Cisco Systems, Inc. (NASDAQ:CSCO) Shares Sold by Pettyjohn Wood & White Inc.

Key Points

• Pettyjohn Wood & White Inc. reduced its stake in Cisco Systems by 5.2%, now holding 125,791 shares worth approximately $7.76 million, making it the firm's 21st largest position.
• Several institutional investors, including JDM Financial Group and Fairway Wealth LLC, have significantly increased their holdings in Cisco Systems, reflecting growing interest among institutional investors.
• Cisco reported a quarterly earnings per share of $0.96, surpassing estimates, with revenues reaching $14.15 billion, an increase of 11.4% compared to the previous year.

Pettyjohn Wood & White Inc. cut its stake in Cisco Systems, Inc. (NASDAQ:CSCO - Free Report) by 5.2% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 125,791 shares of the network equipment provider's stock after selling 6,925 shares during the period. Cisco Systems accounts for 1.5% of Pettyjohn Wood & White Inc.'s portfolio, making the stock its 21st largest position. Pettyjohn Wood & White Inc.'s holdings in Cisco Systems were worth $7,763,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also recently added to or reduced their stakes in the company. Navigoe LLC acquired a new stake in shares of Cisco Systems during the fourth quarter worth $26,000. Mpwm Advisory Solutions LLC acquired a new stake in shares of Cisco Systems during the fourth quarter worth $26,000. JDM Financial Group LLC raised its holdings in shares of Cisco Systems by 160.4% during the fourth quarter. JDM Financial Group LLC now owns 487 shares of the network equipment provider's stock worth $29,000 after purchasing an additional 300 shares during the period. Fairway Wealth LLC raised its holdings in shares of Cisco Systems by 224.7% during the first quarter. Fairway Wealth LLC now owns 578 shares of the network equipment provider's stock worth $36,000 after purchasing an additional 400 shares during the period. Finally, Investment Management Corp VA ADV raised its holdings in shares of Cisco Systems by 145.3% during the first quarter. Investment Management Corp VA ADV now owns 596 shares of the network equipment provider's stock worth $37,000 after purchasing an additional 353 shares during the period. 73.33% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

CSCO has been the topic of a number of research reports. Morgan Stanley increased their target price on shares of Cisco Systems from $67.00 to $70.00 and gave the stock an "overweight" rating in a report on Friday, July 18th. New Street Research reaffirmed a "neutral" rating and issued a $70.00 price objective on shares of Cisco Systems in a report on Friday, May 16th. Barclays reaffirmed an "equal weight" rating on shares of Cisco Systems in a report on Wednesday, May 21st. Evercore ISI reaffirmed an "in-line" rating and issued a $72.00 price objective on shares of Cisco Systems in a report on Monday. Finally, Citigroup increased their price objective on shares of Cisco Systems from $68.00 to $71.00 and gave the stock a "buy" rating in a report on Thursday, May 15th. Eight equities research analysts have rated the stock with a hold rating, sixteen have assigned a buy rating and two have given a strong buy rating to the company's stock. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average target price of $70.35.

Cisco Systems Stock Performance

CSCO stock opened at $68.08 on Friday. The company has a debt-to-equity ratio of 0.50, a quick ratio of 0.87 and a current ratio of 0.95. The stock has a market cap of $269.60 billion, a P/E ratio of 27.79, a P/E/G ratio of 4.08 and a beta of 0.90. The firm has a 50 day simple moving average of $66.79 and a 200 day simple moving average of $62.66. Cisco Systems, Inc. has a 52 week low of $44.50 and a 52 week high of $69.78.

Cisco Systems (NASDAQ:CSCO - Get Free Report) last posted its quarterly earnings results on Wednesday, May 14th. The network equipment provider reported $0.96 EPS for the quarter, topping the consensus estimate of $0.92 by $0.04. The business had revenue of $14.15 billion during the quarter, compared to analysts' expectations of $14.05 billion. Cisco Systems had a net margin of 17.60% and a return on equity of 26.48%. The firm's quarterly revenue was up 11.4% compared to the same quarter last year. During the same period last year, the company posted $0.88 earnings per share. Research analysts anticipate 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. Investors of record on Thursday, July 3rd were given a dividend of $0.41 per share. This represents a $1.64 annualized dividend and a yield of 2.4%. The ex-dividend date of this dividend was Thursday, July 3rd. Cisco Systems's dividend payout ratio (DPR) is presently 66.94%.

Insider Activity

In related news, CFO Richard Scott Herren sold 15,678 shares of the firm's stock in a transaction that occurred on Tuesday, June 17th. The shares were sold at an average price of $65.52, for a total transaction of $1,027,222.56. Following the transaction, the chief financial officer owned 309,543 shares of the company's stock, valued at approximately $20,281,257.36. This trade represents a 4.82% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Oliver Tuszik sold 15,000 shares of the firm's stock in a transaction that occurred 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 transaction, the executive vice president directly owned 131,676 shares in the company, valued at approximately $8,365,376.28. The trade was a 10.23% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 97,335 shares of company stock valued at $6,271,054. 0.01% of the stock is currently 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.

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