Matrix Asset Advisors Inc. NY Has $17.17 Million Stock Position in Cisco Systems, Inc. (NASDAQ:CSCO)

Matrix Asset Advisors Inc. NY cut its stake in shares of Cisco Systems, Inc. (NASDAQ:CSCO - Free Report) by 49.0% during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 278,277 shares of the network equipment provider's stock after selling 267,587 shares during the period. Cisco Systems makes up about 1.9% of Matrix Asset Advisors Inc. NY's holdings, making the stock its 18th biggest position. Matrix Asset Advisors Inc. NY's holdings in Cisco Systems were worth $17,172,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in CSCO. Cullinan Associates Inc. increased its position in Cisco Systems by 16.0% during the first quarter. Cullinan Associates Inc. now owns 101,738 shares of the network equipment provider's stock worth $6,278,000 after buying an additional 14,026 shares during the last quarter. First American Bank grew its position in Cisco Systems by 0.8% during the first quarter. First American Bank now owns 72,887 shares of the network equipment provider's stock worth $4,498,000 after buying an additional 582 shares in the last quarter. Weaver Capital Management LLC grew its position in Cisco Systems by 0.7% during the first quarter. Weaver Capital Management LLC now owns 50,359 shares of the network equipment provider's stock worth $3,108,000 after buying an additional 328 shares in the last quarter. Praxis Investment Management Inc. lifted its position in shares of Cisco Systems by 1.1% during the 1st quarter. Praxis Investment Management Inc. now owns 99,100 shares of the network equipment provider's stock worth $6,115,000 after buying an additional 1,050 shares during the period. Finally, World Equity Group Inc. lifted its position in shares of Cisco Systems by 8.6% during the 1st quarter. World Equity Group Inc. now owns 15,409 shares of the network equipment provider's stock worth $932,000 after buying an additional 1,225 shares during the period. Institutional investors and hedge funds own 73.33% of the company's stock.

Cisco Systems Price Performance

NASDAQ:CSCO traded up $1.06 on Monday, hitting $67.38. The company had a trading volume of 33,917,945 shares, compared to its average volume of 20,152,340. The stock has a market capitalization of $266.82 billion, a price-to-earnings ratio of 27.50, a PEG ratio of 3.97 and a beta of 0.88. The company has a current ratio of 0.95, a quick ratio of 0.87 and a debt-to-equity ratio of 0.50. The firm has a 50 day moving average of $61.38 and a two-hundred day moving average of $60.80. Cisco Systems, Inc. has a 52 week low of $44.50 and a 52 week high of $67.74.

Cisco Systems (NASDAQ:CSCO - Get Free Report) last released its quarterly earnings results on Wednesday, May 14th. The network equipment provider reported $0.96 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.92 by $0.04. The firm had revenue of $14.15 billion during 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 for the quarter was up 11.4% on a year-over-year basis. During the same quarter last year, the firm earned $0.88 earnings per share. On average, research analysts anticipate that Cisco Systems, Inc. will post 3.04 earnings per share for the current year.

Cisco Systems Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, July 23rd. Investors of record on Thursday, July 3rd will be paid a dividend of $0.41 per share. This represents a $1.64 dividend on an annualized basis and a yield of 2.43%. The ex-dividend date of this dividend is Thursday, July 3rd. Cisco Systems's dividend payout ratio is presently 66.94%.

Wall Street Analysts Forecast Growth

A number of research firms have recently issued reports on CSCO. Deutsche Bank Aktiengesellschaft upgraded shares of Cisco Systems from a "hold" rating to a "buy" rating and lifted their target price for the company from $65.00 to $73.00 in a research note on Monday, June 16th. New Street Research reaffirmed a "neutral" rating and set a $70.00 target price on shares of Cisco Systems in a report on Friday, May 16th. Piper Sandler lifted their target price on shares of Cisco Systems from $60.00 to $64.00 and gave the stock a "neutral" rating in a report on Thursday, May 15th. Wells Fargo & Company raised shares of Cisco Systems from an "equal weight" rating to an "overweight" rating and lifted their target price for the stock from $72.00 to $75.00 in a report on Thursday, May 15th. Finally, Rosenblatt Securities lifted their target price on shares of Cisco Systems from $63.00 to $74.00 and gave the stock a "buy" rating in a report on Thursday, May 15th. Seven analysts have rated the stock with a hold rating, thirteen have issued a buy rating and three have given a strong buy rating to the company's stock. Based on data from MarketBeat, Cisco Systems currently has a consensus rating of "Moderate Buy" and an average price target of $69.11.

Insider Buying and Selling

In other Cisco Systems news, SVP Maria Victoria Wong sold 4,185 shares of the firm's stock in a transaction on Wednesday, May 28th. The shares were sold at an average price of $63.51, for a total value of $265,789.35. Following the completion of the sale, the senior vice president now directly owns 38,103 shares in the company, valued at approximately $2,419,921.53. This trade represents a 9.90% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, EVP Deborah L. Stahlkopf sold 9,643 shares of the firm's stock in a transaction on Friday, May 16th. The stock was sold at an average price of $63.50, for a total transaction of $612,330.50. Following the completion of the sale, the executive vice president now owns 181,186 shares of the company's stock, valued at $11,505,311. The trade was a 5.05% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 97,335 shares of company stock valued at $6,271,054 over the last quarter. Insiders own 0.01% of the company's stock.

Cisco Systems Company 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.