Legacy Capital Wealth Partners LLC trimmed its holdings in Cisco Systems, Inc. (NASDAQ:CSCO - Free Report) by 41.1% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 7,617 shares of the network equipment provider's stock after selling 5,322 shares during the period. Legacy Capital Wealth Partners LLC's holdings in Cisco Systems were worth $470,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Navigoe LLC acquired a new position in shares of Cisco Systems during the fourth quarter worth about $26,000. Mpwm Advisory Solutions LLC acquired a new position in shares of Cisco Systems during the fourth quarter worth about $26,000. JDM Financial Group LLC boosted its position in shares of Cisco Systems by 160.4% during the fourth quarter. JDM Financial Group LLC now owns 487 shares of the network equipment provider's stock worth $29,000 after buying an additional 300 shares during the period. Runnymede Capital Advisors Inc. acquired a new position in shares of Cisco Systems during the fourth quarter worth about $30,000. Finally, Fairway Wealth LLC boosted its position in shares of Cisco Systems by 224.7% during the first quarter. Fairway Wealth LLC now owns 578 shares of the network equipment provider's stock worth $36,000 after buying an additional 400 shares during the period. 73.33% of the stock is owned by institutional investors and hedge funds.
Wall Street Analysts Forecast Growth
Several research firms have recently weighed in on CSCO. New Street Research reaffirmed a "neutral" rating and set a $70.00 price objective on shares of Cisco Systems in a research report on Friday, May 16th. Morgan Stanley increased their price target on Cisco Systems from $67.00 to $70.00 and gave the company an "overweight" rating in a research report on Friday. Wolfe Research assumed coverage on Cisco Systems in a research report on Tuesday, July 8th. They set a "peer perform" rating for the company. Wall Street Zen cut Cisco Systems from a "strong-buy" rating to a "buy" rating in a research report on Saturday, July 12th. Finally, Piper Sandler increased their price target on Cisco Systems from $60.00 to $64.00 and gave the company a "neutral" rating in a research report on Thursday, May 15th. Seven investment analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and two have assigned a strong buy rating to the company's stock. Based on data from MarketBeat, Cisco Systems has a consensus rating of "Moderate Buy" and an average price target of $70.35.
Check Out Our Latest Analysis on CSCO
Insider Activity at Cisco Systems
In related news, CEO Charles Robbins sold 29,784 shares of the stock in a transaction that occurred on Thursday, June 5th. The stock was sold at an average price of $64.61, for a total transaction of $1,924,344.24. Following the sale, the chief executive officer owned 688,409 shares of the company's stock, valued at $44,478,105.49. This represents a 4.15% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CFO Richard Scott Herren sold 15,678 shares of the stock in a transaction that occurred on Tuesday, June 17th. The stock was sold at an average price of $65.52, for a total value of $1,027,222.56. Following the sale, the chief financial officer directly owned 309,543 shares in the company, valued at $20,281,257.36. This represents a 4.82% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 97,335 shares of company stock valued at $6,271,054 in the last 90 days. Corporate insiders own 0.01% of the company's stock.
Cisco Systems Stock Performance
Shares of NASDAQ CSCO traded down $0.25 during trading hours on Friday, reaching $68.05. 16,138,141 shares of the stock were exchanged, compared to its average volume of 20,288,290. The firm has a market capitalization of $269.48 billion, a price-to-earnings ratio of 27.78, a P/E/G ratio of 4.03 and a beta of 0.90. The company has a debt-to-equity ratio of 0.50, a quick ratio of 0.87 and a current ratio of 0.95. Cisco Systems, Inc. has a 52 week low of $44.50 and a 52 week high of $69.78. The stock's fifty day simple moving average is $65.67 and its 200 day simple moving average is $62.03.
Cisco Systems (NASDAQ:CSCO - Get Free Report) last announced its earnings results on Wednesday, May 14th. The network equipment provider reported $0.96 earnings per share 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 analyst estimates of $14.05 billion. Cisco Systems had a return on equity of 26.48% and a net margin of 17.60%. The firm's quarterly revenue was up 11.4% compared to the same quarter last year. During the same quarter last year, the company earned $0.88 earnings per share. Sell-side analysts predict that Cisco Systems, Inc. will post 3.04 EPS for the current year.
Cisco Systems Dividend Announcement
The company also recently announced a quarterly dividend, which will be paid on Wednesday, July 23rd. Stockholders of record on Thursday, July 3rd will be paid 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 dividend yield of 2.41%. Cisco Systems's dividend payout ratio (DPR) is currently 66.94%.
Cisco Systems Profile
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Free Report)
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.
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