Connective Portfolio Management LLC Reduces Position in Cisco Systems, Inc. (NASDAQ:CSCO)

Connective Portfolio Management LLC trimmed its position in Cisco Systems, Inc. (NASDAQ:CSCO - Free Report) by 58.4% during the 1st quarter, according to its most recent Form 13F filing with the SEC. The fund owned 15,650 shares of the network equipment provider's stock after selling 22,000 shares during the period. Cisco Systems comprises 3.3% of Connective Portfolio Management LLC's portfolio, making the stock its 14th biggest holding. Connective Portfolio Management LLC's holdings in Cisco Systems were worth $966,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also bought and sold shares of the company. Praxis Investment Management Inc. boosted its position in Cisco Systems by 1.1% in the first quarter. Praxis Investment Management Inc. now owns 99,100 shares of the network equipment provider's stock worth $6,115,000 after purchasing an additional 1,050 shares during the last quarter. World Equity Group Inc. boosted its position in Cisco Systems by 8.6% in the first quarter. World Equity Group Inc. now owns 15,409 shares of the network equipment provider's stock worth $932,000 after purchasing an additional 1,225 shares during the last quarter. Stonegate Investment Group LLC boosted its position in Cisco Systems by 1.0% in the first quarter. Stonegate Investment Group LLC now owns 1,554,422 shares of the network equipment provider's stock worth $95,923,000 after purchasing an additional 14,865 shares during the last quarter. Appleton Partners Inc. MA raised its stake in shares of Cisco Systems by 53.1% in the first quarter. Appleton Partners Inc. MA now owns 19,436 shares of the network equipment provider's stock worth $1,199,000 after buying an additional 6,738 shares during the period. Finally, PFG Investments LLC raised its stake in shares of Cisco Systems by 0.6% in the first quarter. PFG Investments LLC now owns 173,816 shares of the network equipment provider's stock worth $10,726,000 after buying an additional 995 shares during the period. 73.33% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other news, SVP Maria Victoria Wong sold 762 shares of the business's stock in a transaction that occurred on Wednesday, June 11th. The stock was sold at an average price of $64.07, for a total transaction of $48,821.34. Following the transaction, the senior vice president now owns 36,937 shares of the company's stock, valued at approximately $2,366,553.59. The trade was a 2.02% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, EVP Thimaya K. Subaiya sold 8,726 shares of the business's stock in a transaction on Tuesday, June 17th. The shares were sold at an average price of $65.54, for a total value of $571,902.04. Following the transaction, the executive vice president now owns 174,669 shares of the company's stock, valued at approximately $11,447,806.26. The trade was a 4.76% 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 insiders.

Cisco Systems Stock Performance

NASDAQ:CSCO opened at $66.32 on Friday. 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 1 year low of $44.50 and a 1 year high of $66.65. The stock's 50 day simple moving average is $61.38 and its two-hundred day simple moving average is $60.78. The company has a market cap of $262.63 billion, a price-to-earnings ratio of 27.07, a PEG ratio of 3.94 and a beta of 0.88.

Cisco Systems (NASDAQ:CSCO - Get Free Report) last released its quarterly earnings data 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 for the quarter, compared to the consensus estimate of $14.05 billion. During the same quarter in the previous year, the company posted $0.88 EPS. The company's revenue was up 11.4% compared to the same quarter last year. As a group, equities 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 announced a quarterly dividend, which will be paid on Wednesday, July 23rd. Stockholders of record on Thursday, July 3rd will be given a dividend of $0.41 per share. This represents a $1.64 annualized dividend and a dividend yield of 2.47%. The ex-dividend date is Thursday, July 3rd. Cisco Systems's dividend payout ratio is currently 66.94%.

Analyst Ratings Changes

Several research analysts have recently commented on the company. Piper Sandler raised their price objective on Cisco Systems from $60.00 to $64.00 and gave the stock a "neutral" rating in a research note on Thursday, May 15th. New Street Research reaffirmed a "neutral" rating and issued a $70.00 price objective on shares of Cisco Systems in a research note on Friday, May 16th. JPMorgan Chase & Co. raised their price objective on Cisco Systems from $70.00 to $73.00 and gave the stock an "overweight" rating in a research note on Thursday, May 15th. Citigroup raised their price objective on Cisco Systems from $68.00 to $71.00 and gave the stock a "buy" rating in a research note on Thursday, May 15th. Finally, Wells Fargo & Company raised Cisco Systems from an "equal weight" rating to an "overweight" rating and raised their price objective for the stock from $72.00 to $75.00 in a research note on Thursday, May 15th. Seven research analysts have rated the stock with a hold rating, thirteen have given a buy rating and three have issued a strong buy rating to the stock. According to MarketBeat.com, Cisco Systems currently has a consensus rating of "Moderate Buy" and a consensus target price of $69.11.

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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