MainStreet Investment Advisors LLC cut its holdings in Cisco Systems, Inc. (NASDAQ:CSCO - Free Report) by 5.6% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 91,769 shares of the network equipment provider's stock after selling 5,439 shares during the quarter. MainStreet Investment Advisors LLC's holdings in Cisco Systems were worth $5,663,000 as of its most recent SEC filing.
A number of other institutional investors and hedge funds have also made changes to their positions in the business. Brighton Jones LLC boosted its stake in Cisco Systems by 49.5% during the fourth quarter. Brighton Jones LLC now owns 74,187 shares of the network equipment provider's stock worth $4,392,000 after buying an additional 24,562 shares during the last quarter. Revolve Wealth Partners LLC boosted its stake in Cisco Systems by 37.0% during the fourth quarter. Revolve Wealth Partners LLC now owns 9,156 shares of the network equipment provider's stock worth $542,000 after buying an additional 2,474 shares during the last quarter. Proficio Capital Partners LLC boosted its stake in Cisco Systems by 76.4% during the fourth quarter. Proficio Capital Partners LLC now owns 16,947 shares of the network equipment provider's stock worth $1,003,000 after buying an additional 7,338 shares during the last quarter. Independent Advisor Alliance boosted its stake in Cisco Systems by 41.0% during the fourth quarter. Independent Advisor Alliance now owns 103,155 shares of the network equipment provider's stock worth $6,107,000 after buying an additional 29,972 shares during the last quarter. Finally, Davis R M Inc. boosted its stake in Cisco Systems by 1.6% during the fourth quarter. Davis R M Inc. now owns 19,496 shares of the network equipment provider's stock worth $1,154,000 after buying an additional 300 shares during the last quarter. 73.33% of the stock is currently owned by hedge funds and other institutional investors.
Wall Street Analyst Weigh In
A number of equities analysts have weighed in on the company. Wall Street Zen raised Cisco Systems from a "buy" rating to a "strong-buy" rating in a research note on Friday, May 16th. Barclays restated an "equal weight" rating on shares of Cisco Systems in a research report on Wednesday, May 21st. Citigroup lifted their target price on Cisco Systems from $68.00 to $71.00 and gave the company a "buy" rating in a research report on Thursday, May 15th. KeyCorp started coverage on Cisco Systems in a research report on Thursday, June 26th. They issued an "overweight" rating and a $77.00 target price on the stock. Finally, Piper Sandler lifted their target price on Cisco Systems from $60.00 to $64.00 and gave the company a "neutral" rating in a research report on Thursday, May 15th. Eight equities research analysts have rated the stock with a hold rating, fourteen have given a buy rating and three have issued a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average price target of $69.53.
View Our Latest Analysis on Cisco Systems
Cisco Systems Stock Down 1.0%
NASDAQ CSCO traded down $0.71 during trading hours on Friday, hitting $68.06. 8,255,925 shares of the company were exchanged, compared to its average volume of 20,336,555. The company has a 50 day moving average of $64.84 and a two-hundred day moving average of $61.75. The company has a quick ratio of 0.87, a current ratio of 0.95 and a debt-to-equity ratio of 0.50. Cisco Systems, Inc. has a 52-week low of $44.50 and a 52-week high of $69.78. The firm has a market cap of $269.50 billion, a price-to-earnings ratio of 27.77, a PEG ratio of 4.14 and a beta of 0.90.
Cisco Systems (NASDAQ:CSCO - Get Free Report) last released its quarterly earnings data on Wednesday, May 14th. The network equipment provider reported $0.96 earnings per share (EPS) 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 26.48% and a net margin of 17.60%. The business's quarterly revenue was up 11.4% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.88 EPS. Equities research analysts anticipate that Cisco Systems, Inc. will post 3.04 earnings per share for the current year.
Cisco Systems Announces Dividend
The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, July 23rd. Stockholders of record on Thursday, July 3rd will be given a dividend of $0.41 per share. The ex-dividend date of this dividend is Thursday, July 3rd. This represents a $1.64 annualized dividend and a dividend yield of 2.41%. Cisco Systems's dividend payout ratio is currently 66.94%.
Insider Buying and Selling at Cisco Systems
In related news, EVP Oliver Tuszik sold 15,000 shares of the company's 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 sale, the executive vice president directly owned 131,676 shares of the company's stock, valued at $8,365,376.28. This represents a 10.23% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Jeetendra I. Patel sold 9,961 shares of the company's stock in a transaction dated Friday, May 16th. The shares were sold at an average price of $63.97, for a total value of $637,205.17. Following the completion of the sale, the insider directly owned 257,162 shares of the company's stock, valued at approximately $16,450,653.14. This trade represents a 3.73% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 97,335 shares of company stock worth $6,271,054. Corporate insiders own 0.01% of the company's stock.
Cisco Systems Company 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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