NewEdge Wealth LLC lessened its stake in shares of Cisco Systems, Inc. (NASDAQ:CSCO – Free Report) by 18.7% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 139,223 shares of the network equipment provider’s stock after selling 32,100 shares during the quarter. NewEdge Wealth LLC’s holdings in Cisco Systems were worth $10,802,000 as of its most recent SEC filing.
A number of other institutional investors and hedge funds have also made changes to their positions in CSCO. MidAtlantic Capital Management Inc. purchased a new position in shares of Cisco Systems during the 4th quarter worth approximately $25,000. Intesa Sanpaolo Wealth Management purchased a new stake in Cisco Systems in the fourth quarter valued at approximately $25,000. Networth Advisors LLC lifted its stake in Cisco Systems by 276.4% during the first quarter. Networth Advisors LLC now owns 335 shares of the network equipment provider’s stock worth $26,000 after purchasing an additional 246 shares in the last quarter. Financial Life Planners acquired a new position in Cisco Systems during the first quarter worth $27,000. Finally, Manning & Napier Advisors LLC boosted its position in shares of Cisco Systems by 137.0% during the first quarter. Manning & Napier Advisors LLC now owns 346 shares of the network equipment provider’s stock worth $27,000 after buying an additional 200 shares during the period. 73.33% of the stock is owned by hedge funds and other institutional investors.
Cisco Systems Stock Up 0.0%
Shares of NASDAQ CSCO opened at $112.21 on Thursday. The stock has a market cap of $442.27 billion, a P/E ratio of 36.43, a PEG ratio of 2.86 and a beta of 1.02. The business’s fifty day simple moving average is $118.10 and its 200-day simple moving average is $94.17. Cisco Systems, Inc. has a 12-month low of $65.75 and a 12-month high of $130.37. The company has a current ratio of 0.92, a quick ratio of 0.81 and a debt-to-equity ratio of 0.40.
Cisco Systems Announces Dividend
The business also recently disclosed a quarterly dividend, which was paid on Wednesday, July 22nd. Stockholders of record on Monday, July 6th were given a dividend of $0.42 per share. The ex-dividend date of this dividend was Monday, July 6th. This represents a $1.68 dividend on an annualized basis and a dividend yield of 1.5%. Cisco Systems’s payout ratio is currently 54.55%.
Analyst Upgrades and Downgrades
A number of brokerages have recently weighed in on CSCO. Truist Financial assumed coverage on Cisco Systems in a research note on Tuesday, March 31st. They issued a “buy” rating and a $94.00 price objective for the company. Morgan Stanley raised their target price on Cisco Systems from $120.00 to $130.00 and gave the company an “overweight” rating in a report on Friday, June 12th. Citic Securities lifted their target price on Cisco Systems from $90.00 to $130.00 in a research report on Friday, May 15th. Piper Sandler boosted their price target on shares of Cisco Systems from $86.00 to $132.00 and gave the stock a “neutral” rating in a research note on Thursday, May 14th. Finally, Wells Fargo & Company increased their price target on shares of Cisco Systems from $95.00 to $130.00 and gave the stock an “overweight” rating in a research report on Thursday, May 14th. Three analysts have rated the stock with a Strong Buy rating, fifteen have given a Buy rating and six have given a Hold rating to the stock. According to data from MarketBeat.com, Cisco Systems has a consensus rating of “Moderate Buy” and an average price target of $123.14.
Read Our Latest Stock Analysis on CSCO
Insider Activity
In other Cisco Systems news, CEO Charles Robbins sold 21,400 shares of the business’s stock in a transaction that occurred on Friday, May 22nd. The shares were sold at an average price of $120.03, for a total transaction of $2,568,642.00. Following the completion of the transaction, the chief executive officer owned 637,085 shares in the company, valued at $76,469,312.55. The trade was a 3.25% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Jeetendra I. Patel sold 7,169 shares of the stock in a transaction that occurred on Friday, May 15th. The shares were sold at an average price of $117.28, for a total transaction of $840,780.32. Following the completion of the sale, the insider directly owned 246,737 shares in the company, valued at approximately $28,937,315.36. This represents a 2.82% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last three months, insiders sold 47,650 shares of company stock valued at $5,668,823. 0.01% of the stock is owned by corporate insiders.
About Cisco Systems
Cisco Systems, Inc is a global technology company that designs, manufactures and sells networking hardware, software and telecommunications equipment. Its core business focuses on enabling enterprise and service-provider networks through products such as routers, switches, network security appliances and wireless systems. Over time Cisco has broadened its portfolio to emphasize software-defined networking, cybersecurity, cloud infrastructure and edge computing solutions that help organizations build and manage modern IT environments.
In addition to hardware, Cisco offers a growing range of software platforms and subscription services for network management, security, analytics and collaboration.
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