First National Trust Co Sells 10,378 Shares of Cisco Systems, Inc. (NASDAQ:CSCO)

Key Points

• First National Trust Co reduced its holdings in Cisco Systems by 3.3%, owning 300,918 shares valued at approximately $18.57 million after selling 10,378 shares in the first quarter.
• Cisco received analyst upgrades, with JPMorgan Chase & Co. increasing the price target from $73 to $78, while other firms like Deutsche Bank raised their rating from "hold" to "buy".
• The company announced a quarterly dividend of $0.41 per share, translating to an annualized dividend of $1.64, providing a yield of 2.41% and maintaining a payout ratio of 66.94%.

First National Trust Co lessened its stake in Cisco Systems, Inc. (NASDAQ:CSCO - Free Report) by 3.3% in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 300,918 shares of the network equipment provider's stock after selling 10,378 shares during the quarter. First National Trust Co's holdings in Cisco Systems were worth $18,570,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of the stock. Brighton Jones LLC increased its position in Cisco Systems by 49.5% during the 4th quarter. Brighton Jones LLC now owns 74,187 shares of the network equipment provider's stock worth $4,392,000 after purchasing an additional 24,562 shares in the last quarter. Revolve Wealth Partners LLC increased its position in Cisco Systems by 37.0% during the 4th quarter. Revolve Wealth Partners LLC now owns 9,156 shares of the network equipment provider's stock worth $542,000 after purchasing an additional 2,474 shares in the last quarter. Alliancebernstein L.P. increased its stake in shares of Cisco Systems by 50.3% in the fourth quarter. Alliancebernstein L.P. now owns 6,627,956 shares of the network equipment provider's stock valued at $392,375,000 after buying an additional 2,219,311 shares during the period. Summit Financial LLC increased its stake in shares of Cisco Systems by 55.0% in the fourth quarter. Summit Financial LLC now owns 82,275 shares of the network equipment provider's stock valued at $4,871,000 after buying an additional 29,187 shares during the period. Finally, Nemes Rush Group LLC increased its stake in shares of Cisco Systems by 6.4% in the fourth quarter. Nemes Rush Group LLC now owns 243,781 shares of the network equipment provider's stock valued at $14,432,000 after buying an additional 14,626 shares during the period. Institutional investors and hedge funds own 73.33% of the company's stock.

Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on CSCO shares. Rosenblatt Securities upped their price objective on Cisco Systems from $63.00 to $74.00 and gave the company a "buy" rating in a research note on Thursday, May 15th. Deutsche Bank Aktiengesellschaft raised Cisco Systems from a "hold" rating to a "buy" rating and upped their price objective for the company from $65.00 to $73.00 in a research note on Monday, June 16th. Piper Sandler upped their price objective on Cisco Systems from $60.00 to $64.00 and gave the company a "neutral" rating in a research note on Thursday, May 15th. CICC Research started coverage on shares of Cisco Systems in a research report on Monday, July 14th. They set an "outperform" rating and a $78.00 target price for the company. Finally, Wall Street Zen downgraded shares of Cisco Systems from a "strong-buy" rating to a "buy" rating in a research report on Saturday, July 12th. Eight equities research analysts have rated the stock with a hold rating, sixteen have issued a buy rating and two have issued a strong buy rating to the company. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $70.35.

Cisco Systems Stock Performance

Shares of NASDAQ CSCO traded down $1.30 during mid-day trading on Friday, reaching $66.79. 2,724,325 shares of the company's stock were exchanged, compared to its average volume of 21,085,338. The firm has a market capitalization of $264.47 billion, a price-to-earnings ratio of 27.24, a price-to-earnings-growth ratio of 4.08 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 company has a debt-to-equity ratio of 0.50, a current ratio of 0.95 and a quick ratio of 0.87. The firm has a 50-day moving average price of $66.79 and a two-hundred day moving average price of $62.66.

Cisco Systems (NASDAQ:CSCO - Get Free Report) last released its earnings results on Wednesday, May 14th. The network equipment provider reported $0.96 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 company had revenue of $14.15 billion for the quarter, compared to analysts' expectations of $14.05 billion. During the same period in the previous year, the business posted $0.88 EPS. The business's revenue for the quarter was up 11.4% compared to the same quarter last year. Analysts predict that Cisco Systems, Inc. will post 3.04 EPS for the current year.

Cisco Systems Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Wednesday, July 23rd. Shareholders of record on Thursday, July 3rd were issued a dividend of $0.41 per share. This represents a $1.64 dividend on an annualized basis and a yield of 2.5%. The ex-dividend date of this dividend was Thursday, July 3rd. Cisco Systems's payout ratio is presently 66.94%.

Insider Buying and Selling at Cisco Systems

In other Cisco Systems news, EVP Deborah L. Stahlkopf sold 9,643 shares of Cisco Systems stock in a transaction dated Friday, May 16th. The stock was sold at an average price of $63.50, for a total transaction of $612,330.50. Following the completion of the transaction, the executive vice president owned 181,186 shares of the company's stock, valued at $11,505,311. The trade was a 5.05% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CFO Richard Scott Herren sold 15,678 shares of Cisco Systems stock in a transaction dated Tuesday, June 17th. The shares were sold at an average price of $65.52, for a total value of $1,027,222.56. Following the transaction, the chief financial officer directly owned 309,543 shares of the company's stock, valued at $20,281,257.36. The trade was a 4.82% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 97,335 shares of company stock worth $6,271,054. 0.01% of the stock is owned by corporate insiders.

About Cisco Systems

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.