Canandaigua National Bank & Trust Co. lowered its holdings in Cisco Systems, Inc. (NASDAQ:CSCO - Free Report) by 17.8% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 89,565 shares of the network equipment provider's stock after selling 19,382 shares during the quarter. Canandaigua National Bank & Trust Co.'s holdings in Cisco Systems were worth $5,527,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Other hedge funds have also recently modified their holdings of the company. Brighton Jones LLC grew its position in Cisco Systems by 49.5% during the fourth quarter. Brighton Jones LLC now owns 74,187 shares of the network equipment provider's stock valued at $4,392,000 after buying an additional 24,562 shares during the period. Revolve Wealth Partners LLC grew its position in Cisco Systems by 37.0% during the fourth quarter. Revolve Wealth Partners LLC now owns 9,156 shares of the network equipment provider's stock valued at $542,000 after buying an additional 2,474 shares during the period. Versor Investments LP bought a new stake in Cisco Systems during the fourth quarter valued at approximately $314,000. Fisher Asset Management LLC grew its position in Cisco Systems by 3.2% during the fourth quarter. Fisher Asset Management LLC now owns 201,389 shares of the network equipment provider's stock valued at $11,922,000 after buying an additional 6,333 shares during the period. Finally, Sherman Asset Management Inc. bought a new stake in Cisco Systems during the fourth quarter valued at approximately $76,000. Hedge funds and other institutional investors own 73.33% of the company's stock.
Cisco Systems Price Performance
Shares of Cisco Systems stock opened at $68.65 on Monday. The stock has a 50 day moving average of $62.57 and a 200 day moving average of $61.12. Cisco Systems, Inc. has a 12 month low of $44.50 and a 12 month high of $69.22. The firm has a market cap of $271.85 billion, a PE ratio of 28.02, a PEG ratio of 4.11 and a beta of 0.88. The company has a current ratio of 0.95, a quick ratio of 0.87 and a debt-to-equity ratio of 0.50.
Cisco Systems (NASDAQ:CSCO - Get Free Report) last announced its quarterly earnings results on Wednesday, May 14th. The network equipment provider reported $0.96 EPS for the quarter, beating analysts' consensus estimates of $0.92 by $0.04. Cisco Systems had a return on equity of 26.48% and a net margin of 17.60%. The company had revenue of $14.15 billion during the quarter, compared to analyst estimates of $14.05 billion. During the same period in the prior year, the company earned $0.88 earnings per share. The firm's revenue was up 11.4% on a year-over-year basis. On average, research analysts expect that Cisco Systems, Inc. will post 3.04 EPS for the current fiscal year.
Cisco Systems Dividend Announcement
The business also recently disclosed 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 2.39%. The ex-dividend date is Thursday, July 3rd. Cisco Systems's payout ratio is 66.94%.
Insider Activity
In other news, CEO Charles Robbins sold 29,784 shares of the firm's stock in a transaction that occurred on Thursday, June 5th. The stock was sold at an average price of $64.61, for a total value of $1,924,344.24. Following the completion of the sale, the chief executive officer now directly owns 688,409 shares of the company's stock, valued at $44,478,105.49. This trade represents a 4.15% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, EVP Deborah L. Stahlkopf sold 9,643 shares of the firm's stock in a transaction that occurred on Friday, May 16th. The shares were sold at an average price of $63.50, for a total value of $612,330.50. Following the completion of the sale, the executive vice president now directly owns 181,186 shares of the company's stock, valued at $11,505,311. The trade was a 5.05% 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. Insiders own 0.01% of the company's stock.
Wall Street Analysts Forecast Growth
A number of analysts have commented on CSCO shares. Morgan Stanley restated a "hold" rating on shares of Cisco Systems in a research report on Wednesday, May 21st. KeyCorp started coverage on Cisco Systems in a research report on Thursday. They issued an "overweight" rating and a $77.00 price target for the company. JPMorgan Chase & Co. upped their price target on Cisco Systems from $70.00 to $73.00 and gave the stock an "overweight" rating in a research report on Thursday, May 15th. Piper Sandler upped their price target on Cisco Systems from $60.00 to $64.00 and gave the stock a "neutral" rating in a research report on Thursday, May 15th. Finally, Citigroup upped their price target on Cisco Systems from $68.00 to $71.00 and gave the stock a "buy" rating in a research report on Thursday, May 15th. Seven investment analysts have rated the stock with a hold rating, fourteen have assigned a buy rating and three have issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $69.53.
Check Out Our Latest Research Report on Cisco Systems
Cisco Systems Profile
(
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.
Further Reading
Want to see what other hedge funds are holding CSCO? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Cisco Systems, Inc. (NASDAQ:CSCO - Free Report).
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