Prosperity Consulting Group LLC Sells 2,373 Shares of Cisco Systems, Inc. (NASDAQ:CSCO)

Prosperity Consulting Group LLC lessened its stake in shares of Cisco Systems, Inc. (NASDAQ:CSCO) by 4.1% in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 55,810 shares of the network equipment provider’s stock after selling 2,373 shares during the quarter. Prosperity Consulting Group LLC’s holdings in Cisco Systems were worth $3,304,000 at the end of the most recent reporting period.

Several other hedge funds also recently bought and sold shares of CSCO. FPC Investment Advisory Inc. bought a new stake in shares of Cisco Systems in the 4th quarter worth approximately $26,000. Runnymede Capital Advisors Inc. bought a new stake in Cisco Systems in the fourth quarter worth $30,000. Campbell Capital Management Inc. purchased a new stake in Cisco Systems during the fourth quarter valued at about $31,000. Highline Wealth Partners LLC grew its stake in shares of Cisco Systems by 76.7% during the fourth quarter. Highline Wealth Partners LLC now owns 599 shares of the network equipment provider’s stock valued at $35,000 after buying an additional 260 shares during the last quarter. Finally, Synergy Investment Management LLC bought a new position in Cisco Systems during the 4th quarter worth approximately $36,000. Hedge funds and other institutional investors own 73.33% of the company’s stock.

Cisco Systems Stock Performance

NASDAQ:CSCO opened at $56.71 on Friday. The company has a debt-to-equity ratio of 0.43, a quick ratio of 0.79 and a current ratio of 0.87. The stock’s fifty day moving average is $59.83 and its 200 day moving average is $59.19. The firm has a market capitalization of $225.61 billion, a PE ratio of 24.76, a PEG ratio of 4.16 and a beta of 0.86. Cisco Systems, Inc. has a fifty-two week low of $44.50 and a fifty-two week high of $66.50.

Cisco Systems (NASDAQ:CSCO) last released its quarterly earnings results on Wednesday, February 12th. The network equipment provider reported $0.77 EPS for the quarter, missing analysts’ consensus estimates of $0.91 by ($0.14). Cisco Systems had a return on equity of 26.08% and a net margin of 16.96%. On average, sell-side analysts anticipate that Cisco Systems, Inc. will post 3.04 earnings per share for the current year.

Cisco Systems announced that its board has authorized a share buyback plan on Wednesday, February 12th that allows the company to repurchase $15.00 billion in outstanding shares. This repurchase authorization allows the network equipment provider to purchase up to 6% of its stock through open market purchases. Stock repurchase plans are usually an indication that the company’s board of directors believes its shares are undervalued.

Cisco Systems Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, April 23rd. Stockholders of record on Thursday, April 3rd were given a dividend of $0.41 per share. The ex-dividend date of this dividend was Thursday, April 3rd. This is a positive change from Cisco Systems’s previous quarterly dividend of $0.40. This represents a $1.64 dividend on an annualized basis and a dividend yield of 2.89%. Cisco Systems’s dividend payout ratio (DPR) is 71.62%.

Insiders Place Their Bets

In other Cisco Systems news, CEO Charles Robbins sold 31,983 shares of the stock in a transaction dated Friday, February 14th. The stock was sold at an average price of $64.41, for a total value of $2,060,025.03. Following the completion of the sale, the chief executive officer now directly owns 736,120 shares in the company, valued at approximately $47,413,489.20. This trade represents a 4.16 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, SVP Maria Victoria Wong sold 762 shares of the company’s stock in a transaction dated Wednesday, March 12th. The stock was sold at an average price of $60.99, for a total transaction of $46,474.38. Following the completion of the transaction, the senior vice president now owns 44,155 shares of the company’s stock, valued at approximately $2,693,013.45. This trade represents a 1.70 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 66,547 shares of company stock worth $4,275,553. 0.01% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

CSCO has been the subject of several research reports. Melius Research upgraded shares of Cisco Systems from a “hold” rating to a “strong-buy” rating in a report on Monday, January 6th. Wells Fargo & Company reissued an “equal weight” rating on shares of Cisco Systems in a research report on Thursday, March 6th. StockNews.com downgraded Cisco Systems from a “strong-buy” rating to a “buy” rating in a report on Wednesday, March 5th. Piper Sandler reduced their target price on shares of Cisco Systems from $72.00 to $60.00 and set a “neutral” rating on the stock in a research report on Tuesday, April 8th. Finally, Barclays reissued an “equal weight” rating on shares of Cisco Systems in a research report on Thursday, March 6th. Seven analysts have rated the stock with a hold rating, fifteen have given a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $64.68.

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.