Meyer Handelman Co. Trims Stock Position in Cisco Systems, Inc. (NASDAQ:CSCO)

Meyer Handelman Co. trimmed its position in Cisco Systems, Inc. (NASDAQ:CSCO - Free Report) by 2.1% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 619,213 shares of the network equipment provider's stock after selling 13,440 shares during the quarter. Cisco Systems makes up 1.3% of Meyer Handelman Co.'s investment portfolio, making the stock its 21st largest position. Meyer Handelman Co.'s holdings in Cisco Systems were worth $38,212,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also modified their holdings of CSCO. Tallon Kerry Patrick acquired a new stake in shares of Cisco Systems in the 4th quarter valued at $603,000. Brighton Jones LLC raised its stake in Cisco Systems by 49.5% during the 4th quarter. Brighton Jones LLC now owns 74,187 shares of the network equipment provider's stock worth $4,392,000 after acquiring an additional 24,562 shares in the last quarter. Exchange Traded Concepts LLC raised its stake in Cisco Systems by 60.3% during the 4th quarter. Exchange Traded Concepts LLC now owns 8,219 shares of the network equipment provider's stock worth $487,000 after acquiring an additional 3,093 shares in the last quarter. Revolve Wealth Partners LLC raised its stake in Cisco Systems by 37.0% during the 4th quarter. Revolve Wealth Partners LLC now owns 9,156 shares of the network equipment provider's stock worth $542,000 after acquiring an additional 2,474 shares in the last quarter. Finally, Mediolanum International Funds Ltd raised its stake in Cisco Systems by 41.7% during the 4th quarter. Mediolanum International Funds Ltd now owns 916,477 shares of the network equipment provider's stock worth $54,113,000 after acquiring an additional 269,647 shares in the last quarter. 73.33% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In related news, EVP Oliver Tuszik sold 15,000 shares of the business's stock in a transaction dated Wednesday, May 28th. The shares were sold at an average price of $63.53, for a total transaction of $952,950.00. Following the sale, the executive vice president now owns 131,676 shares of the company's stock, valued at approximately $8,365,376.28. The trade was a 10.23% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, insider Jeetendra I. Patel sold 9,961 shares of the business's stock in a transaction dated Friday, May 16th. The stock was sold at an average price of $63.97, for a total transaction of $637,205.17. Following the sale, the insider now directly owns 257,162 shares in the company, valued at approximately $16,450,653.14. This represents a 3.73% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 41,616 shares of company stock valued at $2,640,095. Corporate insiders own 0.01% of the company's stock.

Wall Street Analysts Forecast Growth

Several brokerages recently commented on CSCO. UBS Group lifted their price target on shares of Cisco Systems from $62.00 to $70.00 and gave the stock a "neutral" rating in a research note on Thursday, February 13th. New Street Research reiterated a "neutral" rating and set a $70.00 price target on shares of Cisco Systems in a research note on Friday, May 16th. JPMorgan Chase & Co. lifted their price target on shares of Cisco Systems from $70.00 to $73.00 and gave the stock an "overweight" rating in a research note on Thursday, May 15th. The Goldman Sachs Group lifted their price target on shares of Cisco Systems from $56.00 to $63.00 and gave the stock a "neutral" rating in a research note on Thursday, February 13th. Finally, Piper Sandler lifted their price target on shares of Cisco Systems from $60.00 to $64.00 and gave the stock a "neutral" rating in a research note on Thursday, May 15th. Eight analysts have rated the stock with a hold rating, twelve have given a buy rating and three have issued a strong buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $68.00.

Cisco Systems Stock Performance

Shares of NASDAQ:CSCO traded up $0.51 during midday trading on Tuesday, hitting $64.36. The stock had a trading volume of 14,154,821 shares, compared to its average volume of 20,206,748. The company has a market capitalization of $254.87 billion, a PE ratio of 28.10, a P/E/G ratio of 4.16 and a beta of 0.89. The stock has a 50 day moving average price of $59.34 and a two-hundred day moving average price of $60.17. The company has a current ratio of 0.87, a quick ratio of 0.79 and a debt-to-equity ratio of 0.43. Cisco Systems, Inc. has a 1 year low of $44.50 and a 1 year high of $66.50.

Cisco Systems (NASDAQ:CSCO - Get Free Report) last issued its earnings results on Wednesday, May 14th. The network equipment provider reported $0.96 earnings per share for the quarter, beating the consensus estimate of $0.92 by $0.04. The business had revenue of $14.15 billion for the quarter, compared to the consensus estimate of $14.05 billion. Cisco Systems had a net margin of 16.96% and a return on equity of 26.08%. The business's quarterly 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 earnings per share. As a group, equities analysts predict that Cisco Systems, Inc. will post 3.04 earnings per share for the current fiscal year.

Cisco Systems announced that its board has approved a share repurchase program on Wednesday, February 12th that authorizes the company to buyback $15.00 billion in outstanding shares. This buyback authorization authorizes the network equipment provider to reacquire up to 6% of its shares through open market purchases. Shares buyback programs are typically an indication that the company's management believes its shares are undervalued.

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. This represents a $1.64 dividend on an annualized basis and a yield of 2.55%. The ex-dividend date is Thursday, July 3rd. Cisco Systems's dividend payout ratio is currently 66.94%.

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.