Red Door Wealth Management LLC lowered its position in shares of Cisco Systems, Inc. (NASDAQ:CSCO - Free Report) by 86.9% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 19,332 shares of the network equipment provider's stock after selling 128,466 shares during the period. Red Door Wealth Management LLC's holdings in Cisco Systems were worth $1,193,000 at the end of the most recent quarter.
Other large investors have also recently bought and sold shares of the company. Navigoe LLC acquired a new stake in shares of Cisco Systems during the 4th quarter worth about $26,000. Mpwm Advisory Solutions LLC acquired a new stake in Cisco Systems during the fourth quarter worth approximately $26,000. JDM Financial Group LLC lifted its position in shares of Cisco Systems by 160.4% during the 4th quarter. JDM Financial Group LLC now owns 487 shares of the network equipment provider's stock worth $29,000 after buying an additional 300 shares during the last quarter. Runnymede Capital Advisors Inc. acquired a new position in shares of Cisco Systems in the 4th quarter valued at $30,000. Finally, Campbell Capital Management Inc. purchased a new position in shares of Cisco Systems in the 4th quarter valued at $31,000. Hedge funds and other institutional investors own 73.33% of the company's stock.
Cisco Systems Trading Down 0.4%
Shares of Cisco Systems stock opened at $68.65 on Monday. The firm has a market cap of $271.85 billion, a price-to-earnings ratio of 28.02, a price-to-earnings-growth ratio of 4.11 and a beta of 0.88. Cisco Systems, Inc. has a 52-week low of $44.50 and a 52-week high of $69.22. The company's 50-day simple moving average is $62.57 and its 200-day simple moving average is $61.12. The company has a quick ratio of 0.87, a current ratio of 0.95 and a debt-to-equity ratio of 0.50.
Cisco Systems (NASDAQ:CSCO - Get Free Report) last issued its earnings results on Wednesday, May 14th. The network equipment provider reported $0.96 earnings per share (EPS) for the quarter, topping 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 business had revenue of $14.15 billion during the quarter, compared to the consensus estimate of $14.05 billion. During the same period in the prior year, the business posted $0.88 EPS. The company's revenue for the quarter was up 11.4% on a year-over-year basis. As a group, 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 announced a quarterly dividend, which will be paid on Wednesday, July 23rd. Shareholders of record on Thursday, July 3rd will be given a dividend of $0.41 per share. The ex-dividend date is Thursday, July 3rd. This represents a $1.64 annualized dividend and a dividend yield of 2.39%. Cisco Systems's payout ratio is currently 66.94%.
Analyst Ratings Changes
A number of brokerages recently weighed in on CSCO. Wall Street Zen raised shares of Cisco Systems from a "buy" rating to a "strong-buy" rating in a research report on Friday, May 16th. Citigroup boosted their target price on Cisco Systems from $68.00 to $71.00 and gave the company a "buy" rating in a report on Thursday, May 15th. Piper Sandler raised their price target on Cisco Systems from $60.00 to $64.00 and gave the stock a "neutral" rating in a research note on Thursday, May 15th. JPMorgan Chase & Co. boosted their price objective on Cisco Systems from $70.00 to $73.00 and gave the company an "overweight" rating in a research note on Thursday, May 15th. Finally, KeyCorp started coverage on Cisco Systems in a report on Thursday. They issued an "overweight" rating and a $77.00 price objective for the company. Seven analysts have rated the stock with a hold rating, fourteen have issued a buy rating and three have issued a strong buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $69.53.
Get Our Latest Report on CSCO
Insider Transactions at Cisco Systems
In other Cisco Systems news, EVP Thimaya K. Subaiya sold 8,726 shares of the company's stock in a transaction dated Tuesday, June 17th. The shares were sold at an average price of $65.54, for a total transaction of $571,902.04. Following the transaction, the executive vice president now directly owns 174,669 shares in the company, valued at approximately $11,447,806.26. This represents a 4.76% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, CEO Charles Robbins sold 29,784 shares of Cisco Systems stock in a transaction that occurred on Thursday, June 5th. The shares were sold at an average price of $64.61, for a total transaction of $1,924,344.24. Following the sale, the chief executive officer now owns 688,409 shares of the company's stock, valued at approximately $44,478,105.49. The trade was a 4.15% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 97,335 shares of company stock valued at $6,271,054 in the last ninety days. 0.01% of the stock is currently owned by company insiders.
About Cisco Systems
(
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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