Chesapeake Capital Corp IL Cuts Stake in Cisco Systems, Inc. (NASDAQ:CSCO)

Chesapeake Capital Corp IL lowered its holdings in Cisco Systems, Inc. (NASDAQ:CSCO - Free Report) by 56.2% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 6,179 shares of the network equipment provider's stock after selling 7,913 shares during the period. Chesapeake Capital Corp IL's holdings in Cisco Systems were worth $366,000 at the end of the most recent quarter.

Other institutional investors also recently modified their holdings of the company. Swedbank AB grew its stake in Cisco Systems by 0.6% during the third quarter. Swedbank AB now owns 9,029,594 shares of the network equipment provider's stock valued at $480,555,000 after acquiring an additional 52,711 shares in the last quarter. Napa Wealth Management purchased a new position in shares of Cisco Systems during the 3rd quarter valued at $210,000. New England Asset Management Inc. increased its holdings in shares of Cisco Systems by 0.6% in the third quarter. New England Asset Management Inc. now owns 141,896 shares of the network equipment provider's stock worth $7,552,000 after purchasing an additional 840 shares during the period. Baron Wealth Management LLC raised its position in shares of Cisco Systems by 78.3% in the third quarter. Baron Wealth Management LLC now owns 10,789 shares of the network equipment provider's stock worth $574,000 after buying an additional 4,739 shares in the last quarter. Finally, Aviance Capital Partners LLC boosted its stake in Cisco Systems by 2.7% during the third quarter. Aviance Capital Partners LLC now owns 87,924 shares of the network equipment provider's stock valued at $4,679,000 after buying an additional 2,346 shares during the period. 73.33% of the stock is currently owned by hedge funds and other institutional investors.

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Insider Activity

In related news, CEO Charles Robbins sold 31,983 shares of Cisco Systems stock in a transaction that occurred on Friday, February 14th. The stock was sold at an average price of $64.41, for a total transaction of $2,060,025.03. Following the sale, the chief executive officer now directly owns 736,120 shares in the company, valued at $47,413,489.20. The trade was a 4.16 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CFO Richard Scott Herren sold 19,929 shares of the stock in a transaction on Friday, February 14th. The stock was sold at an average price of $64.41, for a total value of $1,283,626.89. Following the completion of the transaction, the chief financial officer now owns 335,605 shares of the company's stock, valued at approximately $21,616,318.05. This trade represents a 5.61 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 66,547 shares of company stock valued at $4,275,553. Corporate insiders own 0.01% of the company's stock.

Wall Street Analyst Weigh In

Several analysts have weighed in on CSCO shares. Melius raised Cisco Systems from a "hold" rating to a "buy" rating and raised their price target for the company from $66.00 to $73.00 in a report on Monday, January 6th. Piper Sandler reiterated a "neutral" rating on shares of Cisco Systems in a research report on Thursday, March 6th. BNP Paribas raised shares of Cisco Systems from a "neutral" rating to an "outperform" rating and set a $72.00 price target for the company in a research note on Tuesday, January 28th. Melius Research upgraded shares of Cisco Systems from a "hold" rating to a "strong-buy" rating in a research report on Monday, January 6th. Finally, StockNews.com lowered shares of Cisco Systems from a "strong-buy" rating to a "buy" rating in a research report on Wednesday, March 5th. Seven analysts have rated the stock with a hold rating, fifteen have issued a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat.com, Cisco Systems has an average rating of "Moderate Buy" and a consensus target price of $66.63.

Cisco Systems Trading Down 0.5 %

CSCO traded down $0.32 during trading on Friday, hitting $60.30. 65,885,624 shares of the stock traded hands, compared to its average volume of 18,008,743. The firm has a market capitalization of $239.89 billion, a P/E ratio of 26.33, a price-to-earnings-growth ratio of 4.16 and a beta of 0.79. Cisco Systems, Inc. has a 12-month low of $44.50 and a 12-month high of $66.50. The company has a debt-to-equity ratio of 0.43, a current ratio of 0.87 and a quick ratio of 0.79. The firm has a 50-day moving average of $61.95 and a 200 day moving average of $58.11.

Cisco Systems (NASDAQ:CSCO - Get Free Report) last posted its earnings results on Wednesday, February 12th. The network equipment provider reported $0.77 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.91 by ($0.14). Cisco Systems had a return on equity of 26.08% and a net margin of 16.96%. Equities research analysts anticipate that Cisco Systems, Inc. will post 3.04 EPS for the current year.

Cisco Systems declared that its Board of Directors has authorized a share buyback plan on Wednesday, February 12th that allows the company to buyback $15.00 billion in shares. This buyback authorization allows the network equipment provider to buy up to 6% of its shares through open market purchases. Shares buyback plans are usually a sign that the company's board believes its shares are undervalued.

Cisco Systems Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, April 23rd. Stockholders of record on Thursday, April 3rd will be given a $0.41 dividend. This represents a $1.64 annualized dividend and a dividend yield of 2.72%. This is a boost from Cisco Systems's previous quarterly dividend of $0.40. The ex-dividend date is Thursday, April 3rd. Cisco Systems's dividend payout ratio (DPR) is currently 71.62%.

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.