Cisco Systems, Inc. $CSCO Shares Sold by Northern Trust Corp

Key Points

• Northern Trust Corp reduced its holdings in Cisco Systems by 0.4%, selling 182,766 shares and now owns approximately 47 million shares valued at about $2.9 billion.
• CEO Charles Robbins and EVP Oliver Tuszik sold shares of Cisco, reducing their positions by 4.15% and 10.23% respectively, with Robbins selling nearly $1.9 million worth of shares.
• Cisco Systems announced a quarterly dividend of $0.41 per share, reflecting a 2.5% yield, with the ex-dividend date set for October 3rd.

Northern Trust Corp cut its holdings in shares of Cisco Systems, Inc. (NASDAQ:CSCO - Free Report) by 0.4% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 47,055,492 shares of the network equipment provider's stock after selling 182,766 shares during the quarter. Northern Trust Corp owned about 1.18% of Cisco Systems worth $2,903,794,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the business. Brighton Jones LLC raised its stake 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 worth $4,392,000 after purchasing an additional 24,562 shares during the period. Revolve Wealth Partners LLC raised its stake in shares of Cisco Systems by 37.0% in the 4th quarter. Revolve Wealth Partners LLC now owns 9,156 shares of the network equipment provider's stock valued at $542,000 after acquiring an additional 2,474 shares during the period. Ossiam raised its stake in shares of Cisco Systems by 6.4% in the 4th quarter. Ossiam now owns 74,781 shares of the network equipment provider's stock valued at $4,427,000 after acquiring an additional 4,522 shares during the period. MML Investors Services LLC raised its stake in shares of Cisco Systems by 3.4% in the 4th quarter. MML Investors Services LLC now owns 964,086 shares of the network equipment provider's stock valued at $57,074,000 after acquiring an additional 31,865 shares during the period. Finally, Transce3nd LLC purchased a new stake in shares of Cisco Systems in the 4th quarter valued at approximately $96,000. 73.33% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In related news, 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 sale, the chief executive officer owned 688,409 shares in the company, valued at $44,478,105.49. This represents a 4.15% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Oliver Tuszik sold 15,000 shares of the company's stock in a transaction on Wednesday, May 28th. The shares were 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 owned 131,676 shares of the company's stock, valued at approximately $8,365,376.28. This trade represents a 10.23% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 77,731 shares of company stock worth $5,021,519. 0.01% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

A number of research firms have recently issued reports on CSCO. Rosenblatt Securities reissued a "buy" rating and issued a $87.00 price target on shares of Cisco Systems in a research note on Thursday. Piper Sandler lifted their price objective on shares of Cisco Systems from $64.00 to $70.00 and gave the company a "neutral" rating in a report on Thursday. Hsbc Global Res cut shares of Cisco Systems from a "strong-buy" rating to a "hold" rating in a report on Friday. Barclays lifted their price objective on shares of Cisco Systems from $66.00 to $71.00 and gave the company an "equal weight" rating in a report on Thursday. Finally, Morgan Stanley lifted their price objective on shares of Cisco Systems from $67.00 to $70.00 and gave the company an "overweight" rating in a report on Friday, July 18th. Ten investment analysts have rated the stock with a hold rating, fourteen have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $74.53.

Cisco Systems Trading Down 4.5%

NASDAQ CSCO opened at $66.20 on Monday. The company has a quick ratio of 0.92, a current ratio of 1.01 and a debt-to-equity ratio of 0.49. Cisco Systems, Inc. has a 52 week low of $47.85 and a 52 week high of $72.55. The stock has a market capitalization of $262.15 billion, a PE ratio of 25.27, a price-to-earnings-growth ratio of 2.83 and a beta of 0.91. The firm has a 50 day moving average of $67.98 and a two-hundred day moving average of $63.38.

Cisco Systems (NASDAQ:CSCO - Get Free Report) last issued its earnings results on Wednesday, August 13th. The network equipment provider reported $0.99 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.98 by $0.01. Cisco Systems had a net margin of 18.45% and a return on equity of 27.02%. The business had revenue of $14.67 billion during the quarter, compared to analysts' expectations of $14.63 billion. During the same quarter in the prior year, the business posted $0.87 EPS. The company's revenue for the quarter was up 7.6% on a year-over-year basis. As a group, research analysts expect that Cisco Systems, Inc. will post 3.04 EPS for the current fiscal year.

Cisco Systems Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, October 22nd. Stockholders of record on Friday, October 3rd will be issued a $0.41 dividend. The ex-dividend date is Friday, October 3rd. This represents a $1.64 annualized dividend and a dividend yield of 2.5%. Cisco Systems's dividend payout ratio is presently 62.60%.

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.

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