Tower Bridge Advisors Sells 71,477 Shares of Cisco Systems, Inc. (NASDAQ:CSCO)

Tower Bridge Advisors cut its holdings in Cisco Systems, Inc. (NASDAQ:CSCO - Free Report) by 55.1% during the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 58,167 shares of the network equipment provider's stock after selling 71,477 shares during the period. Tower Bridge Advisors' holdings in Cisco Systems were worth $3,096,000 as of its most recent SEC filing.

Other large investors have also recently added to or reduced their stakes in the company. Sawgrass Asset Management LLC boosted its stake in shares of Cisco Systems by 5.6% during the third quarter. Sawgrass Asset Management LLC now owns 314,916 shares of the network equipment provider's stock valued at $16,760,000 after acquiring an additional 16,761 shares during the last quarter. Spinnaker Investment Group LLC boosted its stake in shares of Cisco Systems by 15.1% during the 3rd quarter. Spinnaker Investment Group LLC now owns 6,742 shares of the network equipment provider's stock worth $359,000 after purchasing an additional 882 shares during the last quarter. Seizert Capital Partners LLC grew its holdings in shares of Cisco Systems by 2.4% during the third quarter. Seizert Capital Partners LLC now owns 1,071,153 shares of the network equipment provider's stock worth $57,007,000 after buying an additional 24,841 shares in the last quarter. Turtle Creek Wealth Advisors LLC raised its position in shares of Cisco Systems by 16.4% in the third quarter. Turtle Creek Wealth Advisors LLC now owns 5,454 shares of the network equipment provider's stock valued at $290,000 after buying an additional 768 shares during the last quarter. Finally, Evergreen Wealth Management LLC lifted its stake in shares of Cisco Systems by 40.3% during the third quarter. Evergreen Wealth Management LLC now owns 41,228 shares of the network equipment provider's stock valued at $2,194,000 after buying an additional 11,848 shares during the period. 73.33% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of analysts have issued reports on the company. New Street Research raised Cisco Systems from a "neutral" rating to a "buy" rating and set a $57.00 price target on the stock in a research note on Thursday, August 15th. Needham & Company LLC reaffirmed a "hold" rating on shares of Cisco Systems in a research report on Thursday, August 15th. Piper Sandler lifted their price target on shares of Cisco Systems from $52.00 to $57.00 and gave the company a "neutral" rating in a report on Thursday. Hsbc Global Res upgraded Cisco Systems to a "strong-buy" rating in a report on Friday, August 16th. Finally, UBS Group lifted their target price on Cisco Systems from $55.00 to $62.00 and gave the company a "neutral" rating in a report on Thursday. Eleven research analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat.com, Cisco Systems has a consensus rating of "Moderate Buy" and an average price target of $59.42.

Insider Buying and Selling at Cisco Systems

In related news, EVP Thimaya K. Subaiya sold 1,328 shares of the stock in a transaction on Thursday, September 12th. The stock was sold at an average price of $48.92, for a total value of $64,965.76. Following the completion of the transaction, the executive vice president now owns 132,910 shares in the company, valued at $6,501,957.20. This trade represents a 0.99 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, SVP Maria Victoria Wong sold 3,379 shares of the business's stock in a transaction dated Wednesday, August 28th. The stock was sold at an average price of $50.36, for a total value of $170,166.44. Following the sale, the senior vice president now owns 47,182 shares in the company, valued at approximately $2,376,085.52. The trade was a 6.68 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 35,924 shares of company stock valued at $1,798,131. Company insiders own 0.01% of the company's stock.

Cisco Systems Stock Performance

Shares of NASDAQ CSCO traded down $0.46 during mid-day trading on Friday, hitting $57.46. The company had a trading volume of 28,173,705 shares, compared to its average volume of 18,249,024. Cisco Systems, Inc. has a 12 month low of $44.50 and a 12 month high of $59.38. The stock has a market cap of $229.31 billion, a price-to-earnings ratio of 24.66, a PEG ratio of 4.76 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 0.83. The firm's 50 day simple moving average is $54.18 and its two-hundred day simple moving average is $49.78.

Cisco Systems (NASDAQ:CSCO - Get Free Report) last released its quarterly earnings data on Wednesday, November 13th. The network equipment provider reported $0.91 earnings per share for the quarter, topping analysts' consensus estimates of $0.87 by $0.04. Cisco Systems had a net margin of 17.73% and a return on equity of 25.70%. The business had revenue of $13.84 billion for the quarter, compared to analysts' expectations of $13.78 billion. During the same quarter last year, the company earned $0.98 EPS. The company's revenue for the quarter was down 5.6% compared to the same quarter last year. As a group, equities research analysts forecast that Cisco Systems, Inc. will post 2.89 earnings per share for the current year.

Cisco Systems Announces Dividend

The business also recently announced 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 is Friday, January 3rd. This represents a $1.60 dividend on an annualized basis and a yield of 2.78%. Cisco Systems's dividend payout ratio is presently 68.67%.

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.