SouthState Corp Sells 22,233 Shares of Cisco Systems, Inc. (NASDAQ:CSCO)

SouthState Corp reduced its position in Cisco Systems, Inc. (NASDAQ:CSCO - Free Report) by 18.0% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 101,186 shares of the network equipment provider's stock after selling 22,233 shares during the quarter. SouthState Corp's holdings in Cisco Systems were worth $5,385,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also recently made changes to their positions in the company. Swedbank AB purchased a new position in shares of Cisco Systems in the first quarter valued at $840,538,000. Dimensional Fund Advisors LP lifted its holdings in shares of Cisco Systems by 22.5% in the second quarter. Dimensional Fund Advisors LP now owns 26,409,843 shares of the network equipment provider's stock worth $1,254,739,000 after buying an additional 4,843,146 shares in the last quarter. Pathway Financial Advisers LLC boosted its position in shares of Cisco Systems by 5,231.5% in the third quarter. Pathway Financial Advisers LLC now owns 4,935,107 shares of the network equipment provider's stock valued at $262,646,000 after acquiring an additional 4,842,542 shares during the period. Price T Rowe Associates Inc. MD grew its stake in Cisco Systems by 26.5% during the first quarter. Price T Rowe Associates Inc. MD now owns 13,858,505 shares of the network equipment provider's stock valued at $691,678,000 after acquiring an additional 2,906,357 shares in the last quarter. Finally, International Assets Investment Management LLC increased its holdings in Cisco Systems by 4,524.9% during the 3rd quarter. International Assets Investment Management LLC now owns 2,087,369 shares of the network equipment provider's stock worth $1,110,900,000 after acquiring an additional 2,042,236 shares during the period. 73.33% of the stock is currently owned by institutional investors.

Cisco Systems Trading Down 0.5 %

NASDAQ:CSCO traded down $0.30 during mid-day trading on Tuesday, reaching $57.01. 17,261,064 shares of the company's stock traded hands, compared to its average volume of 19,157,211. The company has a 50 day moving average price of $54.35 and a 200-day moving average price of $49.88. The firm has a market capitalization of $227.51 billion, a price-to-earnings ratio of 24.43, a PEG ratio of 4.67 and a beta of 0.83. 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, Inc. has a 12-month low of $44.50 and a 12-month high of $59.38.

Cisco Systems (NASDAQ:CSCO - Get Free Report) last posted its earnings results on Wednesday, November 13th. The network equipment provider reported $0.91 earnings per share (EPS) for the quarter, beating 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 period in the previous year, the firm earned $0.98 earnings per share. The business's revenue was down 5.6% compared to the same quarter last year. On average, sell-side analysts predict that Cisco Systems, Inc. will post 2.89 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 given a dividend of $0.40 per share. This represents a $1.60 annualized dividend and a dividend yield of 2.81%. The ex-dividend date of this dividend is Friday, January 3rd. Cisco Systems's dividend payout ratio is currently 68.67%.

Wall Street Analysts Forecast Growth

Several research firms recently issued reports on CSCO. Piper Sandler lifted their price objective on Cisco Systems from $52.00 to $57.00 and gave the company a "neutral" rating in a research note on Thursday, November 14th. Jefferies Financial Group cut 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. Rosenblatt Securities lifted their target price on shares of Cisco Systems from $56.00 to $58.00 and gave the company a "neutral" rating in a research report on Thursday, August 15th. Hsbc Global Res raised shares of Cisco Systems to a "strong-buy" rating in a report on Friday, August 16th. Finally, Wells Fargo & Company lifted their price objective on shares of Cisco Systems from $57.00 to $60.00 and gave the stock an "equal weight" rating in a report on Thursday, November 14th. 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. Based on data from MarketBeat, Cisco Systems has an average rating of "Moderate Buy" and an average target price of $59.94.

Insider Buying and Selling

In related news, EVP Thimaya K. Subaiya sold 1,328 shares of the business's stock in a transaction dated Thursday, September 12th. The shares were sold at an average price of $48.92, for a total transaction of $64,965.76. Following the sale, the executive vice president now owns 132,910 shares of the company's stock, valued at $6,501,957.20. The trade was a 0.99 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, SVP Maria Victoria Wong sold 638 shares of the company's stock in a transaction that occurred on Thursday, September 12th. The stock was sold at an average price of $49.09, for a total value of $31,319.42. Following the completion of the sale, the senior vice president now owns 46,017 shares in the company, valued at $2,258,974.53. The trade was a 1.37 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 13,615 shares of company stock valued at $682,681 over the last three months. Corporate insiders own 0.01% of the company's stock.

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.