Sovereign s Capital Management LLC bought a new position in shares of Cisco Systems, Inc. (NASDAQ:CSCO - Free Report) during the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor bought 35,767 shares of the network equipment provider's stock, valued at approximately $2,117,000.
A number of other hedge funds also recently added to or reduced their stakes in CSCO. Tallon Kerry Patrick purchased a new position in shares of Cisco Systems during the fourth quarter valued at approximately $603,000. Sax Wealth Advisors LLC boosted its stake in shares of Cisco Systems by 7.8% in the fourth quarter. Sax Wealth Advisors LLC now owns 7,910 shares of the network equipment provider's stock valued at $468,000 after purchasing an additional 570 shares during the period. HB Wealth Management LLC boosted its holdings in Cisco Systems by 2.6% in the fourth quarter. HB Wealth Management LLC now owns 324,746 shares of the network equipment provider's stock valued at $19,225,000 after purchasing an additional 8,275 shares during the last quarter. Ameritas Advisory Services LLC grew its position in shares of Cisco Systems by 6.9% during the fourth quarter. Ameritas Advisory Services LLC now owns 50,077 shares of the network equipment provider's stock worth $2,965,000 after buying an additional 3,252 shares in the last quarter. Finally, TruWealth Advisors LLC raised its stake in shares of Cisco Systems by 0.5% in the 4th quarter. TruWealth Advisors LLC now owns 426,917 shares of the network equipment provider's stock valued at $25,273,000 after purchasing an additional 2,172 shares in the last quarter. 73.33% of the stock is currently owned by institutional investors and hedge funds.
Cisco Systems Stock Performance
Shares of NASDAQ CSCO traded down $0.36 during midday trading on Friday, hitting $63.00. 5,827,419 shares of the company's stock traded hands, compared to its average volume of 22,117,213. The firm has a fifty day moving average of $59.00 and a 200 day moving average of $59.88. Cisco Systems, Inc. has a 1 year low of $44.50 and a 1 year high of $66.50. The company has a debt-to-equity ratio of 0.43, a quick ratio of 0.79 and a current ratio of 0.87. The stock has a market capitalization of $250.62 billion, a price-to-earnings ratio of 27.51, a price-to-earnings-growth ratio of 4.16 and a beta of 0.89.
Cisco Systems (NASDAQ:CSCO - Get Free Report) last issued its quarterly earnings data on Wednesday, May 14th. The network equipment provider reported $0.96 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.92 by $0.04. Cisco Systems had a net margin of 16.96% and a return on equity of 26.08%. The firm had revenue of $14.15 billion during the quarter, compared to the consensus estimate of $14.05 billion. During the same quarter in the previous year, the firm posted $0.88 EPS. The company's revenue for the quarter was up 11.4% compared to the same quarter last year. On average, analysts forecast that Cisco Systems, Inc. will post 3.04 earnings per share for the current year.
Cisco Systems declared that its board has authorized a stock buyback program on Wednesday, February 12th that allows the company to repurchase $15.00 billion in outstanding shares. This repurchase authorization allows the network equipment provider to repurchase up to 6% of its shares through open market purchases. Shares repurchase programs are usually an indication that the company's management believes its stock is undervalued.
Cisco Systems Announces Dividend
The firm also recently disclosed 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 of this dividend is Thursday, July 3rd. This represents a $1.64 annualized dividend and a yield of 2.60%. Cisco Systems's dividend payout ratio (DPR) is currently 66.94%.
Insider Buying and Selling
In other Cisco Systems news, EVP Thimaya K. Subaiya sold 2,065 shares of the business's stock in a transaction that occurred on Wednesday, March 12th. The stock was sold at an average price of $60.70, for a total value of $125,345.50. Following the completion of the transaction, the executive vice president now directly owns 191,184 shares of the company's stock, valued at approximately $11,604,868.80. The trade was a 1.07% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Jeetendra I. Patel sold 9,961 shares of the 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 sale, the insider now directly owns 257,162 shares in the company, valued at approximately $16,450,653.14. The trade was a 3.73% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 22,431 shares of company stock worth $1,421,356. Corporate insiders own 0.01% of the company's stock.
Wall Street Analyst Weigh In
Several research analysts have recently issued reports on CSCO shares. Wall Street Zen raised Cisco Systems from a "buy" rating to a "strong-buy" rating in a research note on Friday, May 16th. UBS Group lifted their target price on shares of Cisco Systems from $62.00 to $70.00 and gave the stock a "neutral" rating in a research report on Thursday, February 13th. Morgan Stanley reaffirmed a "hold" rating on shares of Cisco Systems in a research report on Wednesday. Rosenblatt Securities upped their target price on Cisco Systems from $63.00 to $74.00 and gave the stock a "buy" rating in a research report on Thursday, May 15th. Finally, Piper Sandler upped their target price on Cisco Systems from $60.00 to $64.00 and gave the stock a "neutral" rating in a research report on Thursday, May 15th. Eight equities research analysts have rated the stock with a hold rating, twelve have assigned a buy rating and three have assigned a strong buy rating to the company's stock. According to MarketBeat, Cisco Systems currently has an average rating of "Moderate Buy" and an average target price of $68.00.
View Our Latest Research Report on CSCO
About Cisco Systems
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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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