McKinley Carter Wealth Services Inc. Buys 916 Shares of Cisco Systems, Inc. (NASDAQ:CSCO)

McKinley Carter Wealth Services Inc. lifted its holdings in shares of Cisco Systems, Inc. (NASDAQ:CSCO) by 14.3% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 7,316 shares of the network equipment provider’s stock after acquiring an additional 916 shares during the quarter. McKinley Carter Wealth Services Inc.’s holdings in Cisco Systems were worth $451,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently modified their holdings of the company. Norges Bank purchased a new stake in Cisco Systems in the fourth quarter worth $3,297,905,000. FMR LLC boosted its holdings in shares of Cisco Systems by 20.8% in the fourth quarter. FMR LLC now owns 77,216,513 shares of the network equipment provider’s stock worth $4,571,218,000 after acquiring an additional 13,285,052 shares during the period. Raymond James Financial Inc. bought a new stake in Cisco Systems during the fourth quarter valued at $560,722,000. Alyeska Investment Group L.P. bought a new stake in Cisco Systems during the fourth quarter valued at $413,491,000. Finally, GAMMA Investing LLC boosted its stake in Cisco Systems by 7,096.5% during the first 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 during the period. 73.33% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on CSCO shares. Rosenblatt Securities lifted their price target on Cisco Systems from $63.00 to $74.00 and gave the stock a “buy” rating in a research note on Thursday, May 15th. Citigroup boosted their price target on Cisco Systems from $68.00 to $71.00 and gave the company a “buy” rating in a report on Thursday, May 15th. Piper Sandler boosted their price target on Cisco Systems from $60.00 to $64.00 and gave the company a “neutral” rating in a report on Thursday, May 15th. The Goldman Sachs Group upped their target price on Cisco Systems from $56.00 to $63.00 and gave the stock a “neutral” rating in a report on Thursday, February 13th. Finally, Wall Street Zen upgraded Cisco Systems from a “buy” rating to a “strong-buy” rating in a report on Friday, May 16th. Eight analysts have rated the stock with a hold rating, twelve have issued a buy rating and three have issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $68.00.

Insider Transactions at Cisco Systems

In other news, insider Jeetendra I. Patel sold 9,961 shares of the firm’s stock in a transaction dated Friday, May 16th. The stock was sold at an average price of $63.97, for a total transaction of $637,205.17. Following the completion of the transaction, the insider now owns 257,162 shares in the company, valued at $16,450,653.14. This trade represents a 3.73% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CEO Charles Robbins sold 29,784 shares of the firm’s stock in a transaction dated 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 transaction, the chief executive officer now owns 688,409 shares of the company’s stock, valued at approximately $44,478,105.49. The trade was a 4.15% decrease in their position. The disclosure for this sale can be found here. Insiders sold 68,573 shares of company stock worth $4,392,619 in the last three months. Corporate insiders own 0.01% of the company’s stock.

Cisco Systems Price Performance

Shares of CSCO opened at $64.19 on Thursday. The firm has a market cap of $254.19 billion, a PE ratio of 28.03, a P/E/G ratio of 4.16 and a beta of 0.88. The company has a current ratio of 0.87, a quick ratio of 0.79 and a debt-to-equity ratio of 0.43. The firm has a fifty day simple moving average of $60.04 and a two-hundred day simple moving average of $60.49. Cisco Systems, Inc. has a 1-year low of $44.50 and a 1-year high of $66.50.

Cisco Systems (NASDAQ:CSCO) last announced its earnings results on Wednesday, May 14th. The network equipment provider reported $0.96 earnings per share for the quarter, beating analysts’ consensus estimates of $0.92 by $0.04. The business had revenue of $14.15 billion during the quarter, compared to analyst estimates of $14.05 billion. Cisco Systems had a net margin of 16.96% and a return on equity of 26.08%. The company’s quarterly revenue was up 11.4% compared to the same quarter last year. During the same period in the previous year, the business earned $0.88 EPS. On average, equities analysts anticipate that Cisco Systems, Inc. will post 3.04 EPS for the current year.

Cisco Systems Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, July 23rd. Stockholders of record on Thursday, July 3rd will be paid a $0.41 dividend. The ex-dividend date of this dividend is Thursday, July 3rd. This represents a $1.64 annualized dividend and a dividend yield of 2.55%. Cisco Systems’s dividend payout ratio (DPR) is 66.94%.

Cisco Systems declared that its board has approved a stock buyback program on Wednesday, February 12th that authorizes the company to repurchase $15.00 billion in shares. This repurchase authorization authorizes the network equipment provider to buy up to 6% of its stock through open market purchases. Stock repurchase programs are usually an indication that the company’s management believes its stock is undervalued.

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.