Gateway Investment Advisers LLC Sells 49,613 Shares of Cisco Systems, Inc. (NASDAQ:CSCO)

Gateway Investment Advisers LLC lessened its holdings in Cisco Systems, Inc. (NASDAQ:CSCO - Free Report) by 3.8% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,254,190 shares of the network equipment provider's stock after selling 49,613 shares during the period. Cisco Systems comprises 0.9% of Gateway Investment Advisers LLC's investment portfolio, making the stock its 24th biggest holding. Gateway Investment Advisers LLC's holdings in Cisco Systems were worth $77,396,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently made changes to their positions in the business. Hudson Valley Investment Advisors Inc. ADV boosted its position in Cisco Systems by 0.8% in the first quarter. Hudson Valley Investment Advisors Inc. ADV now owns 119,144 shares of the network equipment provider's stock worth $7,352,000 after purchasing an additional 951 shares during the last quarter. Sara Bay Financial grew its stake in Cisco Systems by 72.7% in the 1st quarter. Sara Bay Financial now owns 25,926 shares of the network equipment provider's stock valued at $1,578,000 after purchasing an additional 10,911 shares during the period. First Affirmative Financial Network grew its stake in Cisco Systems by 12.1% in the 1st quarter. First Affirmative Financial Network now owns 23,514 shares of the network equipment provider's stock valued at $1,451,000 after purchasing an additional 2,544 shares during the period. Radnor Capital Management LLC grew its stake in Cisco Systems by 2.7% in the 1st quarter. Radnor Capital Management LLC now owns 52,344 shares of the network equipment provider's stock valued at $3,230,000 after purchasing an additional 1,395 shares during the period. Finally, Pines Wealth Management LLC boosted its stake in Cisco Systems by 5.3% in the first quarter. Pines Wealth Management LLC now owns 17,788 shares of the network equipment provider's stock valued at $1,098,000 after acquiring an additional 889 shares during the last quarter. Institutional investors and hedge funds own 73.33% of the company's stock.

Cisco Systems Price Performance

CSCO stock traded up $1.44 on Friday, reaching $66.06. The company had a trading volume of 20,913,335 shares, compared to its average volume of 20,135,416. Cisco Systems, Inc. has a 1 year low of $44.50 and a 1 year high of $66.50. The company has a debt-to-equity ratio of 0.43, a quick ratio of 0.79 and a current ratio of 0.87. The company's fifty day moving average is $59.61 and its 200 day moving average is $60.34. The company has a market cap of $261.60 billion, a P/E ratio of 28.85, a PEG ratio of 4.16 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 EPS for the quarter, topping analysts' consensus estimates of $0.92 by $0.04. The business had revenue of $14.15 billion during the quarter, compared to the consensus estimate of $14.05 billion. Cisco Systems had a return on equity of 26.08% and a net margin of 16.96%. The business's revenue for the quarter was up 11.4% on a year-over-year basis. During the same period in the prior year, the firm posted $0.88 EPS. On average, research analysts forecast that Cisco Systems, Inc. will post 3.04 earnings per share for the current year.

Cisco Systems Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Wednesday, July 23rd. Shareholders of record on Thursday, July 3rd will be paid a $0.41 dividend. The ex-dividend date of this dividend is Thursday, July 3rd. This represents a $1.64 annualized dividend and a dividend yield of 2.48%. Cisco Systems's payout ratio is currently 66.94%.

Cisco Systems declared that its Board of Directors has approved a share buyback plan on Wednesday, February 12th that permits the company to repurchase $15.00 billion in outstanding shares. This repurchase authorization permits the network equipment provider to purchase up to 6% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company's board believes its shares are undervalued.

Wall Street Analyst Weigh In

CSCO has been the topic of a number of recent research reports. UBS Group upped their price target on shares of Cisco Systems from $62.00 to $70.00 and gave the company a "neutral" rating in a research note on Thursday, February 13th. Barclays reaffirmed an "equal weight" rating on shares of Cisco Systems in a research note on Wednesday, May 21st. JPMorgan Chase & Co. increased their target price on shares of Cisco Systems from $70.00 to $73.00 and gave the stock an "overweight" rating in a research note on Thursday, May 15th. Rosenblatt Securities lifted their price target on Cisco Systems from $63.00 to $74.00 and gave the company a "buy" rating in a research report on Thursday, May 15th. Finally, Piper Sandler lifted their price objective on shares of Cisco Systems from $60.00 to $64.00 and gave the stock a "neutral" rating in a report on Thursday, May 15th. Eight equities research analysts have rated the stock with a hold rating, twelve have assigned a buy rating and three have given a strong buy rating to the company. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $68.00.

Insider Transactions at Cisco Systems

In other news, CEO Charles Robbins sold 29,784 shares of the stock in a transaction on Thursday, June 5th. The stock was sold at an average price of $64.61, for a total value of $1,924,344.24. Following the completion of the sale, the chief executive officer now owns 688,409 shares in the company, valued at $44,478,105.49. This represents a 4.15% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, EVP Oliver Tuszik sold 15,000 shares of Cisco Systems stock in a transaction that occurred on Wednesday, May 28th. The shares were sold at an average price of $63.53, for a total transaction of $952,950.00. Following the completion of the transaction, the executive vice president now directly owns 131,676 shares in the company, valued at approximately $8,365,376.28. This represents a 10.23% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 71,400 shares of company stock valued at $4,564,439. Company insiders own 0.01% of the company's stock.

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.