Truist Financial Corp Boosts Stock Position in Cisco Systems, Inc. (NASDAQ:CSCO)

Truist Financial Corp boosted its stake in shares of Cisco Systems, Inc. (NASDAQ:CSCO - Free Report) by 42.7% during the first quarter, according to its most recent Form 13F filing with the SEC. The fund owned 3,507,169 shares of the network equipment provider's stock after buying an additional 1,048,891 shares during the period. Truist Financial Corp owned 0.09% of Cisco Systems worth $216,427,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Proficio Capital Partners LLC raised its position in Cisco Systems by 76.4% in the fourth quarter. Proficio Capital Partners LLC now owns 16,947 shares of the network equipment provider's stock valued at $1,003,000 after purchasing an additional 7,338 shares during the period. Wealth Enhancement Advisory Services LLC raised its position in Cisco Systems by 28.9% in the first quarter. Wealth Enhancement Advisory Services LLC now owns 4,037,909 shares of the network equipment provider's stock valued at $249,180,000 after purchasing an additional 904,548 shares during the period. Investment Management Corp of Ontario raised its position in Cisco Systems by 44.6% in the fourth quarter. Investment Management Corp of Ontario now owns 193,478 shares of the network equipment provider's stock valued at $11,454,000 after purchasing an additional 59,680 shares during the period. AlTi Global Inc. raised its position in Cisco Systems by 49.8% in the fourth quarter. AlTi Global Inc. now owns 20,483 shares of the network equipment provider's stock valued at $1,217,000 after purchasing an additional 6,811 shares during the period. Finally, Investor s Fiduciary Advisor Network LLC purchased a new stake in Cisco Systems in the fourth quarter valued at $1,063,000. Institutional investors and hedge funds own 73.33% of the company's stock.

Cisco Systems Stock Up 1.5%

Shares of NASDAQ:CSCO traded up $1.05 on Friday, hitting $69.64. 17,973,495 shares of the company's stock were exchanged, compared to its average volume of 20,350,689. The firm's 50-day moving average is $63.93 and its 200 day moving average is $61.48. The company has a market capitalization of $275.77 billion, a PE ratio of 28.42, a P/E/G 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. The company has a debt-to-equity ratio of 0.50, a quick ratio of 0.87 and a current ratio of 0.95.

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

Cisco Systems Announces Dividend

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

Analysts Set New Price Targets

A number of equities research analysts have commented on the company. New Street Research restated a "neutral" rating and issued a $70.00 target price on shares of Cisco Systems in a research report on Friday, May 16th. Citigroup boosted their price objective on Cisco Systems from $68.00 to $71.00 and gave the company a "buy" rating in a report on Thursday, May 15th. Evercore ISI boosted their price objective on Cisco Systems from $67.00 to $72.00 and gave the company an "outperform" rating in a report on Thursday, May 15th. Wall Street Zen upgraded Cisco Systems from a "buy" rating to a "strong-buy" rating in a report on Friday, May 16th. Finally, Rosenblatt Securities boosted their price objective on Cisco Systems from $63.00 to $74.00 and gave the company a "buy" rating in a report on Thursday, May 15th. Seven equities 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. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $69.53.

Insider Transactions at Cisco Systems

In related news, EVP Deborah L. Stahlkopf sold 2,407 shares of the company's stock in a transaction dated Wednesday, June 11th. The stock was sold at an average price of $64.01, for a total value of $154,072.07. Following the completion of the sale, the executive vice president directly owned 177,027 shares of the company's stock, valued at $11,331,498.27. This represents a 1.34% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Thimaya K. Subaiya sold 8,726 shares of the company's stock in a transaction that occurred on Tuesday, June 17th. The shares were sold at an average price of $65.54, for a total value of $571,902.04. Following the sale, the executive vice president directly owned 174,669 shares of the company's stock, valued at approximately $11,447,806.26. This represents a 4.76% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 97,335 shares of company stock worth $6,271,054. Insiders own 0.01% of the company's stock.

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.