Clifford Swan Investment Counsel LLC Sells 16,442 Shares of Cisco Systems, Inc. (NASDAQ:CSCO)

Clifford Swan Investment Counsel LLC cut its stake in shares of Cisco Systems, Inc. (NASDAQ:CSCO - Free Report) by 4.1% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 381,787 shares of the network equipment provider's stock after selling 16,442 shares during the period. Clifford Swan Investment Counsel LLC's holdings in Cisco Systems were worth $23,560,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently modified their holdings of CSCO. Van Strum & Towne Inc. boosted its position in Cisco Systems by 37.0% during the 1st quarter. Van Strum & Towne Inc. now owns 5,555 shares of the network equipment provider's stock valued at $343,000 after buying an additional 1,500 shares during the period. HighPoint Advisor Group LLC raised its position in shares of Cisco Systems by 2.2% in the 1st quarter. HighPoint Advisor Group LLC now owns 84,857 shares of the network equipment provider's stock worth $4,866,000 after purchasing an additional 1,842 shares during the last quarter. Crestwood Advisors Group LLC boosted its holdings in shares of Cisco Systems by 0.9% during the 1st quarter. Crestwood Advisors Group LLC now owns 183,167 shares of the network equipment provider's stock valued at $11,303,000 after acquiring an additional 1,674 shares during the last quarter. Lewis Asset Management LLC boosted its holdings in shares of Cisco Systems by 11.8% during the 1st quarter. Lewis Asset Management LLC now owns 8,913 shares of the network equipment provider's stock valued at $550,000 after acquiring an additional 940 shares during the last quarter. Finally, Wealth Dimensions Group Ltd. grew its stake in shares of Cisco Systems by 5.3% during the 1st quarter. Wealth Dimensions Group Ltd. now owns 12,097 shares of the network equipment provider's stock valued at $746,000 after purchasing an additional 608 shares during the period. Hedge funds and other institutional investors own 73.33% of the company's stock.

Analyst Ratings Changes

CSCO has been the subject of several recent analyst reports. 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 note on Thursday, May 15th. Wolfe Research initiated coverage on Cisco Systems in a research note on Tuesday, July 8th. They issued a "peer perform" rating on the stock. 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. Piper Sandler lifted their target price on Cisco Systems from $60.00 to $64.00 and gave the company a "neutral" rating in a research note on Thursday, May 15th. Finally, Morgan Stanley raised their price target on Cisco Systems from $67.00 to $70.00 and gave the stock an "overweight" rating in a report on Friday. Seven research analysts have rated the stock with a hold rating, seventeen have issued a buy rating and two have issued a strong buy rating to the company. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of $70.35.

Insider Buying and Selling

In related news, EVP Oliver Tuszik sold 15,000 shares of the firm's stock in a transaction dated Wednesday, May 28th. The shares were sold at an average price of $63.53, for a total value of $952,950.00. Following the completion of the sale, the executive vice president directly owned 131,676 shares in the company, valued at approximately $8,365,376.28. This trade represents a 10.23% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CFO Richard Scott Herren sold 15,678 shares of the firm's stock in a transaction that occurred on Tuesday, June 17th. The stock was sold at an average price of $65.52, for a total transaction of $1,027,222.56. Following the sale, the chief financial officer owned 309,543 shares of the company's stock, valued at $20,281,257.36. This trade represents a 4.82% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 97,335 shares of company stock worth $6,271,054 over the last three months. Company insiders own 0.01% of the company's stock.

Cisco Systems Price Performance

Shares of CSCO traded up $0.18 on Monday, hitting $68.23. The company's stock had a trading volume of 883,380 shares, compared to its average volume of 20,227,696. The company has a market capitalization of $270.20 billion, a PE ratio of 27.82, a PEG ratio of 4.07 and a beta of 0.90. The company has a debt-to-equity ratio of 0.50, a current ratio of 0.95 and a quick ratio of 0.87. Cisco Systems, Inc. has a fifty-two week low of $44.50 and a fifty-two week high of $69.78. The company has a 50 day moving average price of $65.84 and a 200 day moving average price of $62.13.

Cisco Systems (NASDAQ:CSCO - Get Free Report) last issued its earnings results on Wednesday, May 14th. The network equipment provider reported $0.96 EPS 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 analysts' expectations 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% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.88 EPS. On average, research analysts anticipate that Cisco Systems, Inc. will post 3.04 earnings per share for the current fiscal year.

Cisco Systems Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, July 23rd. Stockholders of record on Thursday, July 3rd will be issued a $0.41 dividend. This represents a $1.64 annualized dividend and a dividend yield of 2.40%. The ex-dividend date is Thursday, July 3rd. Cisco Systems's payout ratio is 66.94%.

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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