Granite Bay Wealth Management LLC Invests $3.36 Million in Cisco Systems, Inc. (NASDAQ:CSCO)

Granite Bay Wealth Management LLC purchased a new stake in Cisco Systems, Inc. (NASDAQ:CSCO) during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor purchased 70,800 shares of the network equipment provider’s stock, valued at approximately $3,358,000.

A number of other large investors have also added to or reduced their stakes in CSCO. Summit Securities Group LLC bought a new position in Cisco Systems during the 2nd quarter worth $25,000. Quarry LP increased its position in Cisco Systems by 222.4% during the 2nd quarter. Quarry LP now owns 661 shares of the network equipment provider’s stock worth $31,000 after buying an additional 456 shares during the period. Retirement Group LLC increased its position in Cisco Systems by 56.8% during the 1st quarter. Retirement Group LLC now owns 726 shares of the network equipment provider’s stock worth $36,000 after buying an additional 263 shares during the period. Hobbs Group Advisors LLC bought a new position in Cisco Systems during the 2nd quarter worth $36,000. Finally, Redmont Wealth Advisors LLC bought a new position in Cisco Systems during the 1st quarter worth $41,000. Institutional investors own 73.33% of the company’s stock.

Analysts Set New Price Targets

Several analysts have recently issued reports on the company. Evercore ISI increased their target price on Cisco Systems from $55.00 to $60.00 and gave the stock an “outperform” rating in a report on Friday, September 20th. HSBC raised Cisco Systems from a “hold” rating to a “buy” rating and increased their target price for the stock from $46.00 to $58.00 in a report on Friday, August 16th. New Street Research raised Cisco Systems from a “neutral” rating to a “buy” rating and set a $57.00 target price on the stock in a report on Thursday, August 15th. Jefferies Financial Group reduced their target price on Cisco Systems from $56.00 to $53.00 and set a “buy” rating on the stock in a report on Thursday, August 15th. Finally, Rosenblatt Securities increased their target price on Cisco Systems from $56.00 to $58.00 and gave the stock a “neutral” rating in a report on Thursday, August 15th. One investment analyst has rated the stock with a sell rating, fourteen have assigned a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $55.00.

Cisco Systems Stock Performance

Shares of CSCO stock opened at $53.22 on Tuesday. The business’s 50-day moving average price is $49.14 and its 200-day moving average price is $48.16. Cisco Systems, Inc. has a 12 month low of $44.50 and a 12 month high of $54.58. The firm has a market capitalization of $214.41 billion, a price-to-earnings ratio of 17.92, a PEG ratio of 4.11 and a beta of 0.83. The company has a current ratio of 0.91, a quick ratio of 0.83 and a debt-to-equity ratio of 0.43.

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

Cisco Systems Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Wednesday, October 23rd. Stockholders of record on Wednesday, October 2nd will be paid a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a dividend yield of 3.01%. The ex-dividend date is Wednesday, October 2nd. Cisco Systems’s payout ratio is 53.87%.

Insider Activity

In other news, CEO Charles Robbins sold 27,143 shares of the firm’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 completion of the transaction, the chief executive officer now directly owns 683,403 shares in the company, valued at $33,794,278.35. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other news, CEO Charles Robbins sold 27,143 shares of the firm’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 completion of the transaction, the chief executive officer now directly owns 683,403 shares in the company, valued at $33,794,278.35. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Thimaya K. Subaiya sold 1,328 shares of the firm’s stock in a transaction dated Thursday, September 12th. The stock was sold at an average price of $48.92, for a total value of $64,965.76. Following the transaction, the executive vice president now owns 132,910 shares of the company’s stock, valued at $6,501,957.20. The disclosure for this sale can be found here. Over the last three months, insiders have sold 70,529 shares of company stock valued at $3,509,049. 0.02% of the stock is currently owned by corporate insiders.

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.