Iowa State Bank Sells 13,874 Shares of Cisco Systems, Inc. (NASDAQ:CSCO)

Iowa State Bank trimmed its holdings in shares of Cisco Systems, Inc. (NASDAQ:CSCO - Free Report) by 9.4% in the first quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 134,479 shares of the network equipment provider's stock after selling 13,874 shares during the quarter. Cisco Systems accounts for 1.8% of Iowa State Bank's holdings, making the stock its 13th biggest position. Iowa State Bank's holdings in Cisco Systems were worth $8,299,000 as of its most recent SEC filing.

Other large investors have also bought and sold shares of the company. Norges Bank bought a new position in Cisco Systems in the fourth quarter valued at about $3,297,905,000. FMR LLC grew 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 worth $4,571,218,000 after purchasing an additional 13,285,052 shares during the last quarter. Raymond James Financial Inc. bought a new stake in shares of Cisco Systems during the fourth quarter worth about $560,722,000. Alyeska Investment Group L.P. acquired a new position in shares of Cisco Systems in the fourth quarter worth approximately $413,491,000. Finally, GAMMA Investing LLC lifted its stake in shares of 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 acquiring an additional 6,625,045 shares during the period. 73.33% of the stock is owned by institutional investors.

Cisco Systems Stock Performance

Shares of CSCO stock traded up $0.31 on Thursday, hitting $64.70. 8,484,424 shares of the stock were exchanged, compared to its average volume of 20,114,767. The company has a current ratio of 0.87, a quick ratio of 0.79 and a debt-to-equity ratio of 0.43. The firm has a market capitalization of $256.21 billion, a PE ratio of 28.25, a P/E/G ratio of 4.16 and a beta of 0.88. Cisco Systems, Inc. has a one year low of $44.50 and a one year high of $66.50. The firm's 50 day moving average is $59.47 and its two-hundred day moving average is $60.22.

Cisco Systems (NASDAQ:CSCO - Get Free Report) last posted its quarterly earnings results on Wednesday, May 14th. The network equipment provider reported $0.96 earnings per share for the quarter, topping the consensus estimate of $0.92 by $0.04. The company 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 firm's quarterly revenue was up 11.4% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.88 EPS. Sell-side analysts expect that Cisco Systems, Inc. will post 3.04 earnings per share for the current fiscal year.

Cisco Systems Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, July 23rd. Investors of record on Thursday, July 3rd will be issued a dividend of $0.41 per share. The ex-dividend date is Thursday, July 3rd. This represents a $1.64 dividend on an annualized basis and a yield of 2.53%. Cisco Systems's dividend payout ratio (DPR) is 66.94%.

Cisco Systems announced that its Board of Directors has approved a share repurchase program on Wednesday, February 12th that authorizes the company to repurchase $15.00 billion in shares. This repurchase authorization authorizes the network equipment provider to buy up to 6% of its stock through open market purchases. Stock repurchase programs are usually an indication that the company's leadership believes its stock is undervalued.

Analyst Upgrades and Downgrades

A number of equities analysts recently commented on the company. Piper Sandler lifted 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. The Goldman Sachs Group lifted their price objective on Cisco Systems from $56.00 to $63.00 and gave the stock a "neutral" rating in a research note on Thursday, February 13th. DZ Bank raised Cisco Systems from a "hold" rating to a "buy" rating in a research note on Tuesday, February 18th. Evercore ISI boosted their price target on Cisco Systems from $67.00 to $72.00 and gave the company an "outperform" rating in a research note on Thursday, May 15th. Finally, Rosenblatt Securities upped their price target on Cisco Systems from $63.00 to $74.00 and gave the stock a "buy" rating in a report on Thursday, May 15th. Eight investment analysts have rated the stock with a hold rating, twelve have given a buy rating and three have given a strong buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $68.00.

Insider Buying and Selling

In other Cisco Systems news, SVP Maria Victoria Wong sold 762 shares of the firm's stock in a transaction dated Wednesday, March 12th. The stock was sold at an average price of $60.99, for a total value of $46,474.38. Following the sale, the senior vice president now owns 44,155 shares of the company's stock, valued at $2,693,013.45. This trade represents a 1.70% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, EVP Oliver Tuszik sold 15,000 shares of the firm's stock in a transaction dated Wednesday, May 28th. The shares were sold at an average price of $63.53, for a total value of $952,950.00. Following the completion of the sale, the executive vice president now directly owns 131,676 shares in the company, valued at approximately $8,365,376.28. The trade was a 10.23% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 41,616 shares of company stock valued at $2,640,095. Corporate insiders own 0.01% of the company's stock.

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.