Bank & Trust Co Cuts Position in Cisco Systems, Inc. (NASDAQ:CSCO)

Bank & Trust Co trimmed its holdings in shares of Cisco Systems, Inc. (NASDAQ:CSCO) by 2.8% in the first quarter, HoldingsChannel.com reports. The fund owned 26,202 shares of the network equipment provider’s stock after selling 749 shares during the period. Cisco Systems makes up 1.3% of Bank & Trust Co’s investment portfolio, making the stock its 20th largest position. Bank & Trust Co’s holdings in Cisco Systems were worth $1,617,000 as of its most recent SEC filing.

A number of other hedge funds have also bought and sold shares of CSCO. Mainstream Capital Management LLC purchased a new position in Cisco Systems in the fourth quarter valued at approximately $132,000. Proficio Capital Partners LLC raised its stake in shares of Cisco Systems by 76.4% in the fourth quarter. Proficio Capital Partners LLC now owns 16,947 shares of the network equipment provider’s stock valued at $1,003,000 after buying an additional 7,338 shares during the period. Investment Management Corp of Ontario lifted its position in shares of Cisco Systems by 44.6% during the 4th quarter. Investment Management Corp of Ontario now owns 193,478 shares of the network equipment provider’s stock valued at $11,454,000 after buying an additional 59,680 shares during the last quarter. Aveo Capital Partners LLC increased its holdings in Cisco Systems by 8.3% in the 4th quarter. Aveo Capital Partners LLC now owns 5,296 shares of the network equipment provider’s stock worth $314,000 after acquiring an additional 407 shares during the last quarter. Finally, AlTi Global Inc. raised its stake in Cisco Systems by 49.8% in the 4th quarter. AlTi Global Inc. now owns 20,483 shares of the network equipment provider’s stock valued at $1,217,000 after acquiring an additional 6,811 shares during the period. 73.33% of the stock is currently owned by institutional investors.

Insider Transactions at Cisco Systems

In other Cisco Systems news, EVP Oliver Tuszik sold 15,000 shares of the stock in a transaction that occurred on Wednesday, May 28th. The stock was sold at an average price of $63.53, for a total value of $952,950.00. Following the completion of the sale, the executive vice president now owns 131,676 shares in the company, valued at approximately $8,365,376.28. This trade represents a 10.23% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Jeetendra I. Patel sold 9,961 shares of the business’s stock in a transaction that occurred on Friday, May 16th. The shares were sold at an average price of $63.97, for a total value of $637,205.17. Following the transaction, the insider now directly owns 257,162 shares in the company, valued at $16,450,653.14. This trade represents a 3.73% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 41,616 shares of company stock worth $2,640,095. Company insiders own 0.01% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on CSCO shares. Evercore ISI increased their target price on shares of Cisco Systems from $67.00 to $72.00 and gave the stock an “outperform” rating in a research report on Thursday, May 15th. Citigroup lifted their price objective on shares of Cisco Systems from $68.00 to $71.00 and gave the company a “buy” rating in a research note on Thursday, May 15th. New Street Research restated a “neutral” rating and set a $70.00 target price on shares of Cisco Systems in a research report on Friday, May 16th. JPMorgan Chase & Co. lifted their price target on Cisco Systems from $70.00 to $73.00 and gave the company an “overweight” rating in a research report on Thursday, May 15th. Finally, Piper Sandler increased their price objective on Cisco Systems from $60.00 to $64.00 and gave the stock a “neutral” rating in a report on Thursday, May 15th. Eight equities research analysts have rated the stock with a hold rating, twelve have issued a buy rating and three have issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $68.00.

Cisco Systems Price Performance

CSCO opened at $63.85 on Tuesday. The stock has a market capitalization of $252.85 billion, a P/E ratio of 27.88, a PEG ratio of 4.16 and a beta of 0.89. The company has a current ratio of 0.87, a quick ratio of 0.79 and a debt-to-equity ratio of 0.43. Cisco Systems, Inc. has a 12-month low of $44.50 and a 12-month high of $66.50. The stock has a 50-day moving average price of $59.34 and a 200-day moving average price of $60.17.

Cisco Systems (NASDAQ:CSCO) last announced its quarterly earnings data on Wednesday, May 14th. The network equipment provider reported $0.96 earnings per share for the quarter, topping analysts’ consensus estimates of $0.92 by $0.04. The firm had revenue of $14.15 billion during the quarter, compared to analyst estimates of $14.05 billion. Cisco Systems had a net margin of 16.96% and a return on equity of 26.08%. The business’s quarterly revenue was up 11.4% on a year-over-year basis. During the same period in the previous year, the business posted $0.88 EPS. Equities analysts predict that Cisco Systems, Inc. will post 3.04 earnings per share for the current fiscal year.

Cisco Systems announced that its board has approved a share repurchase program on Wednesday, February 12th that authorizes the company to repurchase $15.00 billion in outstanding shares. This repurchase authorization authorizes the network equipment provider to repurchase up to 6% of its shares through open market purchases. Shares repurchase programs are usually an indication that the company’s management believes its stock is undervalued.

Cisco Systems Announces Dividend

The company also recently disclosed 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. This represents a $1.64 annualized dividend and a dividend yield of 2.57%. The ex-dividend date of this dividend is Thursday, July 3rd. Cisco Systems’s dividend payout ratio (DPR) is 66.94%.

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.