the executive vice president now directly owns 132,910 shares in the company, valued at approximately $6,501,957.20. This trade represents a 0.99 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Charles Robbins sold 171,744 shares of Cisco Systems stock in a transaction that occurred on Friday, November 15th. The shares were sold at an average price of $57.49, for a total value of $9,873,562.56. Following the sale, the chief executive officer now owns 783,786 shares in the company, valued at $45,059,857.14. This represents a 17.97 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 321,628 shares of company stock valued at $18,449,561 over the last three months. Insiders own 0.01% of the company’s stock.

Cisco Systems Stock Performance

NASDAQ CSCO opened at $57.50 on Thursday. The company has a market cap of $229.47 billion, a P/E ratio of 24.68, a PEG ratio of 4.67 and a beta of 0.83. The company has a fifty day simple moving average of $54.68 and a 200 day simple moving average of $50.00. Cisco Systems, Inc. has a 12-month low of $44.50 and a 12-month high of $59.38. The company has a current ratio of 0.88, a quick ratio of 0.80 and a debt-to-equity ratio of 0.43.

Cisco Systems (NASDAQ:CSCO) last released its quarterly earnings data on Wednesday, November 13th. The network equipment provider reported $0.91 EPS for the quarter, beating the consensus estimate of $0.87 by $0.04. The business had revenue of $13.84 billion for the quarter, compared to the consensus estimate of $13.78 billion. Cisco Systems had a net margin of 17.73% and a return on equity of 25.70%. The company’s revenue was down 5.6% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.98 earnings per share. Sell-side analysts predict that Cisco Systems, Inc. will post 2.89 earnings per share for the current fiscal year.

Cisco Systems Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 22nd. Stockholders of record on Friday, January 3rd will be issued a $0.40 dividend. This represents a $1.60 dividend on an annualized basis and a dividend yield of 2.78%. The ex-dividend date is Friday, January 3rd. Cisco Systems’s payout ratio is currently 68.67%.

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on the stock. Tigress Financial raised their price target on shares of Cisco Systems from $76.00 to $78.00 and gave the stock a “buy” rating in a research report on Monday, October 14th. HSBC upgraded shares of Cisco Systems from a “hold” rating to a “buy” rating and increased their price objective for the stock from $46.00 to $58.00 in a research note on Friday, August 16th. New Street Research raised shares of Cisco Systems from a “neutral” rating to a “buy” rating and set a $57.00 price target for the company in a report on Thursday, August 15th. Needham & Company LLC restated a “hold” rating on shares of Cisco Systems in a research note on Thursday, August 15th. Finally, Morgan Stanley boosted their target price on Cisco Systems from $58.00 to $62.00 and gave the stock an “overweight” rating in a research note on Thursday, November 14th. Ten research analysts have rated the stock with a hold rating, eleven have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $59.94.

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.