Investment Partners Asset Management Inc. Trims Position in Cisco Systems, Inc. (NASDAQ:CSCO)

Investment Partners Asset Management Inc. cut its position in shares of Cisco Systems, Inc. (NASDAQ:CSCOFree Report) by 14.2% in the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 12,704 shares of the network equipment provider’s stock after selling 2,103 shares during the period. Investment Partners Asset Management Inc.’s holdings in Cisco Systems were worth $784,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds have also recently made changes to their positions in CSCO. Norges Bank purchased a new stake in Cisco Systems during the fourth quarter worth $3,297,905,000. FMR LLC grew its stake in Cisco Systems by 20.8% in the fourth quarter. FMR LLC now owns 77,216,513 shares of the network equipment provider’s stock valued at $4,571,218,000 after purchasing an additional 13,285,052 shares during the last quarter. Raymond James Financial Inc. bought a new position in Cisco Systems in the fourth quarter worth about $560,722,000. Alyeska Investment Group L.P. purchased a new stake in shares of Cisco Systems during the fourth quarter valued at about $413,491,000. Finally, GAMMA Investing LLC boosted its holdings in shares of Cisco Systems by 7,096.5% in the 1st quarter. GAMMA Investing LLC now owns 6,718,402 shares of the network equipment provider’s stock valued at $414,593,000 after buying an additional 6,625,045 shares in the last quarter. 73.33% of the stock is currently owned by institutional investors.

Cisco Systems Stock Down 1.1%

CSCO stock opened at $65.15 on Wednesday. The company has a market capitalization of $257.99 billion, a P/E ratio of 28.45, a price-to-earnings-growth ratio of 4.16 and a beta of 0.88. Cisco Systems, Inc. has a 12 month low of $44.50 and a 12 month high of $66.50. The firm’s fifty day simple moving average is $59.85 and its 200-day simple moving average is $60.46. The company has a debt-to-equity ratio of 0.43, a current ratio of 0.87 and a quick ratio of 0.79.

Cisco Systems (NASDAQ:CSCOGet Free Report) last posted its earnings results on Wednesday, May 14th. The network equipment provider reported $0.96 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.92 by $0.04. The company had revenue of $14.15 billion during the quarter, compared to the consensus estimate of $14.05 billion. Cisco Systems had a net margin of 16.96% and a return on equity of 26.08%. The firm’s quarterly revenue was up 11.4% on a year-over-year basis. During the same period in the previous year, the firm posted $0.88 earnings per share. As a group, equities research analysts forecast that Cisco Systems, Inc. will post 3.04 earnings per share for the current year.

Cisco Systems declared that its Board of Directors has initiated a share repurchase program on Wednesday, February 12th that allows the company to buyback $15.00 billion in outstanding shares. This buyback authorization allows the network equipment provider to reacquire up to 6% of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s management believes its stock is undervalued.

Cisco Systems Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, July 23rd. Shareholders of record on Thursday, July 3rd will be issued a $0.41 dividend. This represents a $1.64 dividend on an annualized basis and a yield of 2.52%. The ex-dividend date is Thursday, July 3rd. Cisco Systems’s payout ratio is presently 66.94%.

Insiders Place Their Bets

In related news, CEO Charles Robbins sold 29,784 shares of the business’s stock in a transaction on Thursday, June 5th. The shares were sold at an average price of $64.61, for a total value of $1,924,344.24. Following the completion of the transaction, the chief executive officer now directly owns 688,409 shares in the company, valued at $44,478,105.49. The trade was a 4.15% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, EVP Deborah L. Stahlkopf sold 9,643 shares of the firm’s stock in a transaction on Friday, May 16th. The shares were sold at an average price of $63.50, for a total transaction of $612,330.50. Following the sale, the executive vice president now owns 181,186 shares in the company, valued at approximately $11,505,311. This represents a 5.05% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 68,573 shares of company stock worth $4,392,619. Corporate insiders own 0.01% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts recently commented on CSCO shares. Piper Sandler increased their target price on shares of Cisco Systems from $60.00 to $64.00 and gave the company a “neutral” rating in a research report on Thursday, May 15th. DZ Bank raised Cisco Systems from a “hold” rating to a “buy” rating in a research report on Tuesday, February 18th. Barclays reissued an “equal weight” rating on shares of Cisco Systems in a research report on Wednesday, May 21st. UBS Group upped their target price on Cisco Systems from $62.00 to $70.00 and gave the company a “neutral” rating in a research report on Thursday, February 13th. Finally, Wells Fargo & Company upgraded Cisco Systems from an “equal weight” rating to an “overweight” rating and increased their price target for the company from $72.00 to $75.00 in a research note on Thursday, May 15th. Eight research analysts have rated the stock with a hold rating, twelve have given a buy rating and three have assigned a strong buy rating to the company’s stock. According to MarketBeat.com, Cisco Systems presently has a consensus rating of “Moderate Buy” and an average price target of $68.00.

Read Our Latest Analysis on CSCO

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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Institutional Ownership by Quarter for Cisco Systems (NASDAQ:CSCO)

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