Simmons Bank Cuts Stock Position in Cisco Systems, Inc. (NASDAQ:CSCO)

Simmons Bank cut its holdings in Cisco Systems, Inc. (NASDAQ:CSCO - Free Report) by 4.9% in the first quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 149,409 shares of the network equipment provider's stock after selling 7,665 shares during the quarter. Simmons Bank's holdings in Cisco Systems were worth $9,220,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Elite Financial Inc. purchased a new position in Cisco Systems during the first quarter worth $135,000. World Investment Advisors boosted its stake in Cisco Systems by 2.9% during the first quarter. World Investment Advisors now owns 160,403 shares of the network equipment provider's stock worth $9,899,000 after buying an additional 4,504 shares during the period. Wayfinding Financial LLC boosted its stake in Cisco Systems by 4.3% during the first quarter. Wayfinding Financial LLC now owns 11,770 shares of the network equipment provider's stock worth $726,000 after buying an additional 480 shares during the period. Jackson Thornton Wealth Management LLC purchased a new position in Cisco Systems during the first quarter worth $256,000. Finally, Truist Financial Corp boosted its stake in Cisco Systems by 42.7% during the first quarter. Truist Financial Corp now owns 3,507,169 shares of the network equipment provider's stock worth $216,427,000 after buying an additional 1,048,891 shares during the period. 73.33% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several research analysts have commented on the stock. JPMorgan Chase & Co. lifted their price objective 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. Wells Fargo & Company raised shares of Cisco Systems from an "equal weight" rating to an "overweight" rating and lifted their price objective for the stock from $72.00 to $75.00 in a research note on Thursday, May 15th. Evercore ISI lifted their price objective on shares of Cisco Systems from $67.00 to $72.00 and gave the stock an "outperform" rating in a research note on Thursday, May 15th. Citigroup boosted their target price on shares of Cisco Systems from $68.00 to $71.00 and gave the company a "buy" rating in a research note on Thursday, May 15th. Finally, Rosenblatt Securities boosted their target price on shares of Cisco Systems from $63.00 to $74.00 and gave the company a "buy" rating in a research note on Thursday, May 15th. Seven research analysts have rated the stock with a hold rating, fourteen have assigned a buy rating and three have given a strong buy rating to the company. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus target price of $69.53.

Cisco Systems Stock Performance

CSCO stock opened at $69.64 on Friday. The company has a debt-to-equity ratio of 0.50, a current ratio of 0.95 and a quick ratio of 0.87. The business has a 50-day moving average price of $63.93 and a 200 day moving average price of $61.45. The company has a market capitalization of $275.77 billion, a P/E ratio of 28.42, a PEG ratio of 4.15 and a beta of 0.90. Cisco Systems, Inc. has a 1-year low of $44.50 and a 1-year high of $69.78.

Cisco Systems (NASDAQ:CSCO - Get Free Report) last released its quarterly earnings data 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 firm had revenue of $14.15 billion during the quarter, compared to the consensus estimate of $14.05 billion. Cisco Systems had a return on equity of 26.48% and a net margin of 17.60%. The firm's quarterly revenue was up 11.4% on a year-over-year basis. During the same period in the previous year, the company posted $0.88 earnings per share. As a group, equities research analysts forecast that Cisco Systems, Inc. will post 3.04 EPS for the current fiscal year.

Cisco Systems Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Wednesday, July 23rd. Shareholders of record on Thursday, July 3rd will be issued a $0.41 dividend. The ex-dividend date is Thursday, July 3rd. This represents a $1.64 dividend on an annualized basis and a yield of 2.35%. Cisco Systems's dividend payout ratio is presently 66.94%.

Insiders Place Their Bets

In other Cisco Systems news, CFO Richard Scott Herren sold 15,678 shares of the business's stock in a transaction dated 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 transaction, the chief financial officer directly owned 309,543 shares in the company, valued at approximately $20,281,257.36. The trade was a 4.82% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 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 completion of the transaction, the insider owned 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 disclosure for this sale can be found here. Insiders sold a total of 97,335 shares of company stock valued at $6,271,054 in the last three months. 0.01% of the stock is currently owned by insiders.

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.

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