Cary Street Partners Asset Management LLC Sells 2,462 Shares of Cisco Systems, Inc. (NASDAQ:CSCO)

Cary Street Partners Asset Management LLC lessened its holdings in shares of Cisco Systems, Inc. (NASDAQ:CSCO) by 3.5% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 67,129 shares of the network equipment provider’s stock after selling 2,462 shares during the period. Cary Street Partners Asset Management LLC’s holdings in Cisco Systems were worth $3,391,000 at the end of the most recent quarter.

Several other institutional investors have also modified their holdings of the business. California Public Employees Retirement System increased its holdings in shares of Cisco Systems by 25.0% during the 4th quarter. California Public Employees Retirement System now owns 18,750,237 shares of the network equipment provider’s stock worth $947,262,000 after acquiring an additional 3,753,165 shares during the last quarter. J.P. Morgan Private Wealth Advisors LLC acquired a new position in shares of Cisco Systems during the 3rd quarter worth approximately $179,207,000. Capital Wealth Planning LLC increased its holdings in shares of Cisco Systems by 7,074.3% during the 3rd quarter. Capital Wealth Planning LLC now owns 3,271,642 shares of the network equipment provider’s stock worth $175,883,000 after acquiring an additional 3,226,040 shares during the last quarter. Pacer Advisors Inc. increased its holdings in shares of Cisco Systems by 32.7% during the 4th quarter. Pacer Advisors Inc. now owns 7,749,370 shares of the network equipment provider’s stock worth $391,498,000 after acquiring an additional 1,909,597 shares during the last quarter. Finally, Northern Trust Corp increased its holdings in shares of Cisco Systems by 3.8% during the 3rd quarter. Northern Trust Corp now owns 50,549,422 shares of the network equipment provider’s stock worth $2,717,537,000 after acquiring an additional 1,847,682 shares during the last quarter. Institutional investors own 73.33% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages have commented on CSCO. StockNews.com lowered Cisco Systems from a “buy” rating to a “hold” rating in a report on Thursday, February 15th. Wells Fargo & Company began coverage on Cisco Systems in a report on Thursday, February 15th. They issued an “equal weight” rating and a $52.00 price objective on the stock. Barclays upped their price objective on Cisco Systems from $46.00 to $48.00 and gave the company an “equal weight” rating in a report on Thursday, February 15th. Melius lowered Cisco Systems from a “buy” rating to a “hold” rating in a report on Monday, January 8th. Finally, Piper Sandler upped their price objective on Cisco Systems from $47.00 to $51.00 and gave the company a “neutral” rating in a report on Wednesday, March 20th. Two analysts have rated the stock with a sell rating, fourteen have given a hold rating and six have given a buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $55.53.

Cisco Systems Price Performance

NASDAQ:CSCO traded up $0.33 during trading hours on Wednesday, hitting $47.31. The company’s stock had a trading volume of 4,584,241 shares, compared to its average volume of 19,068,365. The stock has a fifty day simple moving average of $48.90 and a 200-day simple moving average of $49.92. The company has a market capitalization of $191.57 billion, a P/E ratio of 14.28, a PEG ratio of 2.76 and a beta of 0.87. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.37 and a quick ratio of 1.26. Cisco Systems, Inc. has a twelve month low of $45.56 and a twelve month high of $58.19.

Cisco Systems (NASDAQ:CSCO) last announced its quarterly earnings results on Wednesday, February 14th. The network equipment provider reported $0.87 EPS for the quarter, beating analysts’ consensus estimates of $0.84 by $0.03. Cisco Systems had a return on equity of 33.01% and a net margin of 23.49%. The firm had revenue of $12.79 billion for the quarter, compared to analyst estimates of $12.71 billion. During the same period last year, the firm posted $0.76 earnings per share. The business’s revenue for the quarter was down 5.9% on a year-over-year basis. On average, analysts anticipate that Cisco Systems, Inc. will post 3.13 EPS for the current fiscal year.

Cisco Systems Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, April 24th. Stockholders of record on Thursday, April 4th were paid a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a dividend yield of 3.38%. This is a positive change from Cisco Systems’s previous quarterly dividend of $0.39. The ex-dividend date of this dividend was Wednesday, April 3rd. Cisco Systems’s dividend payout ratio (DPR) is presently 48.63%.

Insider Activity

In other news, EVP Deborah L. Stahlkopf sold 3,002 shares of the firm’s stock in a transaction dated Wednesday, March 13th. The stock was sold at an average price of $50.01, for a total transaction of $150,130.02. Following the completion of the transaction, the executive vice president now directly owns 191,559 shares in the company, valued at $9,579,865.59. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other news, SVP Maria Victoria Wong sold 2,497 shares of the firm’s stock in a transaction dated Wednesday, March 13th. The stock was sold at an average price of $50.00, for a total transaction of $124,850.00. Following the completion of the transaction, the senior vice president now directly owns 58,121 shares in the company, valued at $2,906,050. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Deborah L. Stahlkopf sold 3,002 shares of the firm’s stock in a transaction dated Wednesday, March 13th. The stock was sold at an average price of $50.01, for a total value of $150,130.02. Following the transaction, the executive vice president now owns 191,559 shares of the company’s stock, valued at $9,579,865.59. The disclosure for this sale can be found here. Over the last three months, insiders have sold 19,441 shares of company stock valued at $972,080. 0.02% of the stock is currently owned by corporate insiders.

About Cisco Systems

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.