Strait & Sound Wealth Management LLC decreased its holdings in Cisco Systems, Inc. (NASDAQ:CSCO - Free Report) by 52.1% during the 3rd quarter, according to the company in its most recent filing with the SEC. The fund owned 8,972 shares of the network equipment provider's stock after selling 9,760 shares during the period. Strait & Sound Wealth Management LLC's holdings in Cisco Systems were worth $477,000 as of its most recent SEC filing.
Other institutional investors also recently modified their holdings of the company. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp increased its holdings in shares of Cisco Systems by 59.3% during the second quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 775,559 shares of the network equipment provider's stock worth $36,847,000 after buying an additional 288,775 shares in the last quarter. Morse Asset Management Inc acquired a new position in Cisco Systems in the 3rd quarter worth about $798,000. Citizens Financial Group Inc. RI raised its position in Cisco Systems by 24.4% in the second quarter. Citizens Financial Group Inc. RI now owns 264,647 shares of the network equipment provider's stock valued at $12,573,000 after purchasing an additional 51,924 shares during the last quarter. HighVista Strategies LLC acquired a new stake in shares of Cisco Systems during the third quarter valued at about $1,698,000. Finally, Commerzbank Aktiengesellschaft FI grew its holdings in shares of Cisco Systems by 10.9% during the third quarter. Commerzbank Aktiengesellschaft FI now owns 1,658,417 shares of the network equipment provider's stock worth $88,261,000 after purchasing an additional 162,544 shares during the last quarter. Institutional investors and hedge funds own 73.33% of the company's stock.
Wall Street Analysts Forecast Growth
A number of analysts recently weighed in on CSCO shares. JPMorgan Chase & Co. upgraded Cisco Systems from a "neutral" rating to an "overweight" rating and increased their price objective for the company from $55.00 to $66.00 in a report on Monday, November 11th. Deutsche Bank Aktiengesellschaft raised their price objective on Cisco Systems from $52.00 to $53.00 and gave the stock a "hold" rating in a research report on Thursday, August 15th. Barclays upped their target price on Cisco Systems from $49.00 to $56.00 and gave the company an "equal weight" rating in a report on Thursday, November 14th. Needham & Company LLC restated a "hold" rating on shares of Cisco Systems in a report on Thursday, August 15th. Finally, HSBC raised shares of Cisco Systems from a "hold" rating to a "buy" rating and upped their price objective for the company from $46.00 to $58.00 in a research note on Friday, August 16th. Ten research analysts have rated the stock with a hold rating, eleven have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $59.94.
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Cisco Systems Stock Down 0.4 %
NASDAQ:CSCO traded down $0.23 on Tuesday, hitting $58.72. The stock had a trading volume of 14,477,143 shares, compared to its average volume of 19,067,916. 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, Inc. has a 52 week low of $44.50 and a 52 week high of $60.23. The business's fifty day moving average is $56.65 and its 200 day moving average is $51.05. The company has a market cap of $233.87 billion, a PE ratio of 25.20, a P/E/G ratio of 4.46 and a beta of 0.85.
Cisco Systems (NASDAQ:CSCO - Get Free Report) last issued its earnings results on Wednesday, November 13th. The network equipment provider reported $0.91 earnings per share (EPS) for the quarter, topping 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 for the quarter, compared to analysts' expectations of $13.78 billion. During the same period last year, the business earned $0.98 EPS. Cisco Systems's quarterly revenue was down 5.6% compared to the same quarter last year. On average, equities research analysts expect that Cisco Systems, Inc. will post 2.97 EPS for the current fiscal year.
Cisco Systems Dividend Announcement
The firm 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 $0.40 dividend. The ex-dividend date of this dividend is Friday, January 3rd. This represents a $1.60 annualized dividend and a yield of 2.72%. Cisco Systems's payout ratio is 68.67%.
Insider Buying and Selling at Cisco Systems
In related news, Director Kristina M. Johnson sold 7,500 shares of the firm's stock in a transaction dated Friday, December 6th. The shares were sold at an average price of $59.87, for a total transaction of $449,025.00. Following the transaction, the director now directly owns 65,915 shares of the company's stock, valued at $3,946,331.05. This trade represents a 10.22 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, SVP Maria Victoria Wong sold 4,881 shares of the company's stock in a transaction dated 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 sale, the senior vice president now directly owns 51,931 shares of the company's stock, valued at $3,101,838.63. The trade was a 8.59 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 351,860 shares of company stock worth $20,231,558. Insiders own 0.01% of the company's stock.
Cisco Systems Profile
(
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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