Cisco Systems, Inc. (NASDAQ:CSCO) Shares Purchased by Truist Financial Corp

Truist Financial Corp grew its position in Cisco Systems, Inc. (NASDAQ:CSCO - Free Report) by 20.8% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 2,458,278 shares of the network equipment provider's stock after buying an additional 423,682 shares during the quarter. Truist Financial Corp owned 0.06% of Cisco Systems worth $145,530,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also made changes to their positions in CSCO. CIBC Asset Management Inc raised its position in shares of Cisco Systems by 0.8% in the 4th quarter. CIBC Asset Management Inc now owns 1,483,656 shares of the network equipment provider's stock worth $87,831,000 after acquiring an additional 12,177 shares in the last quarter. Total Investment Management Inc. raised its stake in shares of Cisco Systems by 3.7% during the 4th quarter. Total Investment Management Inc. now owns 6,268 shares of the network equipment provider's stock worth $371,000 after acquiring an additional 224 shares in the last quarter. New Jersey Better Educational Savings Trust purchased a new stake in Cisco Systems during the fourth quarter valued at approximately $218,000. Americana Partners LLC lifted its position in Cisco Systems by 62.1% during the fourth quarter. Americana Partners LLC now owns 182,869 shares of the network equipment provider's stock valued at $10,826,000 after acquiring an additional 70,024 shares during the last quarter. Finally, Financiere des Professionnels Fonds d investissement inc. boosted its stake in Cisco Systems by 346.9% in the fourth quarter. Financiere des Professionnels Fonds d investissement inc. now owns 15,641 shares of the network equipment provider's stock valued at $926,000 after acquiring an additional 12,141 shares in the last quarter. Institutional investors own 73.33% of the company's stock.

Cisco Systems Price Performance

Shares of CSCO stock traded up $0.06 during trading hours on Friday, hitting $64.73. 4,670,848 shares of the company's stock were exchanged, compared to its average volume of 19,329,850. The firm has a 50 day moving average of $60.55 and a two-hundred day moving average of $56.01. Cisco Systems, Inc. has a fifty-two week low of $44.50 and a fifty-two week high of $66.50. The firm has a market cap of $257.53 billion, a P/E ratio of 28.28, a P/E/G ratio of 4.17 and a beta of 0.84. The company has a quick ratio of 0.79, a current ratio of 0.87 and a debt-to-equity ratio of 0.43.

Cisco Systems (NASDAQ:CSCO - Get Free Report) last posted its quarterly earnings data on Wednesday, February 12th. The network equipment provider reported $0.77 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.91 by ($0.14). Cisco Systems had a net margin of 16.96% and a return on equity of 26.08%. Sell-side analysts forecast that Cisco Systems, Inc. will post 3.04 EPS for the current year.

Cisco Systems declared that its board has approved a stock buyback program on Wednesday, February 12th that authorizes the company to buyback $15.00 billion in shares. This buyback authorization authorizes the network equipment provider to repurchase 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 business also recently disclosed a quarterly dividend, which will be paid on Wednesday, April 23rd. Shareholders of record on Thursday, April 3rd will be paid a dividend of $0.41 per share. The ex-dividend date is Thursday, April 3rd. This represents a $1.64 dividend on an annualized basis and a yield of 2.53%. This is a positive change from Cisco Systems's previous quarterly dividend of $0.40. Cisco Systems's payout ratio is 71.62%.

Insider Buying and Selling at Cisco Systems

In other Cisco Systems news, SVP Maria Victoria Wong sold 4,881 shares of the firm's stock in a transaction 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 sale, the senior vice president now owns 51,931 shares of the company's stock, valued at $3,101,838.63. This trade represents a 8.59 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Kristina M. Johnson sold 7,500 shares of the business'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 completion of the sale, the director now owns 65,915 shares in the company, valued at approximately $3,946,331.05. This trade represents a 10.22 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 67,921 shares of company stock worth $4,298,667 in the last three months. 0.01% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

Several analysts have recently commented on the company. Rosenblatt Securities upgraded Cisco Systems from a "neutral" rating to a "buy" rating and increased their price objective for the company from $66.00 to $80.00 in a report on Thursday, February 13th. Citigroup increased their price target on Cisco Systems from $68.00 to $71.00 and gave the company a "buy" rating in a research note on Thursday, February 13th. Melius upgraded Cisco Systems from a "hold" rating to a "buy" rating and boosted their price target for the stock from $66.00 to $73.00 in a research note on Monday, January 6th. Piper Sandler increased their price objective on shares of Cisco Systems from $57.00 to $72.00 and gave the company a "neutral" rating in a research report on Thursday, February 13th. Finally, Melius Research raised 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, fourteen have given a buy rating and three have given a strong buy rating to the stock. According to MarketBeat, Cisco Systems presently has a consensus rating of "Moderate Buy" and a consensus target price of $66.53.

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.