Citizens Business Bank reduced its position in Cisco Systems, Inc. (NASDAQ:CSCO - Free Report) by 80.2% in the 3rd quarter, according to its most recent filing with the SEC. The firm owned 9,313 shares of the network equipment provider's stock after selling 37,804 shares during the period. Citizens Business Bank's holdings in Cisco Systems were worth $496,000 at the end of the most recent reporting period.
A number of other institutional investors and hedge funds also recently made changes to their positions in CSCO. Lantz Financial LLC increased its holdings in Cisco Systems by 1.2% in the second quarter. Lantz Financial LLC now owns 60,993 shares of the network equipment provider's stock valued at $2,898,000 after purchasing an additional 736 shares during the last quarter. ORG Partners LLC boosted its stake in Cisco Systems by 5,313.7% during the 2nd quarter. ORG Partners LLC now owns 9,095 shares of the network equipment provider's stock worth $432,000 after acquiring an additional 8,927 shares during the last quarter. PGGM Investments grew its holdings in Cisco Systems by 6.3% during the second quarter. PGGM Investments now owns 44,698 shares of the network equipment provider's stock valued at $2,124,000 after purchasing an additional 2,641 shares during the period. Corundum Group Inc. increased its stake in Cisco Systems by 44.1% in the second quarter. Corundum Group Inc. now owns 28,575 shares of the network equipment provider's stock valued at $1,358,000 after purchasing an additional 8,745 shares in the last quarter. Finally, Red Door Wealth Management LLC raised its holdings in Cisco Systems by 7.4% in the second quarter. Red Door Wealth Management LLC now owns 128,506 shares of the network equipment provider's stock worth $6,105,000 after purchasing an additional 8,862 shares during the period. Institutional investors own 73.33% of the company's stock.
Analyst Ratings Changes
A number of research firms recently commented on CSCO. New Street Research upgraded shares of Cisco Systems from a "neutral" rating to a "buy" rating and set a $57.00 price objective for the company in a research report on Thursday, August 15th. Evercore ISI lifted their price objective on Cisco Systems from $55.00 to $60.00 and gave the company an "outperform" rating in a report on Friday, September 20th. Morgan Stanley increased their target price on Cisco Systems from $58.00 to $62.00 and gave the stock an "overweight" rating in a research note on Thursday, November 14th. Piper Sandler lifted their price target on shares of Cisco Systems from $52.00 to $57.00 and gave the company a "neutral" rating in a research note on Thursday, November 14th. Finally, Bank of America increased their price objective on shares of Cisco Systems from $60.00 to $72.00 and gave the stock a "buy" rating in a research report on Thursday, November 14th. Ten investment analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and an average price target of $59.94.
Get Our Latest Analysis on Cisco Systems
Insider Buying and Selling at Cisco Systems
In other news, EVP Thimaya K. Subaiya sold 1,328 shares of Cisco Systems stock in a transaction dated Thursday, September 12th. The stock was sold at an average price of $48.92, for a total transaction of $64,965.76. Following the sale, the executive vice president now directly owns 132,910 shares of the company's stock, valued at approximately $6,501,957.20. This trade represents a 0.99 % 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, Director Kristina M. Johnson sold 7,500 shares of Cisco Systems stock in a transaction that occurred on Friday, December 6th. The stock was sold at an average price of $59.87, for a total transaction of $449,025.00. Following the sale, the director now owns 65,915 shares in the company, valued at approximately $3,946,331.05. This represents a 10.22 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 351,860 shares of company stock valued at $20,231,558 in the last ninety days. 0.01% of the stock is currently owned by company insiders.
Cisco Systems Stock Performance
Cisco Systems stock traded down $0.13 during trading hours on Wednesday, hitting $58.59. The company had a trading volume of 26,830,533 shares, compared to its average volume of 19,100,408. Cisco Systems, Inc. has a one year low of $44.50 and a one year high of $60.23. The firm has a market cap of $233.35 billion, a PE ratio of 25.18, a PEG ratio of 4.39 and a beta of 0.85. The firm has a 50-day moving average of $56.77 and a 200 day moving average of $51.14. The company has a debt-to-equity ratio of 0.43, a current ratio of 0.88 and a quick ratio of 0.80.
Cisco Systems (NASDAQ:CSCO - Get Free Report) last posted its quarterly earnings data on Wednesday, November 13th. The network equipment provider reported $0.91 earnings per share for the quarter, topping the consensus estimate of $0.87 by $0.04. Cisco Systems had a return on equity of 25.70% and a net margin of 17.73%. The firm had revenue of $13.84 billion for the quarter, compared to analysts' expectations of $13.78 billion. During the same quarter last year, the business earned $0.98 EPS. The company's quarterly revenue was down 5.6% compared to the same quarter last year. On average, sell-side analysts expect that Cisco Systems, Inc. will post 2.97 earnings per share for the current year.
Cisco Systems Announces Dividend
The business also recently declared a quarterly dividend, which will be paid on Wednesday, January 22nd. Investors of record on Friday, January 3rd will be paid a $0.40 dividend. This represents a $1.60 dividend on an annualized basis and a yield of 2.73%. The ex-dividend date of this dividend is Friday, January 3rd. Cisco Systems's dividend payout ratio (DPR) is presently 68.67%.
Cisco Systems Profile
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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.
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