Concord Asset Management LLC VA Invests $822,000 in Cisco Systems, Inc. (NASDAQ:CSCO)

Concord Asset Management LLC VA purchased a new position in Cisco Systems, Inc. (NASDAQ:CSCO - Free Report) during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm purchased 13,325 shares of the network equipment provider's stock, valued at approximately $822,000.

Other institutional investors also recently added to or reduced their stakes in the company. Glass Jacobson Investment Advisors llc increased its holdings in shares of Cisco Systems by 8.7% during the 4th quarter. Glass Jacobson Investment Advisors llc now owns 2,070 shares of the network equipment provider's stock valued at $123,000 after acquiring an additional 166 shares during the last quarter. BlackDiamond Wealth Management LLC boosted its holdings in Cisco Systems by 3.1% during the fourth quarter. BlackDiamond Wealth Management LLC now owns 5,656 shares of the network equipment provider's stock valued at $335,000 after acquiring an additional 168 shares during the period. Legacy Financial Group Inc. boosted its holdings in Cisco Systems by 3.4% during the fourth quarter. Legacy Financial Group Inc. now owns 5,100 shares of the network equipment provider's stock valued at $302,000 after acquiring an additional 169 shares during the period. Capital Advantage Inc. boosted its holdings in Cisco Systems by 1.0% during the fourth quarter. Capital Advantage Inc. now owns 17,361 shares of the network equipment provider's stock valued at $1,028,000 after acquiring an additional 172 shares during the period. Finally, Lynx Investment Advisory boosted its holdings in Cisco Systems by 3.9% during the fourth quarter. Lynx Investment Advisory now owns 4,593 shares of the network equipment provider's stock valued at $272,000 after acquiring an additional 174 shares during the period. Hedge funds and other institutional investors own 73.33% of the company's stock.

Cisco Systems Stock Down 0.4%

Shares of CSCO traded down $0.25 during mid-day trading on Friday, hitting $68.05. 15,635,018 shares of the company's stock were exchanged, compared to its average volume of 20,286,720. The company has a market cap of $269.48 billion, a PE ratio of 27.78, a P/E/G ratio of 4.03 and a beta of 0.90. Cisco Systems, Inc. has a 52 week low of $44.50 and a 52 week high of $69.78. The company has a 50-day simple moving average of $65.67 and a 200 day simple moving average of $62.03. The company has a debt-to-equity ratio of 0.50, a current ratio of 0.95 and a quick ratio of 0.87.

Cisco Systems (NASDAQ:CSCO - Get Free Report) last issued its quarterly earnings results on Wednesday, May 14th. The network equipment provider reported $0.96 earnings per share for the quarter, topping the consensus estimate of $0.92 by $0.04. Cisco Systems had a net margin of 17.60% and a return on equity of 26.48%. The company had revenue of $14.15 billion during the quarter, compared to analysts' expectations of $14.05 billion. During the same period last year, the business earned $0.88 EPS. The business's quarterly revenue was up 11.4% on a year-over-year basis. On average, research analysts forecast that Cisco Systems, Inc. will post 3.04 earnings per share for the current fiscal year.

Cisco Systems Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Wednesday, July 23rd. Investors of record on Thursday, July 3rd will be paid a $0.41 dividend. The ex-dividend date is Thursday, July 3rd. This represents a $1.64 annualized dividend and a dividend yield of 2.41%. Cisco Systems's dividend payout ratio is presently 66.94%.

Insiders Place Their Bets

In related news, CFO Richard Scott Herren sold 15,678 shares of the stock in a transaction on Tuesday, June 17th. The stock was sold at an average price of $65.52, for a total value of $1,027,222.56. Following the sale, the chief financial officer owned 309,543 shares in the company, valued at approximately $20,281,257.36. This represents a 4.82% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Charles Robbins sold 29,784 shares of the company's stock in a transaction on Thursday, June 5th. The shares were sold at an average price of $64.61, for a total value of $1,924,344.24. Following the completion of the transaction, the chief executive officer directly owned 688,409 shares in the company, valued at approximately $44,478,105.49. This represents a 4.15% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 97,335 shares of company stock valued at $6,271,054 in the last ninety days. 0.01% of the stock is currently owned by insiders.

Analyst Ratings Changes

A number of research analysts have recently commented on CSCO shares. CICC Research started coverage on shares of Cisco Systems in a research report on Monday. They set an "outperform" rating and a $78.00 price objective for the company. Piper Sandler upped their target price on shares of Cisco Systems from $60.00 to $64.00 and gave the company a "neutral" rating in a research note on Thursday, May 15th. New Street Research reissued a "neutral" rating and issued a $70.00 target price on shares of Cisco Systems in a research note on Friday, May 16th. Wells Fargo & Company raised shares of Cisco Systems from an "equal weight" rating to an "overweight" rating and upped their target price for the company from $72.00 to $75.00 in a research note on Thursday, May 15th. Finally, Evercore ISI upped their target price on shares of Cisco Systems from $67.00 to $72.00 and gave the company an "outperform" rating in a research note on Thursday, May 15th. Seven equities research analysts have rated the stock with a hold rating, seventeen have issued a buy rating and two have assigned a strong buy rating to the company's stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average price target of $70.35.

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.