Means Investment CO. Inc. cut its position in shares of Cisco Systems, Inc. (NASDAQ:CSCO) by 10.3% in the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 41,755 shares of the network equipment provider’s stock after selling 4,787 shares during the period. Means Investment CO. Inc.’s holdings in Cisco Systems were worth $2,159,000 as of its most recent filing with the Securities & Exchange Commission.
A number of other hedge funds and other institutional investors have also recently modified their holdings of CSCO. Costello Asset Management INC bought a new position in shares of Cisco Systems in the 4th quarter worth $26,000. Bainco International Investors acquired a new position in Cisco Systems during the 4th quarter valued at about $30,000. Navis Wealth Advisors LLC purchased a new stake in Cisco Systems during the 4th quarter valued at about $30,000. Goodwin Investment Advisory purchased a new stake in Cisco Systems during the 4th quarter valued at about $31,000. Finally, Defined Wealth Management LLC purchased a new stake in Cisco Systems during the 4th quarter valued at about $34,000. 70.62% of the stock is owned by institutional investors and hedge funds.
In other news, EVP Mark D. Chandler sold 3,024 shares of the company’s stock in a transaction dated Friday, February 12th. The stock was sold at an average price of $47.21, for a total transaction of $142,763.04. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director M Michele Burns sold 13,982 shares of the business’s stock in a transaction dated Friday, March 26th. The shares were sold at an average price of $51.55, for a total value of $720,772.10. Following the completion of the sale, the director now directly owns 70,468 shares of the company’s stock, valued at $3,632,625.40. The disclosure for this sale can be found here. Insiders sold 37,776 shares of company stock valued at $1,832,205 over the last ninety days. Insiders own 0.02% of the company’s stock.
Cisco Systems (NASDAQ:CSCO) last posted its earnings results on Tuesday, February 9th. The network equipment provider reported $0.79 EPS for the quarter, beating the Zacks’ consensus estimate of $0.76 by $0.03. Cisco Systems had a return on equity of 32.64% and a net margin of 21.76%. The company had revenue of $11.96 billion for the quarter, compared to the consensus estimate of $11.92 billion. During the same quarter in the previous year, the business earned $0.77 earnings per share. Equities research analysts expect that Cisco Systems, Inc. will post 2.86 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, April 28th. Stockholders of record on Tuesday, April 6th will be paid a $0.37 dividend. The ex-dividend date is Monday, April 5th. This is a boost from Cisco Systems’s previous quarterly dividend of $0.36. This represents a $1.48 dividend on an annualized basis and a dividend yield of 2.87%. Cisco Systems’s payout ratio is presently 50.68%.
CSCO has been the topic of several research analyst reports. Oppenheimer reiterated a “buy” rating and set a $50.00 price target on shares of Cisco Systems in a research note on Tuesday, February 9th. Raymond James raised their target price on Cisco Systems from $49.00 to $50.00 and gave the stock an “outperform” rating in a report on Wednesday, February 10th. Piper Sandler raised their target price on Cisco Systems from $45.00 to $47.00 and gave the stock a “neutral” rating in a report on Wednesday, February 10th. Citigroup raised their target price on Cisco Systems from $45.00 to $50.00 in a report on Wednesday, February 10th. Finally, DZ Bank raised Cisco Systems from a “hold” rating to a “buy” rating and set a $52.00 target price on the stock in a report on Thursday, February 11th. Thirteen investment analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. The stock presently has an average rating of “Hold” and a consensus target price of $49.48.
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. It provides infrastructure platforms, including networking technologies of switching, routing, wireless, and data center products that are designed to work together to deliver networking capabilities, and transport and/or store data.
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