Parr Mcknight Wealth Management Group LLC Sells 51,393 Shares of Cisco Systems, Inc. (NASDAQ:CSCO)

Parr Mcknight Wealth Management Group LLC lessened its stake in Cisco Systems, Inc. (NASDAQ:CSCO - Free Report) by 36.5% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 89,532 shares of the network equipment provider's stock after selling 51,393 shares during the period. Parr Mcknight Wealth Management Group LLC's holdings in Cisco Systems were worth $5,525,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently bought and sold shares of the company. Navigoe LLC purchased a new position in Cisco Systems in the fourth quarter valued at $26,000. Mpwm Advisory Solutions LLC purchased a new position in Cisco Systems in the fourth quarter worth approximately $26,000. JDM Financial Group LLC raised its stake in shares of Cisco Systems by 160.4% in the 4th quarter. JDM Financial Group LLC now owns 487 shares of the network equipment provider's stock valued at $29,000 after acquiring an additional 300 shares during the period. Runnymede Capital Advisors Inc. acquired a new position in Cisco Systems during the 4th quarter worth about $30,000. Finally, Campbell Capital Management Inc. purchased a new position in Cisco Systems in the 4th quarter valued at approximately $31,000. Institutional investors own 73.33% of the company's stock.

Analyst Upgrades and Downgrades

CSCO has been the subject of several analyst reports. Morgan Stanley reaffirmed a "hold" rating on shares of Cisco Systems in a research report on Wednesday, May 21st. New Street Research reaffirmed a "neutral" rating and set a $70.00 price objective on shares of Cisco Systems in a research note on Friday, May 16th. Wolfe Research assumed coverage on Cisco Systems in a report on Tuesday. They issued a "peer perform" rating for the company. JPMorgan Chase & Co. upped their price objective on Cisco Systems from $70.00 to $73.00 and gave the stock an "overweight" rating in a report on Thursday, May 15th. Finally, Piper Sandler boosted their price objective 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 research analysts have rated the stock with a hold rating, fourteen have issued a buy rating and three have assigned a strong buy rating to the company's stock. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $69.53.

Cisco Systems Trading Down 0.7%

Shares of NASDAQ CSCO traded down $0.51 during mid-day trading on Thursday, hitting $68.76. 14,970,647 shares of the company traded hands, compared to its average volume of 20,383,426. Cisco Systems, Inc. has a 1 year low of $44.50 and a 1 year high of $69.78. The business has a 50 day moving average of $64.63 and a two-hundred day moving average of $61.68. The company has a quick ratio of 0.87, a current ratio of 0.95 and a debt-to-equity ratio of 0.50. The stock has a market capitalization of $272.29 billion, a price-to-earnings ratio of 28.07, a PEG ratio of 4.14 and a beta of 0.90.

Cisco Systems (NASDAQ:CSCO - Get Free Report) last posted its quarterly earnings results on Wednesday, May 14th. The network equipment provider reported $0.96 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.92 by $0.04. Cisco Systems had a net margin of 17.60% and a return on equity of 26.48%. The business had revenue of $14.15 billion during the quarter, compared to analyst estimates of $14.05 billion. During the same period in the prior year, the firm earned $0.88 earnings per share. The firm's revenue was up 11.4% compared to the same quarter last year. On average, sell-side analysts anticipate that Cisco Systems, Inc. will post 3.04 earnings per share for the current fiscal year.

Cisco Systems Announces Dividend

The firm 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 $0.41 dividend. This represents a $1.64 dividend on an annualized basis and a yield of 2.39%. The ex-dividend date of this dividend is Thursday, July 3rd. Cisco Systems's dividend payout ratio is presently 66.94%.

Insider Buying and Selling

In other Cisco Systems news, CFO Richard Scott Herren sold 15,678 shares of the company's stock in a transaction that occurred on Tuesday, June 17th. The stock was sold at an average price of $65.52, for a total transaction of $1,027,222.56. Following the completion of the sale, the chief financial officer owned 309,543 shares of the company's stock, valued at $20,281,257.36. This represents a 4.82% decrease in their ownership of the stock. 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 899 shares of the firm's stock in a transaction on Thursday, June 12th. The shares were sold at an average price of $64.27, for a total transaction of $57,778.73. Following the completion of the transaction, the insider owned 255,377 shares in the company, valued at $16,413,079.79. The trade was a 0.35% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 97,335 shares of company stock valued at $6,271,054. 0.01% of the stock is owned by corporate insiders.

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.