First Horizon Advisors Inc. Has $49.60 Million Stock Position in Cisco Systems, Inc. (NASDAQ:CSCO)

First Horizon Advisors Inc. trimmed its position in Cisco Systems, Inc. (NASDAQ:CSCO - Free Report) by 4.4% in the first quarter, according to its most recent filing with the SEC. The fund owned 803,710 shares of the network equipment provider's stock after selling 37,397 shares during the period. Cisco Systems accounts for approximately 1.4% of First Horizon Advisors Inc.'s investment portfolio, making the stock its 7th biggest position. First Horizon Advisors Inc.'s holdings in Cisco Systems were worth $49,597,000 at the end of the most recent reporting period.

Several other hedge funds also recently modified their holdings of CSCO. Navigoe LLC bought a new stake in shares of Cisco Systems in the fourth quarter worth $26,000. Mpwm Advisory Solutions LLC acquired a new position in Cisco Systems during the 4th quarter worth about $26,000. JDM Financial Group LLC grew its position in shares of Cisco Systems by 160.4% in the 4th quarter. JDM Financial Group LLC now owns 487 shares of the network equipment provider's stock valued at $29,000 after buying an additional 300 shares during the last quarter. Runnymede Capital Advisors Inc. acquired a new stake in shares of Cisco Systems in the fourth quarter valued at about $30,000. Finally, Campbell Capital Management Inc. bought a new position in shares of Cisco Systems during the fourth quarter worth about $31,000. Institutional investors and hedge funds own 73.33% of the company's stock.

Wall Street Analysts Forecast Growth

CSCO has been the topic of several analyst reports. New Street Research reiterated a "neutral" rating and issued a $70.00 target price on shares of Cisco Systems in a report on Friday, May 16th. Piper Sandler upped their price objective on shares of Cisco Systems from $60.00 to $64.00 and gave the company a "neutral" rating in a research note on Thursday, May 15th. Wells Fargo & Company raised shares of Cisco Systems from an "equal weight" rating to an "overweight" rating and lifted their target price for the stock from $72.00 to $75.00 in a research note on Thursday, May 15th. JPMorgan Chase & Co. boosted their target price on shares of Cisco Systems from $70.00 to $73.00 and gave the company an "overweight" rating in a report on Thursday, May 15th. Finally, Barclays reaffirmed an "equal weight" rating on shares of Cisco Systems in a research report on Wednesday, May 21st. Seven equities research analysts have rated the stock with a hold rating, fourteen have given a buy rating and three have given a strong buy rating to the company's stock. Based on data from MarketBeat.com, Cisco Systems currently has a consensus rating of "Moderate Buy" and an average target price of $69.53.

Cisco Systems Stock Up 1.5%

NASDAQ:CSCO traded up $1.05 on Friday, hitting $69.64. The stock had a trading volume of 17,973,495 shares, compared to its average volume of 20,328,057. The company has a market cap of $275.77 billion, a PE ratio of 28.42, a P/E/G ratio of 4.10 and a beta of 0.90. Cisco Systems, Inc. has a 52 week low of $44.50 and a 52 week high of $69.78. The business's fifty day moving average is $63.67 and its 200 day moving average is $61.38. 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. The company had revenue of $14.15 billion for the quarter, compared to analysts' expectations of $14.05 billion. Cisco Systems had a return on equity of 26.48% and a net margin of 17.60%. Cisco Systems's quarterly revenue was up 11.4% compared to the same quarter last year. During the same period last year, the business earned $0.88 EPS. On average, equities research analysts expect that Cisco Systems, Inc. will post 3.04 EPS for the current fiscal year.

Cisco Systems Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, July 23rd. Investors of record on Thursday, July 3rd will be given a $0.41 dividend. The ex-dividend date is Thursday, July 3rd. This represents a $1.64 annualized dividend and a yield of 2.35%. Cisco Systems's payout ratio is 66.94%.

Insider Buying and Selling at Cisco Systems

In related news, CFO Richard Scott Herren sold 15,678 shares of the company's stock in a transaction 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 completion of the sale, the chief financial officer owned 309,543 shares in the company, valued at approximately $20,281,257.36. This represents a 4.82% 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, insider Jeetendra I. Patel sold 9,961 shares of the firm's stock in a transaction on Friday, May 16th. The shares were sold at an average price of $63.97, for a total value of $637,205.17. Following the transaction, the insider owned 257,162 shares in the company, valued at approximately $16,450,653.14. This trade represents a 3.73% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 97,335 shares of company stock worth $6,271,054. 0.01% of the stock is currently owned by corporate 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.