Estabrook Capital Management Sells 6,614 Shares of Cisco Systems, Inc. (NASDAQ:CSCO)

Estabrook Capital Management lessened its position in shares of Cisco Systems, Inc. (NASDAQ:CSCO - Free Report) by 3.3% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 196,877 shares of the network equipment provider's stock after selling 6,614 shares during the period. Cisco Systems makes up about 1.8% of Estabrook Capital Management's portfolio, making the stock its 15th largest holding. Estabrook Capital Management's holdings in Cisco Systems were worth $11,655,000 at the end of the most recent reporting period.

Several other large investors have also made changes to their positions in CSCO. Frisch Financial Group Inc. boosted its stake in Cisco Systems by 5.8% in the third quarter. Frisch Financial Group Inc. now owns 7,889 shares of the network equipment provider's stock valued at $420,000 after buying an additional 430 shares in the last quarter. Valued Retirements Inc. acquired a new stake in shares of Cisco Systems in the 3rd quarter valued at approximately $264,000. Geode Capital Management LLC boosted its stake in shares of Cisco Systems by 1.3% in the 3rd quarter. Geode Capital Management LLC now owns 95,630,469 shares of the network equipment provider's stock valued at $5,075,320,000 after purchasing an additional 1,262,017 shares in the last quarter. RB Capital Management LLC grew its holdings in shares of Cisco Systems by 2.9% during the 3rd quarter. RB Capital Management LLC now owns 9,850 shares of the network equipment provider's stock valued at $524,000 after purchasing an additional 277 shares during the last quarter. Finally, Twin Lakes Capital Management LLC increased its position in Cisco Systems by 2.5% during the 3rd quarter. Twin Lakes Capital Management LLC now owns 14,824 shares of the network equipment provider's stock worth $789,000 after purchasing an additional 365 shares in the last quarter. Institutional investors and hedge funds own 73.33% of the company's stock.

Remove Ads

Wall Street Analyst Weigh In

CSCO has been the topic of a number of research analyst reports. Piper Sandler cut their target price on shares of Cisco Systems from $72.00 to $60.00 and set a "neutral" rating on the stock in a research report on Tuesday, April 8th. Barclays restated an "equal weight" rating on shares of Cisco Systems in a research report on Thursday, March 6th. The Goldman Sachs Group increased their target price on Cisco Systems from $56.00 to $63.00 and gave the company a "neutral" rating in a research report on Thursday, February 13th. DZ Bank raised Cisco Systems from a "hold" rating to a "buy" rating in a research note on Tuesday, February 18th. Finally, BNP Paribas raised Cisco Systems from a "neutral" rating to an "outperform" rating and set a $72.00 price objective for the company in a research note on Tuesday, January 28th. Seven investment analysts have rated the stock with a hold rating, fifteen have assigned a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $66.00.

Insider Activity at Cisco Systems

In other news, EVP Thimaya K. Subaiya sold 2,065 shares of the company'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 transaction of $125,345.50. Following the transaction, the executive vice president now directly owns 191,184 shares of the company's stock, valued at $11,604,868.80. This represents a 1.07 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CFO Richard Scott Herren sold 19,929 shares of Cisco Systems stock in a transaction on Friday, February 14th. The shares were sold at an average price of $64.41, for a total transaction of $1,283,626.89. Following the completion of the sale, the chief financial officer now directly owns 335,605 shares of the company's stock, valued at approximately $21,616,318.05. The trade was a 5.61 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 66,547 shares of company stock worth $4,275,553 in the last quarter. Company insiders own 0.01% of the company's stock.

Cisco Systems Trading Up 1.3 %

CSCO traded up $0.74 during trading on Friday, reaching $57.33. 23,031,744 shares of the stock traded hands, compared to its average volume of 20,115,075. The company has a quick ratio of 0.79, a current ratio of 0.87 and a debt-to-equity ratio of 0.43. The stock's 50-day moving average is $61.30 and its 200 day moving average is $59.05. Cisco Systems, Inc. has a 12 month low of $44.50 and a 12 month high of $66.50. The stock has a market capitalization of $228.08 billion, a PE ratio of 25.04, a P/E/G ratio of 4.16 and a beta of 0.86.

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

Cisco Systems Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, April 23rd. Stockholders of record on Thursday, April 3rd will be paid a $0.41 dividend. The ex-dividend date of this dividend is Thursday, April 3rd. This represents a $1.64 annualized dividend and a dividend yield of 2.86%. This is a positive change from Cisco Systems's previous quarterly dividend of $0.40. Cisco Systems's payout ratio is currently 71.62%.

Cisco Systems declared that its board has authorized a share repurchase plan 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 plans are typically a sign that the company's management believes its shares are undervalued.

Cisco Systems Company 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.