Cisco Systems, Inc. (NASDAQ:CSCO) Holdings Lowered by PBMares Wealth Management LLC

PBMares Wealth Management LLC trimmed its stake in shares of Cisco Systems, Inc. (NASDAQ:CSCO) by 23.6% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 6,026 shares of the network equipment provider’s stock after selling 1,857 shares during the period. PBMares Wealth Management LLC’s holdings in Cisco Systems were worth $372,000 as of its most recent SEC filing.

Several other hedge funds have also modified their holdings of CSCO. Norges Bank purchased a new stake in shares of Cisco Systems in the fourth quarter valued at $3,297,905,000. FMR LLC lifted its stake in Cisco Systems by 20.8% in the 4th 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 in the last quarter. Raymond James Financial Inc. purchased a new stake in Cisco Systems in the 4th quarter worth about $560,722,000. Alyeska Investment Group L.P. purchased a new stake in shares of Cisco Systems in the fourth quarter worth approximately $413,491,000. Finally, GAMMA Investing LLC lifted its position in Cisco Systems by 7,096.5% in the 1st quarter. GAMMA Investing LLC now owns 6,718,402 shares of the network equipment provider’s stock worth $414,593,000 after buying an additional 6,625,045 shares in the last quarter. 73.33% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Cisco Systems

In related news, EVP Thimaya K. Subaiya sold 8,726 shares of the stock in a transaction that occurred on Tuesday, June 17th. The shares were sold at an average price of $65.54, for a total value of $571,902.04. Following the transaction, the executive vice president now directly owns 174,669 shares in the company, valued at $11,447,806.26. This represents a 4.76% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO Charles Robbins sold 29,784 shares of the stock in a transaction on 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 completion of the transaction, the chief executive officer now directly owns 688,409 shares in the company, valued at approximately $44,478,105.49. This trade represents a 4.15% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 97,335 shares of company stock worth $6,271,054. Insiders own 0.01% of the company’s stock.

Cisco Systems Stock Up 1.6%

CSCO opened at $67.38 on Tuesday. The firm’s 50-day simple moving average is $61.58 and its 200-day simple moving average is $60.85. The company has a debt-to-equity ratio of 0.50, a quick ratio of 0.87 and a current ratio of 0.95. Cisco Systems, Inc. has a twelve month low of $44.50 and a twelve month high of $67.92. The firm has a market cap of $266.82 billion, a price-to-earnings ratio of 27.50, a PEG ratio of 3.97 and a beta of 0.88.

Cisco Systems (NASDAQ:CSCO) last released its quarterly earnings results on Wednesday, May 14th. The network equipment provider reported $0.96 EPS for the quarter, topping analysts’ consensus estimates of $0.92 by $0.04. Cisco Systems had a return on equity of 26.48% and a net margin of 17.60%. The business had revenue of $14.15 billion for the quarter, compared to analyst estimates of $14.05 billion. During the same period in the prior year, the company earned $0.88 EPS. Cisco Systems’s revenue for the quarter was up 11.4% on a year-over-year basis. Equities research analysts anticipate that Cisco Systems, Inc. will post 3.04 EPS for the current fiscal year.

Cisco Systems Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, July 23rd. Shareholders of record on Thursday, July 3rd will be given a $0.41 dividend. The ex-dividend date of this dividend is Thursday, July 3rd. This represents a $1.64 dividend on an annualized basis and a yield of 2.43%. Cisco Systems’s payout ratio is 66.94%.

Analysts Set New Price Targets

CSCO has been the subject of several recent research reports. Evercore ISI increased their price objective on Cisco Systems from $67.00 to $72.00 and gave the stock an “outperform” rating in a report on Thursday, May 15th. JPMorgan Chase & Co. raised their price objective on shares of Cisco Systems from $70.00 to $73.00 and gave the company an “overweight” rating in a research report on Thursday, May 15th. Barclays reaffirmed an “equal weight” rating on shares of Cisco Systems in a research report on Wednesday, May 21st. Citigroup raised their price target on shares of Cisco Systems from $68.00 to $71.00 and gave the company a “buy” rating in a report on Thursday, May 15th. Finally, Piper Sandler raised their target price on Cisco Systems from $60.00 to $64.00 and gave the company a “neutral” rating in a report on Thursday, May 15th. Seven equities research analysts have rated the stock with a hold rating, thirteen have issued a buy rating and three have assigned a strong buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $69.11.

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.