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Precedent Wealth Partners LLC Lowers Position in Cisco Systems, Inc. (NASDAQ:CSCO)

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Precedent Wealth Partners LLC lowered its stake in Cisco Systems, Inc. (NASDAQ:CSCO - Free Report) by 71.9% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 8,852 shares of the network equipment provider's stock after selling 22,638 shares during the quarter. Precedent Wealth Partners LLC's holdings in Cisco Systems were worth $546,000 at the end of the most recent quarter.

Several other hedge funds also recently bought and sold shares of CSCO. Tallon Kerry Patrick purchased a new position in Cisco Systems during the 4th quarter valued at about $603,000. Brighton Jones LLC lifted its position in shares of Cisco Systems by 49.5% during the fourth quarter. Brighton Jones LLC now owns 74,187 shares of the network equipment provider's stock worth $4,392,000 after purchasing an additional 24,562 shares in the last quarter. Revolve Wealth Partners LLC grew its holdings in shares of Cisco Systems by 37.0% in the fourth quarter. Revolve Wealth Partners LLC now owns 9,156 shares of the network equipment provider's stock valued at $542,000 after purchasing an additional 2,474 shares in the last quarter. Aveo Capital Partners LLC lifted its holdings in Cisco Systems by 8.3% during the 4th quarter. Aveo Capital Partners LLC now owns 5,296 shares of the network equipment provider's stock worth $314,000 after buying an additional 407 shares in the last quarter. Finally, Congress Asset Management Co. grew its stake in Cisco Systems by 0.8% during the 4th quarter. Congress Asset Management Co. now owns 256,019 shares of the network equipment provider's stock worth $15,156,000 after purchasing an additional 1,992 shares in the last quarter. Hedge funds and other institutional investors own 73.33% of the company's stock.

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on CSCO shares. Barclays reiterated an "equal weight" rating on shares of Cisco Systems in a research note on Wednesday, May 21st. Rosenblatt Securities lifted their price objective on shares of Cisco Systems from $63.00 to $74.00 and gave the stock a "buy" rating in a research report on Thursday, May 15th. Evercore ISI increased their target price on Cisco Systems from $67.00 to $72.00 and gave the company an "outperform" rating in a report on Thursday, May 15th. JPMorgan Chase & Co. increased their price objective on Cisco Systems from $70.00 to $73.00 and gave the company an "overweight" rating in a report on Thursday, May 15th. Finally, Citigroup boosted their target price on Cisco Systems from $68.00 to $71.00 and gave the stock a "buy" rating in a research note 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. Based on data from MarketBeat, Cisco Systems presently has an average rating of "Moderate Buy" and an average price target of $69.11.

Read Our Latest Stock Analysis on CSCO

Cisco Systems Stock Performance

Shares of CSCO stock traded up $0.51 during mid-day trading on Thursday, hitting $65.84. The stock had a trading volume of 22,661,981 shares, compared to its average volume of 20,178,995. The firm has a market cap of $260.73 billion, a PE ratio of 26.87, a PEG ratio of 3.91 and a beta of 0.88. The company's 50-day simple moving average is $61.02 and its 200-day simple moving average is $60.69. The company has a debt-to-equity ratio of 0.50, a current ratio of 0.95 and a quick ratio of 0.87. Cisco Systems, Inc. has a fifty-two week low of $44.50 and a fifty-two week high of $66.50.

Cisco Systems (NASDAQ:CSCO - Get Free Report) last announced its quarterly earnings data 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 company had revenue of $14.15 billion for the quarter, compared to analyst estimates of $14.05 billion. Cisco Systems had a return on equity of 26.48% and a net margin of 17.60%. The firm's revenue for the quarter was up 11.4% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.88 EPS. Sell-side analysts anticipate that Cisco Systems, Inc. will post 3.04 earnings per share for the current year.

Cisco Systems Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Wednesday, July 23rd. Shareholders of record on Thursday, July 3rd will be given a dividend of $0.41 per share. The ex-dividend date is Thursday, July 3rd. This represents a $1.64 annualized dividend and a dividend yield of 2.49%. Cisco Systems's payout ratio is currently 66.94%.

Insiders Place Their Bets

In related news, EVP Deborah L. Stahlkopf sold 9,643 shares of Cisco Systems stock in a transaction that occurred 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 transaction, 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 position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Jeetendra I. Patel sold 9,961 shares of the business's stock in a transaction dated Friday, May 16th. The shares were sold at an average price of $63.97, for a total transaction of $637,205.17. Following the completion of the transaction, the insider now directly owns 257,162 shares of the company's stock, valued at $16,450,653.14. The trade was a 3.73% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 72,931 shares of company stock worth $4,671,930. Corporate insiders own 0.01% of the company's stock.

Cisco Systems Company Profile

(Free Report)

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.

Further Reading

Institutional Ownership by Quarter for Cisco Systems (NASDAQ:CSCO)

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