Kelly Financial Services LLC Invests $202,000 in Cisco Systems, Inc. (NASDAQ:CSCO)

Kelly Financial Services LLC purchased a new stake in shares of Cisco Systems, Inc. (NASDAQ:CSCO) during the 1st quarter, according to its most recent disclosure with the SEC. The fund purchased 3,275 shares of the network equipment provider’s stock, valued at approximately $202,000.

A number of other institutional investors have also added to or reduced their stakes in CSCO. FPC Investment Advisory Inc. bought a new stake in shares of Cisco Systems during the 4th quarter valued at about $26,000. Navigoe LLC acquired a new stake in shares of Cisco Systems during the 4th quarter worth approximately $26,000. Mpwm Advisory Solutions LLC bought a new stake in shares of Cisco Systems in the 4th quarter valued at $26,000. JDM Financial Group LLC lifted its position in shares of Cisco Systems by 160.4% during the 4th quarter. JDM Financial Group LLC now owns 487 shares of the network equipment provider’s stock valued at $29,000 after acquiring an additional 300 shares during the period. Finally, Runnymede Capital Advisors Inc. bought a new position in Cisco Systems during the fourth quarter worth $30,000. 73.33% of the stock is currently owned by institutional investors and hedge funds.

Cisco Systems Trading Down 1.5%

NASDAQ:CSCO opened at $64.19 on Thursday. The firm has a market cap of $254.19 billion, a P/E ratio of 28.03, a P/E/G ratio of 4.16 and a beta of 0.88. Cisco Systems, Inc. has a one year low of $44.50 and a one year high of $66.50. 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 firm has a 50-day simple moving average of $60.04 and a 200-day simple moving average of $60.49.

Cisco Systems (NASDAQ:CSCO) last posted its earnings results on Wednesday, May 14th. The network equipment provider reported $0.96 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 analysts’ expectations of $14.05 billion. Cisco Systems had a net margin of 16.96% and a return on equity of 26.08%. Cisco Systems’s revenue for the quarter was up 11.4% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.88 earnings per share. Equities analysts anticipate that Cisco Systems, Inc. will post 3.04 EPS for the current fiscal year.

Cisco Systems Announces Dividend

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

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

Analysts Set New Price Targets

Several equities research analysts have weighed in on CSCO shares. Wells Fargo & Company upgraded shares of Cisco Systems from an “equal weight” rating to an “overweight” rating and upped their price objective for the company from $72.00 to $75.00 in a report on Thursday, May 15th. DZ Bank raised Cisco Systems from a “hold” rating to a “buy” rating in a research note on Tuesday, February 18th. Piper Sandler raised their price objective on Cisco Systems from $60.00 to $64.00 and gave the company a “neutral” rating in a research note on Thursday, May 15th. New Street Research reaffirmed a “neutral” rating and set a $70.00 target price on shares of Cisco Systems in a research report on Friday, May 16th. Finally, Rosenblatt Securities increased their target price on Cisco Systems from $63.00 to $74.00 and gave the stock a “buy” rating in a report on Thursday, May 15th. Eight equities 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 stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $68.00.

Insider Activity at Cisco Systems

In other 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 transaction of $1,924,344.24. Following the sale, the chief executive officer now directly owns 688,409 shares of the company’s stock, valued at $44,478,105.49. The trade was a 4.15% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Jeetendra I. Patel sold 9,961 shares of Cisco Systems stock in a transaction dated Friday, May 16th. The stock was sold at an average price of $63.97, for a total value of $637,205.17. Following the sale, the insider now directly owns 257,162 shares of the company’s stock, valued at approximately $16,450,653.14. This represents a 3.73% decrease in their position. The disclosure for this sale can be found here. Insiders sold 68,573 shares of company stock valued at $4,392,619 in the last three months. 0.01% of the stock is owned by insiders.

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.