Morse Asset Management Inc acquired a new position in shares of Cisco Systems, Inc. (NASDAQ:CSCO - Free Report) in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund acquired 15,000 shares of the network equipment provider's stock, valued at approximately $798,000.
Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Lantz Financial LLC raised its stake in shares of Cisco Systems by 1.2% during the second quarter. Lantz Financial LLC now owns 60,993 shares of the network equipment provider's stock worth $2,898,000 after acquiring an additional 736 shares in the last quarter. ORG Partners LLC boosted its position in Cisco Systems by 5,313.7% during the second quarter. ORG Partners LLC now owns 9,095 shares of the network equipment provider's stock valued at $432,000 after buying an additional 8,927 shares during the period. Archford Capital Strategies LLC grew its stake in shares of Cisco Systems by 6.0% during the second quarter. Archford Capital Strategies LLC now owns 20,867 shares of the network equipment provider's stock valued at $991,000 after buying an additional 1,177 shares during the last quarter. Lorne Steinberg Wealth Management Inc. increased its holdings in shares of Cisco Systems by 0.6% in the second quarter. Lorne Steinberg Wealth Management Inc. now owns 113,607 shares of the network equipment provider's stock worth $5,397,000 after buying an additional 725 shares during the period. Finally, Fiduciary Financial Group LLC bought a new stake in shares of Cisco Systems in the 2nd quarter valued at about $520,000. 73.33% of the stock is currently owned by hedge funds and other institutional investors.
Cisco Systems Stock Performance
CSCO traded up $0.38 during midday trading on Thursday, hitting $58.97. 9,295,342 shares of the company traded hands, compared to its average volume of 19,057,803. The company's 50-day moving average is $56.89 and its 200 day moving average is $51.19. Cisco Systems, Inc. has a 52 week low of $44.50 and a 52 week high of $60.23. The firm has a market capitalization of $234.86 billion, a PE ratio of 25.15, a price-to-earnings-growth ratio of 4.39 and a beta of 0.85. The company has a quick ratio of 0.80, a current ratio of 0.88 and a debt-to-equity ratio of 0.43.
Cisco Systems (NASDAQ:CSCO - Get Free Report) last posted its quarterly earnings data on Wednesday, November 13th. The network equipment provider reported $0.91 EPS for the quarter, beating analysts' consensus estimates of $0.87 by $0.04. Cisco Systems had a return on equity of 25.70% and a net margin of 17.73%. The company had revenue of $13.84 billion during the quarter, compared to analysts' expectations of $13.78 billion. During the same quarter in the prior year, the business earned $0.98 earnings per share. Cisco Systems's revenue for the quarter was down 5.6% compared to the same quarter last year. On average, research analysts expect that Cisco Systems, Inc. will post 2.97 EPS for the current year.
Cisco Systems Dividend Announcement
The firm also recently declared a quarterly dividend, which will be paid on Wednesday, January 22nd. Stockholders of record on Friday, January 3rd will be paid a dividend of $0.40 per share. This represents a $1.60 annualized dividend and a dividend yield of 2.71%. The ex-dividend date of this dividend is Friday, January 3rd. Cisco Systems's dividend payout ratio is presently 68.67%.
Wall Street Analysts Forecast Growth
Several research analysts have recently issued reports on CSCO shares. Piper Sandler raised their target price on shares of Cisco Systems from $52.00 to $57.00 and gave the stock a "neutral" rating in a report on Thursday, November 14th. Needham & Company LLC restated a "hold" rating on shares of Cisco Systems in a research report on Thursday, August 15th. UBS Group increased their target price on shares of Cisco Systems from $55.00 to $62.00 and gave the stock a "neutral" rating in a report on Thursday, November 14th. Rosenblatt Securities boosted their price target on Cisco Systems from $56.00 to $58.00 and gave the company a "neutral" rating in a report on Thursday, August 15th. Finally, Jefferies Financial Group dropped their price objective on Cisco Systems from $56.00 to $53.00 and set a "buy" rating for the company in a report on Thursday, August 15th. Ten investment analysts have rated the stock with a hold rating, eleven have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, Cisco Systems presently has a consensus rating of "Moderate Buy" and a consensus price target of $59.94.
Check Out Our Latest Research Report on Cisco Systems
Insider Activity
In related news, SVP Maria Victoria Wong sold 4,881 shares of the business's stock in a transaction that occurred on Wednesday, November 27th. The stock was sold at an average price of $59.73, for a total transaction of $291,542.13. Following the completion of the transaction, the senior vice president now directly owns 51,931 shares in the company, valued at approximately $3,101,838.63. The trade was a 8.59 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, EVP Thimaya K. Subaiya sold 21,230 shares of Cisco Systems stock in a transaction that occurred on Wednesday, November 20th. The shares were sold at an average price of $57.07, for a total transaction of $1,211,596.10. Following the transaction, the executive vice president now directly owns 213,834 shares in the company, valued at $12,203,506.38. This represents a 9.03 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 349,894 shares of company stock valued at $20,135,273 in the last 90 days. Company insiders own 0.01% of the company's stock.
About Cisco Systems
(
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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