Geneos Wealth Management Inc. Increases Position in Cisco Systems, Inc. (NASDAQ:CSCO)

Key Points

• Geneos Wealth Management Inc. has significantly increased its stake in Cisco Systems, acquiring an additional 26,703 shares, bringing its total holdings to 57,236 shares, valued at approximately $3.53 million.
• Several large investors, including Glass Jacobson Investment Advisors and Legacy Financial Group, also raised their positions in Cisco, indicating strong institutional interest, which collectively holds 73.33% of the company's stock.
• Cisco reported a strong quarterly earnings result with an EPS of $0.96, exceeding expectations, and announced a quarterly dividend of $0.41 per share, reflecting a dividend yield of 2.40%.

Geneos Wealth Management Inc. increased its position in Cisco Systems, Inc. (NASDAQ:CSCO - Free Report) by 87.5% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 57,236 shares of the network equipment provider's stock after buying an additional 26,703 shares during the quarter. Geneos Wealth Management Inc.'s holdings in Cisco Systems were worth $3,532,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds also recently bought and sold shares of the company. FMR LLC raised its holdings in shares of Cisco Systems by 20.8% during the fourth quarter. FMR LLC now owns 77,216,513 shares of the network equipment provider's stock valued at $4,571,218,000 after acquiring an additional 13,285,052 shares in the last quarter. Pacer Advisors Inc. grew its stake in Cisco Systems by 1,144.2% in the first quarter. Pacer Advisors Inc. now owns 8,120,886 shares of the network equipment provider's stock worth $501,140,000 after purchasing an additional 7,468,212 shares during the period. Alyeska Investment Group L.P. purchased a new stake in Cisco Systems in the fourth quarter worth $413,491,000. GAMMA Investing LLC grew its stake in Cisco Systems by 7,096.5% in the first quarter. GAMMA Investing LLC now owns 6,718,402 shares of the network equipment provider's stock worth $414,593,000 after purchasing an additional 6,625,045 shares during the period. Finally, Caisse DE Depot ET Placement DU Quebec grew its stake in Cisco Systems by 187.9% in the fourth quarter. Caisse DE Depot ET Placement DU Quebec now owns 7,478,872 shares of the network equipment provider's stock worth $442,749,000 after purchasing an additional 4,880,747 shares during the period. Institutional investors own 73.33% of the company's stock.

Insider Activity

In related news, insider Jeetendra I. Patel sold 9,961 shares of Cisco Systems stock in a transaction dated Friday, May 16th. The stock was sold at an average price of $63.97, for a total value of $637,205.17. Following the completion of 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 transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, EVP Oliver Tuszik sold 15,000 shares of Cisco Systems stock in a transaction dated Wednesday, May 28th. The stock was sold at an average price of $63.53, for a total value of $952,950.00. Following the completion of the transaction, the executive vice president owned 131,676 shares of the company's stock, 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. Over the last quarter, insiders have sold 97,335 shares of company stock valued at $6,271,054. 0.01% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

CSCO has been the topic of several recent research reports. Piper Sandler upped their price target on Cisco Systems from $60.00 to $64.00 and gave the stock a "neutral" rating in a research note on Thursday, May 15th. Wolfe Research started coverage on Cisco Systems in a research note on Tuesday, July 8th. They issued a "peer perform" rating on the stock. Barclays reissued an "equal weight" rating on shares of Cisco Systems in a research note on Wednesday, May 21st. Evercore ISI reissued an "in-line" rating and issued a $72.00 target price on shares of Cisco Systems in a research note on Monday. Finally, New Street Research reissued a "neutral" rating and issued a $70.00 target price on shares of Cisco Systems in a research note on Friday, May 16th. Eight investment analysts have rated the stock with a hold rating, sixteen have issued a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average target price of $70.35.

Cisco Systems Stock Performance

Shares of CSCO stock traded down $0.97 during trading hours on Friday, reaching $67.11. 21,648,306 shares of the company traded hands, compared to its average volume of 15,898,578. The firm has a 50-day moving average price of $66.87 and a 200 day moving average price of $62.72. The company has a market cap of $265.76 billion, a P/E ratio of 27.39, a P/E/G ratio of 4.07 and a beta of 0.91. Cisco Systems, Inc. has a 12-month low of $44.50 and a 12-month 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.

Cisco Systems (NASDAQ:CSCO - Get Free Report) last announced its quarterly earnings data 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 firm had revenue of $14.15 billion for the quarter, compared to the consensus estimate of $14.05 billion. Cisco Systems had a net margin of 17.60% and a return on equity of 26.48%. The company's revenue was up 11.4% on a year-over-year basis. During the same period last year, the firm earned $0.88 EPS. As a group, sell-side analysts predict that Cisco Systems, Inc. will post 3.04 earnings per share for the current fiscal year.

Cisco Systems Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, July 23rd. Stockholders of record on Thursday, July 3rd were given a dividend of $0.41 per share. The ex-dividend date was Thursday, July 3rd. This represents a $1.64 dividend on an annualized basis and a dividend yield of 2.4%. Cisco Systems's dividend payout ratio (DPR) is presently 66.94%.

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.