Hemenway Trust Co LLC Sells 1,810 Shares of Cisco Systems, Inc. (NASDAQ:CSCO)

Hemenway Trust Co LLC decreased its stake in shares of Cisco Systems, Inc. (NASDAQ:CSCO) by 31.6% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 3,920 shares of the network equipment provider’s stock after selling 1,810 shares during the quarter. Hemenway Trust Co LLC’s holdings in Cisco Systems were worth $242,000 at the end of the most recent quarter.

Other hedge funds have also added to or reduced their stakes in the company. FMR LLC raised its holdings in Cisco Systems by 20.8% in the 4th quarter. FMR LLC now owns 77,216,513 shares of the network equipment provider’s stock worth $4,571,218,000 after purchasing an additional 13,285,052 shares during the period. Norges Bank bought a new position in shares of Cisco Systems in the fourth quarter worth about $3,297,905,000. Northern Trust Corp lifted its position in shares of Cisco Systems by 11.4% during the 4th quarter. Northern Trust Corp now owns 47,238,258 shares of the network equipment provider’s stock valued at $2,796,505,000 after buying an additional 4,832,813 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its holdings in Cisco Systems by 7.8% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 36,471,275 shares of the network equipment provider’s stock worth $2,159,099,000 after acquiring an additional 2,637,006 shares in the last quarter. Finally, Dimensional Fund Advisors LP lifted its stake in shares of Cisco Systems by 2.4% during the 4th quarter. Dimensional Fund Advisors LP now owns 29,419,041 shares of the network equipment provider’s stock valued at $1,741,597,000 after buying an additional 681,555 shares in the last quarter. 73.33% of the stock is owned by institutional investors.

Analyst Ratings Changes

CSCO has been the subject of several research analyst reports. Barclays reaffirmed an “equal weight” rating on shares of Cisco Systems in a research note on Wednesday, May 21st. Evercore ISI increased their price target on Cisco Systems from $67.00 to $72.00 and gave the company an “outperform” rating in a research note on Thursday, May 15th. Wells Fargo & Company raised Cisco Systems from an “equal weight” rating to an “overweight” rating and lifted their price objective for the stock from $72.00 to $75.00 in a research note on Thursday, May 15th. JPMorgan Chase & Co. increased their price target on shares of Cisco Systems from $70.00 to $73.00 and gave the company an “overweight” rating in a report on Thursday, May 15th. Finally, Morgan Stanley reissued a “hold” rating on shares of Cisco Systems in a research note on Wednesday, May 21st. Seven analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and three have given a strong buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $69.11.

Cisco Systems Trading Down 0.3%

Shares of CSCO stock opened at $65.33 on Wednesday. The firm has a 50-day moving average price of $60.86 and a 200 day moving average price of $60.66. The company has a current ratio of 0.95, a quick ratio of 0.87 and a debt-to-equity ratio of 0.50. The company has a market capitalization of $258.71 billion, a price-to-earnings ratio of 26.67, a PEG ratio of 3.95 and a beta of 0.88. Cisco Systems, Inc. has a twelve month low of $44.50 and a twelve month high of $66.50.

Cisco Systems (NASDAQ:CSCO) last announced its quarterly earnings data on Wednesday, May 14th. The network equipment provider reported $0.96 EPS for the quarter, beating analysts’ consensus estimates of $0.92 by $0.04. The business had revenue of $14.15 billion during the quarter, compared to the consensus estimate of $14.05 billion. Cisco Systems had a return on equity of 26.48% and a net margin of 17.60%. The business’s revenue for the quarter was up 11.4% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.88 earnings per share. Research analysts forecast that Cisco Systems, Inc. will post 3.04 earnings per share for the current fiscal year.

Cisco Systems Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, July 23rd. Stockholders of record on Thursday, July 3rd will be issued a dividend of $0.41 per share. The ex-dividend date of this dividend is Thursday, July 3rd. This represents a $1.64 annualized dividend and a dividend yield of 2.51%. Cisco Systems’s payout ratio is currently 66.94%.

Insider Transactions at Cisco Systems

In other news, CEO Charles Robbins sold 29,784 shares of Cisco Systems stock in a transaction dated Thursday, June 5th. The stock was sold at an average price of $64.61, for a total value of $1,924,344.24. Following the transaction, the chief executive officer now directly owns 688,409 shares of the company’s stock, valued at $44,478,105.49. The trade was a 4.15% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, SVP Maria Victoria Wong sold 762 shares of the firm’s stock in a transaction that occurred on Wednesday, June 11th. The shares were sold at an average price of $64.07, for a total transaction of $48,821.34. Following the completion of the transaction, the senior vice president now owns 36,937 shares in the company, valued at $2,366,553.59. The trade was a 2.02% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 72,931 shares of company stock worth $4,671,930 in the last three months. Company insiders own 0.01% of the company’s stock.

About Cisco Systems

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.