Cisco Systems, Inc. (NASDAQ:CSCO) Shares Sold by First Manhattan CO. LLC.

First Manhattan CO. LLC. trimmed its stake in shares of Cisco Systems, Inc. (NASDAQ:CSCO - Free Report) by 15.4% in the fourth quarter, according to the company in its most recent filing with the SEC. The firm owned 56,529 shares of the network equipment provider's stock after selling 10,328 shares during the quarter. First Manhattan CO. LLC.'s holdings in Cisco Systems were worth $3,347,000 as of its most recent SEC filing.

A number of other institutional investors have also recently modified their holdings of the stock. FPC Investment Advisory Inc. bought a new position in Cisco Systems in the fourth quarter worth approximately $26,000. Navigoe LLC bought a new position in Cisco Systems in the fourth quarter worth approximately $26,000. Runnymede Capital Advisors Inc. bought a new position in Cisco Systems in the fourth quarter worth approximately $30,000. Campbell Capital Management Inc. bought a new position in Cisco Systems in the fourth quarter worth approximately $31,000. Finally, Synergy Investment Management LLC bought a new position in Cisco Systems in the fourth quarter worth approximately $36,000. 73.33% of the stock is currently owned by institutional investors.

Cisco Systems Price Performance

Shares of Cisco Systems stock traded down $0.49 during trading hours on Wednesday, reaching $61.29. The stock had a trading volume of 34,219,448 shares, compared to its average volume of 20,396,847. The stock's 50 day moving average is $58.70 and its 200 day moving average is $59.53. The firm has a market capitalization of $243.83 billion, a PE ratio of 26.76, a PEG ratio of 4.16 and a beta of 0.89. 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 - Get Free Report) last released its earnings results on Wednesday, February 12th. The network equipment provider reported $0.77 EPS for the quarter, missing analysts' consensus estimates of $0.91 by ($0.14). Cisco Systems had a return on equity of 26.08% and a net margin of 16.96%. Equities analysts expect that Cisco Systems, Inc. will post 3.04 earnings per share for the current fiscal year.

Cisco Systems declared that its Board of Directors has approved a stock repurchase program on Wednesday, February 12th that authorizes the company to repurchase $15.00 billion in outstanding shares. This repurchase authorization authorizes the network equipment provider to repurchase up to 6% of its stock through open market purchases. Stock repurchase programs are often an indication that the company's board believes its stock is undervalued.

Cisco Systems Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, July 23rd. Stockholders of record on Thursday, July 3rd will be paid a $0.41 dividend. This represents a $1.64 annualized dividend and a dividend yield of 2.68%. Cisco Systems's dividend payout ratio (DPR) is 71.62%.

Insider Activity

In other news, EVP Thimaya K. Subaiya sold 2,065 shares of the company's stock in a transaction that occurred on Wednesday, March 12th. The shares were sold at an average price of $60.70, for a total value of $125,345.50. Following the transaction, the executive vice president now directly owns 191,184 shares in the company, valued at approximately $11,604,868.80. This represents a 1.07% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, SVP Maria Victoria Wong sold 762 shares of the company's stock in a transaction that occurred on Wednesday, March 12th. The stock was sold at an average price of $60.99, for a total transaction of $46,474.38. Following the completion of the transaction, the senior vice president now owns 44,155 shares in the company, valued at approximately $2,693,013.45. This represents a 1.70% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 66,547 shares of company stock valued at $4,275,553 in the last 90 days. Company insiders own 0.01% of the company's stock.

Wall Street Analysts Forecast Growth

CSCO has been the subject of several analyst reports. Piper Sandler lowered their price objective on Cisco Systems from $72.00 to $60.00 and set a "neutral" rating for the company in a research note on Tuesday, April 8th. Wells Fargo & Company reissued an "equal weight" rating on shares of Cisco Systems in a research note on Thursday, March 6th. The Goldman Sachs Group increased their price objective on Cisco Systems from $56.00 to $63.00 and gave the stock a "neutral" rating in a research note on Thursday, February 13th. UBS Group increased their price target on Cisco Systems from $62.00 to $70.00 and gave the company a "neutral" rating in a research report on Thursday, February 13th. Finally, StockNews.com downgraded Cisco Systems from a "strong-buy" rating to a "buy" rating in a research report on Wednesday, March 5th. Seven investment analysts have rated the stock with a hold rating, fifteen have issued a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $65.05.

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.