FineMark National Bank & Trust Sells 40,919 Shares of Cisco Systems, Inc. (NASDAQ:CSCO)

FineMark National Bank & Trust cut its holdings in shares of Cisco Systems, Inc. (NASDAQ:CSCO) by 11.7% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 308,467 shares of the network equipment provider’s stock after selling 40,919 shares during the period. FineMark National Bank & Trust’s holdings in Cisco Systems were worth $15,584,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in CSCO. Wealthspire Advisors LLC increased its holdings in Cisco Systems by 48.1% in the third quarter. Wealthspire Advisors LLC now owns 71,385 shares of the network equipment provider’s stock valued at $3,838,000 after purchasing an additional 23,194 shares during the period. Roble Belko & Company Inc grew its holdings in Cisco Systems by 77.1% during the 4th quarter. Roble Belko & Company Inc now owns 6,405 shares of the network equipment provider’s stock worth $324,000 after acquiring an additional 2,788 shares during the period. HBK Sorce Advisory LLC grew its holdings in Cisco Systems by 0.5% during the 3rd quarter. HBK Sorce Advisory LLC now owns 64,136 shares of the network equipment provider’s stock worth $3,448,000 after acquiring an additional 301 shares during the period. Louisiana State Employees Retirement System acquired a new stake in Cisco Systems during the 4th quarter worth about $28,685,000. Finally, Adage Capital Partners GP L.L.C. lifted its position in Cisco Systems by 1.1% in the 3rd quarter. Adage Capital Partners GP L.L.C. now owns 4,470,521 shares of the network equipment provider’s stock valued at $240,335,000 after acquiring an additional 49,700 shares in the last quarter. 73.33% of the stock is currently owned by institutional investors.

Insider Activity

In related news, CFO Richard Scott Herren sold 13,942 shares of the business’s stock in a transaction that occurred on Monday, March 11th. The stock was sold at an average price of $50.00, for a total transaction of $697,100.00. Following the completion of the sale, the chief financial officer now directly owns 328,491 shares in the company, valued at $16,424,550. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, EVP Deborah L. Stahlkopf sold 8,016 shares of the company’s stock in a transaction on Friday, May 17th. The stock was sold at an average price of $48.24, for a total value of $386,691.84. Following the transaction, the executive vice president now owns 180,705 shares of the company’s stock, valued at approximately $8,717,209.20. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CFO Richard Scott Herren sold 13,942 shares of the company’s stock in a transaction on Monday, March 11th. The shares were sold at an average price of $50.00, for a total value of $697,100.00. Following the completion of the transaction, the chief financial officer now directly owns 328,491 shares in the company, valued at approximately $16,424,550. The disclosure for this sale can be found here. Insiders sold 27,457 shares of company stock worth $1,358,772 over the last three months. 0.02% of the stock is currently owned by corporate insiders.

Cisco Systems Stock Down 1.8 %

CSCO traded down $0.86 on Thursday, hitting $46.57. The company had a trading volume of 10,513,847 shares, compared to its average volume of 19,341,912. The stock has a fifty day moving average price of $48.51 and a 200-day moving average price of $49.39. Cisco Systems, Inc. has a 12-month low of $46.20 and a 12-month high of $58.19. The company has a debt-to-equity ratio of 0.44, a quick ratio of 0.82 and a current ratio of 0.89. The stock has a market capitalization of $188.57 billion, a price-to-earnings ratio of 15.81, a P/E/G ratio of 2.73 and a beta of 0.87.

Cisco Systems (NASDAQ:CSCO) last issued its quarterly earnings results on Wednesday, May 15th. The network equipment provider reported $0.88 earnings per share for the quarter, topping the consensus estimate of $0.70 by $0.18. The business had revenue of $12.70 billion during the quarter, compared to the consensus estimate of $12.53 billion. Cisco Systems had a return on equity of 30.82% and a net margin of 21.88%. The company’s quarterly revenue was down 12.8% on a year-over-year basis. During the same quarter last year, the company earned $0.88 earnings per share. Analysts predict that Cisco Systems, Inc. will post 3.13 EPS for the current fiscal year.

Cisco Systems Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, July 24th. Stockholders of record on Friday, July 5th will be given a $0.40 dividend. This represents a $1.60 dividend on an annualized basis and a dividend yield of 3.44%. The ex-dividend date is Friday, July 5th. Cisco Systems’s dividend payout ratio (DPR) is presently 53.87%.

Wall Street Analyst Weigh In

Several brokerages recently weighed in on CSCO. Citigroup began coverage on shares of Cisco Systems in a research report on Friday, April 12th. They issued a “neutral” rating and a $52.00 price target on the stock. StockNews.com upgraded shares of Cisco Systems from a “hold” rating to a “buy” rating in a research note on Monday, May 13th. Wells Fargo & Company increased their price objective on shares of Cisco Systems from $52.00 to $57.00 and gave the company an “equal weight” rating in a research note on Thursday, May 16th. Needham & Company LLC reiterated a “hold” rating on shares of Cisco Systems in a research note on Thursday, May 16th. Finally, Piper Sandler reiterated a “neutral” rating and issued a $52.00 price objective (up previously from $51.00) on shares of Cisco Systems in a research note on Thursday, May 16th. One equities research analyst has rated the stock with a sell rating, fourteen have given a hold rating and seven have assigned a buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $56.47.

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.