Burney Co. boosted its stake in Cisco Systems, Inc. (NASDAQ:CSCO - Free Report) by 380.9% during the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 420,060 shares of the network equipment provider's stock after purchasing an additional 332,720 shares during the quarter. Cisco Systems comprises approximately 0.9% of Burney Co.'s holdings, making the stock its 23rd largest holding. Burney Co.'s holdings in Cisco Systems were worth $25,922,000 as of its most recent filing with the Securities & Exchange Commission.
Several other hedge funds have also bought and sold shares of the stock. Navigoe LLC bought a new position in Cisco Systems during the 4th quarter valued at about $26,000. Mpwm Advisory Solutions LLC bought a new position in Cisco Systems during the 4th quarter valued at about $26,000. JDM Financial Group LLC grew its holdings in Cisco Systems by 160.4% during the 4th quarter. JDM Financial Group LLC now owns 487 shares of the network equipment provider's stock valued at $29,000 after purchasing an additional 300 shares during the last quarter. Fairway Wealth LLC grew its holdings in Cisco Systems by 224.7% during the 1st quarter. Fairway Wealth LLC now owns 578 shares of the network equipment provider's stock valued at $36,000 after purchasing an additional 400 shares during the last quarter. Finally, Accredited Wealth Management LLC bought a new position in Cisco Systems in the 4th quarter worth about $37,000. Hedge funds and other institutional investors own 73.33% of the company's stock.
Cisco Systems Stock Up 0.6%
Shares of NASDAQ:CSCO traded up $0.40 during midday trading on Friday, reaching $68.69. The company had a trading volume of 11,589,031 shares, compared to its average volume of 17,593,400. The company has a debt-to-equity ratio of 0.50, a current ratio of 0.95 and a quick ratio of 0.87. The stock's fifty day moving average price is $66.43 and its 200-day moving average price is $62.41. The stock has a market capitalization of $272.01 billion, a P/E ratio of 28.04, a PEG ratio of 4.09 and a beta of 0.90. Cisco Systems, Inc. has a one year low of $44.50 and a one year high of $69.78.
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 (EPS) for the quarter, topping analysts' consensus estimates of $0.92 by $0.04. The business had revenue of $14.15 billion during the quarter, compared to analyst estimates of $14.05 billion. Cisco Systems had a net margin of 17.60% and a return on equity of 26.48%. The business's revenue was up 11.4% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.88 earnings per share. Equities research analysts expect that Cisco Systems, Inc. will post 3.04 earnings per share for the current fiscal year.
Cisco Systems Announces Dividend
The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, July 23rd. Shareholders of record on Thursday, July 3rd were issued a $0.41 dividend. This represents a $1.64 dividend on an annualized basis and a yield of 2.39%. The ex-dividend date of this dividend was Thursday, July 3rd. Cisco Systems's dividend payout ratio is presently 66.94%.
Insider Transactions at Cisco Systems
In other news, insider Jeetendra I. Patel sold 9,961 shares of the business's stock in a transaction on Friday, May 16th. The shares were sold at an average price of $63.97, for a total transaction of $637,205.17. Following the completion of the transaction, the insider owned 257,162 shares of the company's stock, valued at approximately $16,450,653.14. The trade was a 3.73% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, EVP Oliver Tuszik sold 15,000 shares of the company's stock in a transaction dated Wednesday, May 28th. The stock was sold at an average price of $63.53, for a total transaction of $952,950.00. Following the completion of the sale, the executive vice president directly owned 131,676 shares of the company's stock, valued at $8,365,376.28. The trade was a 10.23% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 97,335 shares of company stock valued at $6,271,054 over the last quarter. Insiders own 0.01% of the company's stock.
Analyst Ratings Changes
A number of equities analysts have commented on CSCO shares. Piper Sandler upped their target price on shares of Cisco Systems from $60.00 to $64.00 and gave the stock a "neutral" rating in a research note on Thursday, May 15th. Morgan Stanley upped their target price on shares of Cisco Systems from $67.00 to $70.00 and gave the stock an "overweight" rating in a research note on Friday, July 18th. CICC Research started coverage on shares of Cisco Systems in a research note on Monday, July 14th. They issued an "outperform" rating and a $78.00 target price on the stock. Wells Fargo & Company upgraded shares of Cisco Systems from an "equal weight" rating to an "overweight" rating and increased their price objective for the company from $72.00 to $75.00 in a research note on Thursday, May 15th. Finally, Rosenblatt Securities increased their price objective on shares of Cisco Systems from $63.00 to $74.00 and gave the company a "buy" rating in a research note on Thursday, May 15th. Seven investment analysts have rated the stock with a hold rating, seventeen have given a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average price target of $70.35.
Read Our Latest Research Report on CSCO
Cisco Systems Profile
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Free Report)
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.
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