Guinness Asset Management LTD reduced its stake in Cisco Systems, Inc. by 1.4% in the first quarter, according to a recent SEC filing. The company owned over 3.4 million shares of Cisco worth $173 million. Other institutional investors also made changes to their positions in CSCO. Analysts have given the stock various ratings, with an average price target of $56.47.
Cisco Systems’ stock price rose $0.57 on Friday, hitting $47.29 with a trading volume of 65.6 million shares. The company’s one-year low was $44.95 and the high was $58.19. Cisco reported earnings of $0.88 per share for the quarter, with revenue of $12.7 billion. The company also announced a quarterly dividend of $0.40 per share, to be paid on July 24.
In insider trading news, senior vice president Maria Victoria Wong sold shares of the company’s stock in May, while executive vice president Deborah L. Stahlkopf sold shares in a separate transaction. Insiders have sold a total of $1.9 million worth of shares in the last 90 days.
Cisco Systems designs, manufactures, and sells networking products globally, including switches, routers, wireless products, and computing solutions. Top-rated analysts have recommended five other stocks over Cisco Systems. Institutional investors continue to buy stocks in the market rapidly.
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