3,926 Shares in Cisco Systems, Inc. (NASDAQ:CSCO) Purchased by Palumbo Wealth Management LLC

Palumbo Wealth Management LLC acquired a new position in shares of Cisco Systems, Inc. (NASDAQ:CSCO - Free Report) during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm acquired 3,926 shares of the network equipment provider's stock, valued at approximately $242,000.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in CSCO. Glass Jacobson Investment Advisors llc boosted its holdings in shares of Cisco Systems by 8.7% during the fourth quarter. Glass Jacobson Investment Advisors llc now owns 2,070 shares of the network equipment provider's stock worth $123,000 after purchasing an additional 166 shares during the period. Fairhaven Wealth Management LLC boosted its stake in shares of Cisco Systems by 2.3% during the 4th quarter. Fairhaven Wealth Management LLC now owns 7,581 shares of the network equipment provider's stock valued at $449,000 after buying an additional 167 shares during the period. BlackDiamond Wealth Management LLC boosted its stake in shares of Cisco Systems by 3.1% during the 4th quarter. BlackDiamond Wealth Management LLC now owns 5,656 shares of the network equipment provider's stock valued at $335,000 after buying an additional 168 shares during the period. Legacy Financial Group Inc. grew its holdings in shares of Cisco Systems by 3.4% during the 4th quarter. Legacy Financial Group Inc. now owns 5,100 shares of the network equipment provider's stock valued at $302,000 after acquiring an additional 169 shares in the last quarter. Finally, Maple Capital Management Inc. raised its holdings in shares of 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 in the last quarter. Institutional investors and hedge funds own 73.33% of the company's stock.

Cisco Systems Stock Performance

Shares of CSCO traded up $0.76 during mid-day trading on Thursday, hitting $68.95. The company's stock had a trading volume of 22,543,476 shares, compared to its average volume of 20,211,249. The stock's 50-day moving average is $62.31 and its two-hundred day moving average is $61.02. The firm has a market capitalization of $273.04 billion, a PE ratio of 28.14, a price-to-earnings-growth ratio of 4.08 and a beta of 0.88. 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 one year low of $44.50 and a one year high of $69.16.

Cisco Systems (NASDAQ:CSCO - Get Free Report) last issued its quarterly earnings results on Wednesday, May 14th. The network equipment provider reported $0.96 earnings per share for the quarter, beating analysts' consensus estimates 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 business's revenue was up 11.4% on a year-over-year basis. During the same period in the prior year, the firm earned $0.88 EPS. As a group, sell-side analysts anticipate that Cisco Systems, Inc. will post 3.04 EPS 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 given a dividend of $0.41 per share. This represents a $1.64 dividend on an annualized basis and a yield of 2.38%. The ex-dividend date is Thursday, July 3rd. Cisco Systems's dividend payout ratio (DPR) is presently 66.94%.

Analysts Set New Price Targets

CSCO has been the topic of several research reports. JPMorgan Chase & Co. upped their target price on Cisco Systems from $70.00 to $73.00 and gave the stock an "overweight" rating in a research report on Thursday, May 15th. KeyCorp began coverage on shares of Cisco Systems in a research note on Thursday. They issued an "overweight" rating and a $77.00 target price for the company. Piper Sandler boosted their target price on shares of Cisco Systems from $60.00 to $64.00 and gave the stock a "neutral" rating in a research report on Thursday, May 15th. Evercore ISI raised their price target on shares of Cisco Systems from $67.00 to $72.00 and gave the company an "outperform" rating in a report on Thursday, May 15th. Finally, Deutsche Bank Aktiengesellschaft upgraded shares of Cisco Systems from a "hold" rating to a "buy" rating and upped their price objective for the stock from $65.00 to $73.00 in a report on Monday, June 16th. Seven equities research analysts have rated the stock with a hold rating, fourteen have given a buy rating and three have assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average price target of $69.53.

Insider Activity at Cisco Systems

In related news, insider Jeetendra I. Patel sold 9,961 shares of the 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 transaction, the insider now owns 257,162 shares of the company's stock, valued at $16,450,653.14. This represents a 3.73% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, EVP Deborah L. Stahlkopf sold 9,643 shares of Cisco Systems stock in a transaction that occurred on Friday, May 16th. The shares were sold at an average price of $63.50, for a total value of $612,330.50. Following the sale, the executive vice president now directly owns 181,186 shares in the company, 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 have sold 97,335 shares of company stock worth $6,271,054 over the last three months. Company insiders own 0.01% of the company's stock.

Cisco Systems 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.