Legacy Private Trust Co. decreased its stake in shares of Cisco Systems, Inc. (NASDAQ:CSCO - Free Report) by 19.8% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 34,054 shares of the network equipment provider's stock after selling 8,423 shares during the period. Legacy Private Trust Co.'s holdings in Cisco Systems were worth $2,101,000 at the end of the most recent quarter.
Several other large investors also recently made changes to their positions in CSCO. Glass Jacobson Investment Advisors llc boosted its holdings in Cisco Systems by 8.7% in the fourth quarter. Glass Jacobson Investment Advisors llc now owns 2,070 shares of the network equipment provider's stock valued at $123,000 after purchasing an additional 166 shares in the last quarter. Fairhaven Wealth Management LLC raised its stake in shares of Cisco Systems by 2.3% during the fourth quarter. Fairhaven Wealth Management LLC now owns 7,581 shares of the network equipment provider's stock worth $449,000 after purchasing an additional 167 shares during the last quarter. BlackDiamond Wealth Management LLC grew its holdings in Cisco Systems by 3.1% during the fourth quarter. BlackDiamond Wealth Management LLC now owns 5,656 shares of the network equipment provider's stock worth $335,000 after acquiring an additional 168 shares during the period. Legacy Financial Group Inc. grew its holdings in Cisco Systems by 3.4% during the fourth quarter. Legacy Financial Group Inc. now owns 5,100 shares of the network equipment provider's stock worth $302,000 after acquiring an additional 169 shares during the period. Finally, Maple Capital Management Inc. grew its holdings in Cisco Systems by 1.4% during the fourth quarter. Maple Capital Management Inc. now owns 11,984 shares of the network equipment provider's stock worth $709,000 after acquiring an additional 170 shares during the period. Institutional investors own 73.33% of the company's stock.
Cisco Systems Stock Up 0.5%
Shares of CSCO stock traded up $0.29 on Tuesday, reaching $64.14. 4,287,569 shares of the company's stock traded hands, compared to its average volume of 20,164,871. The company has a market capitalization of $253.99 billion, a P/E ratio of 28.01, a price-to-earnings-growth ratio of 4.16 and a beta of 0.89. The business's 50 day moving average price is $59.34 and its two-hundred day moving average price is $60.17. Cisco Systems, Inc. has a 12-month low of $44.50 and a 12-month 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.
Cisco Systems (NASDAQ:CSCO - Get Free Report) last posted its quarterly earnings data 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 business had revenue of $14.15 billion during the quarter, compared to analysts' expectations of $14.05 billion. Cisco Systems had a return on equity of 26.08% and a net margin of 16.96%. The firm's revenue was up 11.4% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.88 EPS. On average, equities 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 disclosed a quarterly dividend, which will be paid on Wednesday, July 23rd. Shareholders of record on Thursday, July 3rd will be given a $0.41 dividend. The ex-dividend date is Thursday, July 3rd. This represents a $1.64 dividend on an annualized basis and a yield of 2.56%. Cisco Systems's payout ratio is 66.94%.
Cisco Systems announced that its board has initiated a share repurchase plan on Wednesday, February 12th that authorizes the company to repurchase $15.00 billion in outstanding shares. This repurchase authorization authorizes the network equipment provider to buy up to 6% of its shares through open market purchases. Shares repurchase plans are usually an indication that the company's board believes its shares are undervalued.
Analyst Ratings Changes
CSCO has been the topic of several research reports. Wells Fargo & Company raised Cisco Systems from an "equal weight" rating to an "overweight" rating and upped their target price for the company from $72.00 to $75.00 in a report on Thursday, May 15th. Piper Sandler raised their price objective on Cisco Systems from $60.00 to $64.00 and gave the stock a "neutral" rating in a report on Thursday, May 15th. UBS Group raised their price objective on Cisco Systems from $62.00 to $70.00 and gave the company a "neutral" rating in a research note on Thursday, February 13th. DZ Bank upgraded Cisco Systems from a "hold" rating to a "buy" rating in a research note on Tuesday, February 18th. Finally, Barclays restated an "equal weight" rating on shares of Cisco Systems in a research note on Wednesday, May 21st. Eight research 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 stock. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus target price of $68.00.
Get Our Latest Report on CSCO
Insider Buying and Selling at Cisco Systems
In other Cisco Systems 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 sale, the insider now owns 257,162 shares of the company's stock, valued at $16,450,653.14. This trade represents a 3.73% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, EVP Thimaya K. Subaiya sold 2,065 shares of Cisco Systems stock in a transaction dated Wednesday, March 12th. The shares were sold at an average price of $60.70, for a total value of $125,345.50. Following the completion of the sale, the executive vice president now directly owns 191,184 shares in the company, valued at $11,604,868.80. This represents a 1.07% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 41,616 shares of company stock worth $2,640,095. Insiders own 0.01% of the company's stock.
About Cisco Systems
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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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