Patten & Patten Inc. TN Sells 6,042 Shares of Cisco Systems, Inc. (NASDAQ:CSCO)

Key Points

• Patten & Patten Inc. TN decreased its stock holdings in Cisco Systems, Inc. by 3.5%, now owning 167,636 shares valued at approximately $10.35 million after selling 6,042 shares in Q1.
• Insider sales included Jeetendra I. Patel selling 9,961 shares at $63.97 each, resulting in a 3.73% decrease in their position.
• Cisco reported earnings of $0.96 per share, surpassing estimates, with revenue of $14.15 billion—an 11.4% increase year-over-year.

Patten & Patten Inc. TN trimmed its holdings in Cisco Systems, Inc. (NASDAQ:CSCO - Free Report) by 3.5% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 167,636 shares of the network equipment provider's stock after selling 6,042 shares during the period. Patten & Patten Inc. TN's holdings in Cisco Systems were worth $10,345,000 as of its most recent SEC filing.

A number of other institutional investors also recently made changes to their positions in the business. New Republic Capital LLC raised its position in shares of Cisco Systems by 7.0% in the 1st quarter. New Republic Capital LLC now owns 12,075 shares of the network equipment provider's stock valued at $745,000 after purchasing an additional 793 shares in the last quarter. Pin Oak Investment Advisors Inc. raised its position in shares of Cisco Systems by 7.5% in the 1st quarter. Pin Oak Investment Advisors Inc. now owns 8,725 shares of the network equipment provider's stock valued at $531,000 after purchasing an additional 610 shares in the last quarter. Foundations Investment Advisors LLC raised its position in shares of Cisco Systems by 8.8% in the 1st quarter. Foundations Investment Advisors LLC now owns 29,476 shares of the network equipment provider's stock valued at $1,819,000 after purchasing an additional 2,390 shares in the last quarter. KFA Private Wealth Group LLC raised its position in shares of Cisco Systems by 40.1% in the 1st quarter. KFA Private Wealth Group LLC now owns 6,210 shares of the network equipment provider's stock valued at $383,000 after purchasing an additional 1,776 shares in the last quarter. Finally, Schubert & Co raised its position in shares of Cisco Systems by 9.0% in the 1st quarter. Schubert & Co now owns 4,172 shares of the network equipment provider's stock valued at $257,000 after purchasing an additional 344 shares in the last quarter. 73.33% of the stock is owned by institutional investors and hedge funds.

Cisco Systems Price Performance

CSCO stock traded up $0.06 during trading hours on Thursday, hitting $68.34. 9,215,680 shares of the stock traded hands, compared to its average volume of 21,151,439. Cisco Systems, Inc. has a one year low of $44.50 and a one year high of $69.78. The company has a market cap of $270.61 billion, a P/E ratio of 27.90, a P/E/G ratio of 4.07 and a beta of 0.90. 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 stock has a 50-day simple moving average of $66.70 and a 200 day simple moving average of $62.60.

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 for the quarter, topping analysts' consensus estimates of $0.92 by $0.04. Cisco Systems had a return on equity of 26.48% and a net margin of 17.60%. The company had revenue of $14.15 billion during the quarter, compared to the consensus estimate of $14.05 billion. During the same period last year, the business earned $0.88 EPS. The business's quarterly revenue was up 11.4% on a year-over-year basis. Equities analysts forecast that Cisco Systems, Inc. will post 3.04 earnings per share for the current year.

Cisco Systems Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, July 23rd. Stockholders of record on Thursday, July 3rd were issued a dividend of $0.41 per share. This represents a $1.64 dividend on an annualized basis and a dividend yield of 2.40%. The ex-dividend date of this dividend was Thursday, July 3rd. Cisco Systems's dividend payout ratio is 66.94%.

Insider Buying and Selling at Cisco Systems

In other Cisco Systems news, EVP Deborah L. Stahlkopf sold 9,643 shares of the firm's stock in a transaction that occurred on Friday, May 16th. The stock was sold at an average price of $63.50, for a total value of $612,330.50. Following the sale, the executive vice president owned 181,186 shares of the company's stock, valued at $11,505,311. This trade represents a 5.05% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, CFO Richard Scott Herren sold 15,678 shares of the firm's stock in a transaction that occurred on Tuesday, June 17th. The shares were sold at an average price of $65.52, for a total value of $1,027,222.56. Following the completion of the sale, the chief financial officer directly owned 309,543 shares in the company, valued at $20,281,257.36. This trade represents a 4.82% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 97,335 shares of company stock worth $6,271,054 in the last 90 days. Company insiders own 0.01% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities analysts have issued reports on CSCO shares. Deutsche Bank Aktiengesellschaft raised Cisco Systems from a "hold" rating to a "buy" rating and upped their target price for the company from $65.00 to $73.00 in a research report on Monday, June 16th. Morgan Stanley upped their price target on Cisco Systems from $67.00 to $70.00 and gave the company an "overweight" rating in a research report on Friday, July 18th. Wall Street Zen lowered Cisco Systems from a "strong-buy" rating to a "buy" rating in a research report on Saturday, July 12th. Citigroup upped their price target on Cisco Systems from $68.00 to $71.00 and gave the company a "buy" rating in a research report on Thursday, May 15th. Finally, JPMorgan Chase & Co. upped their price target on Cisco Systems from $73.00 to $78.00 and gave the company an "overweight" rating in a research report on Thursday, July 17th. Eight investment analysts have rated the stock with a hold rating, sixteen have issued a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat.com, Cisco Systems presently has an average rating of "Moderate Buy" and an average price target of $70.35.

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.