Sompo Asset Management Co. Ltd. Sells 4,690 Shares of Cisco Systems, Inc. (NASDAQ:CSCO)

Sompo Asset Management Co. Ltd. reduced its stake in Cisco Systems, Inc. (NASDAQ:CSCO - Free Report) by 4.5% in the 4th quarter, according to the company in its most recent filing with the SEC. The fund owned 99,800 shares of the network equipment provider's stock after selling 4,690 shares during the quarter. Cisco Systems makes up 1.0% of Sompo Asset Management Co. Ltd.'s investment portfolio, making the stock its 27th largest holding. Sompo Asset Management Co. Ltd.'s holdings in Cisco Systems were worth $5,908,000 as of its most recent filing with the SEC.

Other large investors have also recently added to or reduced their stakes in the company. Advisory Resource Group increased its position in shares of Cisco Systems by 1.9% during the third quarter. Advisory Resource Group now owns 97,718 shares of the network equipment provider's stock valued at $5,201,000 after purchasing an additional 1,784 shares during the period. Morse Asset Management Inc acquired a new stake in shares of Cisco Systems during the 3rd quarter valued at about $798,000. SkyView Investment Advisors LLC raised its position in Cisco Systems by 4.5% in the third quarter. SkyView Investment Advisors LLC now owns 10,188 shares of the network equipment provider's stock worth $542,000 after purchasing an additional 440 shares in the last quarter. Tudor Financial Inc. acquired a new stake in Cisco Systems during the third quarter valued at approximately $1,097,000. Finally, World Investment Advisors LLC raised its holdings in shares of Cisco Systems by 13.9% in the 3rd quarter. World Investment Advisors LLC now owns 137,503 shares of the network equipment provider's stock worth $7,318,000 after buying an additional 16,749 shares in the last quarter. Institutional investors own 73.33% of the company's stock.

Cisco Systems Stock Performance

Shares of NASDAQ:CSCO traded up $0.42 on Friday, reaching $56.71. 16,493,138 shares of the company's stock were exchanged, compared to its average volume of 20,206,150. Cisco Systems, Inc. has a twelve month low of $44.50 and a twelve month high of $66.50. The company has a fifty day moving average of $59.99 and a 200-day moving average of $59.16. The company has a market capitalization of $225.61 billion, a price-to-earnings ratio of 24.76, a PEG ratio of 4.16 and a beta of 0.86. The company has a current ratio of 0.87, a quick ratio of 0.79 and a debt-to-equity ratio of 0.43.

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

Cisco Systems announced that its board has authorized a share buyback program on Wednesday, February 12th that allows the company to buyback $15.00 billion in outstanding shares. This buyback authorization allows the network equipment provider to purchase up to 6% of its shares through open market purchases. Shares buyback programs are generally a sign that the company's board of directors believes its stock is undervalued.

Cisco Systems Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, April 23rd. Investors of record on Thursday, April 3rd were given a dividend of $0.41 per share. This is an increase from Cisco Systems's previous quarterly dividend of $0.40. This represents a $1.64 annualized dividend and a dividend yield of 2.89%. The ex-dividend date was Thursday, April 3rd. Cisco Systems's dividend payout ratio is currently 71.62%.

Insiders Place Their Bets

In related news, EVP Thimaya K. Subaiya sold 2,065 shares of the firm's stock in a transaction 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 sale, the executive vice president now owns 191,184 shares of the company's stock, valued at $11,604,868.80. This trade represents a 1.07 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, SVP Maria Victoria Wong sold 762 shares of the business's stock in a transaction on Wednesday, March 12th. The stock was sold at an average price of $60.99, for a total value of $46,474.38. Following the sale, the senior vice president now owns 44,155 shares in the company, valued at $2,693,013.45. This represents a 1.70 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 66,547 shares of company stock valued at $4,275,553. 0.01% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of research analysts have issued reports on CSCO shares. Rosenblatt Securities cut their price objective on Cisco Systems from $80.00 to $63.00 and set a "buy" rating for the company in a report on Tuesday. Wells Fargo & Company reaffirmed an "equal weight" rating on shares of Cisco Systems in a report on Thursday, March 6th. UBS Group increased their target price on Cisco Systems from $62.00 to $70.00 and gave the stock a "neutral" rating in a report on Thursday, February 13th. Piper Sandler reduced their price objective on Cisco Systems from $72.00 to $60.00 and set a "neutral" rating on the stock in a report on Tuesday, April 8th. Finally, Melius Research upgraded shares of Cisco Systems from a "hold" rating to a "strong-buy" rating in a research report on Monday, January 6th. Seven equities research analysts have rated the stock with a hold rating, fifteen have given a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat, Cisco Systems presently has an average rating of "Moderate Buy" and a consensus price target of $64.68.

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.