Modera Wealth Management LLC Cuts Stake in Cisco Systems, Inc. (NASDAQ:CSCO)

Key Points

• Modera Wealth Management LLC reduced its holdings in Cisco Systems by 2.7%, owning 825,427 shares valued at approximately $50.9 million after selling 23,163 shares.
• Cisco reported $0.96 earnings per share for its latest quarter, surpassing analyst expectations of $0.92, with revenues reaching $14.15 billion, an 11.4% increase year-over-year.
• Insiders have sold a total of 97,335 shares of Cisco stock in the last quarter, with notable transactions from CFO Richard Scott Herren and insider Jeetendra I. Patel.

Modera Wealth Management LLC decreased its position in Cisco Systems, Inc. (NASDAQ:CSCO - Free Report) by 2.7% during the 1st quarter, according to its most recent disclosure with the SEC. The fund owned 825,427 shares of the network equipment provider's stock after selling 23,163 shares during the period. Modera Wealth Management LLC's holdings in Cisco Systems were worth $50,937,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently made changes to their positions in the company. FMR LLC lifted its position in Cisco Systems by 20.8% during the fourth quarter. FMR LLC now owns 77,216,513 shares of the network equipment provider's stock valued at $4,571,218,000 after buying an additional 13,285,052 shares during the period. Northern Trust Corp increased its holdings in Cisco Systems by 11.4% in the 4th quarter. Northern Trust Corp now owns 47,238,258 shares of the network equipment provider's stock worth $2,796,505,000 after buying an additional 4,832,813 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its holdings in Cisco Systems by 7.8% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 36,471,275 shares of the network equipment provider's stock worth $2,159,099,000 after buying an additional 2,637,006 shares in the last quarter. Dimensional Fund Advisors LP increased its holdings in Cisco Systems by 2.4% in the 4th quarter. Dimensional Fund Advisors LP now owns 29,419,041 shares of the network equipment provider's stock worth $1,741,597,000 after buying an additional 681,555 shares in the last quarter. Finally, Price T Rowe Associates Inc. MD increased its holdings in Cisco Systems by 12.8% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 17,161,261 shares of the network equipment provider's stock worth $1,015,948,000 after buying an additional 1,943,563 shares in the last quarter. Institutional investors own 73.33% of the company's stock.

Cisco Systems Price Performance

Shares of NASDAQ CSCO traded down $1.30 during midday trading on Friday, reaching $66.79. 2,724,325 shares of the stock traded hands, compared to its average volume of 21,085,338. 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 has a market capitalization of $264.47 billion, a PE ratio of 27.24, a P/E/G ratio of 4.08 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. The company's 50 day moving average is $66.79 and its 200 day moving average is $62.66.

Cisco Systems (NASDAQ:CSCO - Get Free Report) last posted its 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. The firm had revenue of $14.15 billion during the quarter, compared to the consensus estimate of $14.05 billion. Cisco Systems had a return on equity of 26.48% and a net margin of 17.60%. The company's quarterly revenue was up 11.4% compared to the same quarter last year. During the same period in the prior year, the company earned $0.88 EPS. On average, equities research analysts anticipate that Cisco Systems, Inc. will post 3.04 earnings per share for the current year.

Cisco Systems Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Wednesday, July 23rd. Investors of record on Thursday, July 3rd were issued a dividend of $0.41 per share. This represents a $1.64 annualized dividend and a yield of 2.5%. The ex-dividend date was Thursday, July 3rd. Cisco Systems's dividend payout ratio is presently 66.94%.

Insider Activity at Cisco Systems

In related news, insider Jeetendra I. Patel sold 899 shares of the stock in a transaction on Thursday, June 12th. The stock was sold at an average price of $64.27, for a total transaction of $57,778.73. Following the sale, the insider owned 255,377 shares in the company, valued at approximately $16,413,079.79. This represents a 0.35% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, SVP Maria Victoria Wong sold 762 shares of the stock in a transaction on Wednesday, June 11th. The shares were sold at an average price of $64.07, for a total value of $48,821.34. Following the sale, the senior vice president owned 36,937 shares in the company, 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 ninety days. Corporate insiders own 0.01% of the company's stock.

Analyst Upgrades and Downgrades

Several research firms recently commented on CSCO. Wall Street Zen downgraded Cisco Systems from a "strong-buy" rating to a "buy" rating in a report on Saturday, July 12th. New Street Research restated a "neutral" rating and set a $70.00 price target on shares of Cisco Systems in a research note on Friday, May 16th. Wolfe Research started coverage on Cisco Systems in a research note on Tuesday, July 8th. They set a "peer perform" rating for the company. Evercore ISI restated an "in-line" rating and set a $72.00 price target on shares of Cisco Systems in a research note on Monday. Finally, Deutsche Bank Aktiengesellschaft upgraded Cisco Systems from a "hold" rating to a "buy" rating and boosted their price target for the company from $65.00 to $73.00 in a research note on Monday, June 16th. Eight investment analysts have rated the stock with a hold rating, sixteen have assigned a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $70.35.

About Cisco Systems

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.