CCM Investment Group LLC Acquires New Position in Cisco Systems, Inc. (NASDAQ:CSCO)

Key Points

• CCM Investment Group LLC made a new investment in Cisco Systems, purchasing 108,620 shares valued at approximately $6.61 million, which represents 0.7% of its portfolio.
• Cisco Systems reported better-than-expected earnings per share of $0.96 for its last quarter, exceeding consensus estimates of $0.92, along with an 11.4% increase in revenue year-over-year.
• The company announced a quarterly dividend of $0.41 per share, resulting in an annualized dividend yield of 2.3% and a payout ratio of 66.94%.

CCM Investment Group LLC acquired a new position in Cisco Systems, Inc. (NASDAQ:CSCO - Free Report) in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 108,620 shares of the network equipment provider's stock, valued at approximately $6,611,000. Cisco Systems makes up 0.7% of CCM Investment Group LLC's portfolio, making the stock its 16th biggest holding.

A number of other large investors also recently modified their holdings of CSCO. Brighton Jones LLC raised its holdings in shares of Cisco Systems by 49.5% in the 4th quarter. Brighton Jones LLC now owns 74,187 shares of the network equipment provider's stock worth $4,392,000 after purchasing an additional 24,562 shares during the period. Revolve Wealth Partners LLC increased its stake in shares of Cisco Systems by 37.0% in the fourth quarter. Revolve Wealth Partners LLC now owns 9,156 shares of the network equipment provider's stock worth $542,000 after acquiring an additional 2,474 shares during the period. Glass Jacobson Investment Advisors llc increased its position in Cisco Systems by 8.7% during the fourth quarter. Glass Jacobson Investment Advisors llc now owns 2,070 shares of the network equipment provider's stock worth $123,000 after purchasing an additional 166 shares during the last quarter. Sterling Capital Management LLC raised its position in Cisco Systems by 151.8% in the 4th quarter. Sterling Capital Management LLC now owns 118,014 shares of the network equipment provider's stock valued at $6,986,000 after purchasing an additional 71,155 shares during the last quarter. Finally, Petros Family Wealth LLC purchased a new stake in Cisco Systems in the fourth quarter valued at approximately $1,703,000. 73.33% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on CSCO. UBS Group raised their price objective on shares of Cisco Systems from $70.00 to $74.00 and gave the stock a "neutral" rating in a research note on Tuesday, August 5th. Piper Sandler lifted their target price on Cisco Systems from $60.00 to $64.00 and gave the stock a "neutral" rating in a report on Thursday, May 15th. Rosenblatt Securities upped their price target on Cisco Systems from $63.00 to $74.00 and gave the stock a "buy" rating in a research report on Thursday, May 15th. Evercore ISI restated an "in-line" rating and set a $72.00 target price on shares of Cisco Systems in a report on Monday, July 28th. Finally, Deutsche Bank Aktiengesellschaft raised shares of Cisco Systems from a "hold" rating to a "buy" rating and upped their price objective for the stock from $65.00 to $73.00 in a report on Monday, June 16th. Eight analysts have rated the stock with a hold rating, sixteen have assigned a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $70.55.

Cisco Systems Price Performance

Shares of CSCO traded up $1.89 during trading hours on Friday, reaching $71.79. The company had a trading volume of 31,389,613 shares, compared to its average volume of 17,540,942. Cisco Systems, Inc. has a 12-month low of $44.50 and a 12-month high of $72.02. The company has a market capitalization of $284.29 billion, a price-to-earnings ratio of 29.30, a PEG ratio of 3.98 and a beta of 0.91. The firm has a 50 day simple moving average of $67.49 and a 200-day simple moving average of $63.05. 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 posted its quarterly earnings data on Wednesday, May 14th. The network equipment provider reported $0.96 earnings per share for the quarter, beating the consensus estimate of $0.92 by $0.04. The company 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 for the quarter was up 11.4% on a year-over-year basis. During the same quarter last year, the firm posted $0.88 EPS. Research analysts expect that Cisco Systems, Inc. will post 3.04 earnings per share for the current year.

Cisco Systems Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, July 23rd. Stockholders of record on Thursday, July 3rd were issued a $0.41 dividend. This represents a $1.64 annualized dividend and a dividend yield of 2.3%. The ex-dividend date of this dividend was Thursday, July 3rd. Cisco Systems's dividend payout ratio is presently 66.94%.

Insider Buying and Selling

In other news, EVP Thimaya K. Subaiya sold 8,726 shares of the stock in a transaction dated Tuesday, June 17th. The stock was sold at an average price of $65.54, for a total transaction of $571,902.04. Following the transaction, the executive vice president directly owned 174,669 shares in the company, valued at approximately $11,447,806.26. This represents a 4.76% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, SVP Maria Victoria Wong sold 762 shares of Cisco Systems stock in a transaction on Wednesday, June 11th. The stock was sold at an average price of $64.07, for a total value of $48,821.34. Following the completion of the sale, the senior vice president directly owned 36,937 shares of the company's stock, valued at $2,366,553.59. The trade was a 2.02% 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 worth $6,271,054 in the last quarter. 0.01% of the stock is owned by company insiders.

Cisco Systems Company 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.