Cisco Systems, Inc. (NASDAQ:CSCO) Shares Sold by Selway Asset Management

Selway Asset Management cut its stake in shares of Cisco Systems, Inc. (NASDAQ:CSCO) by 0.5% in the first quarter, according to its most recent disclosure with the SEC. The firm owned 114,567 shares of the network equipment provider’s stock after selling 590 shares during the period. Cisco Systems comprises about 2.9% of Selway Asset Management’s holdings, making the stock its 9th biggest holding. Selway Asset Management’s holdings in Cisco Systems were worth $7,070,000 as of its most recent filing with the SEC.

A number of other large investors also recently added to or reduced their stakes in the stock. FMR LLC raised its position in Cisco Systems by 20.8% during the fourth 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 during the period. Norges Bank acquired a new position in Cisco Systems during the fourth quarter worth $3,297,905,000. Northern Trust Corp raised its position in Cisco Systems by 11.4% during the fourth quarter. Northern Trust Corp now owns 47,238,258 shares of the network equipment provider’s stock worth $2,796,505,000 after acquiring an additional 4,832,813 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its position in Cisco Systems by 7.8% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 36,471,275 shares of the network equipment provider’s stock worth $2,159,099,000 after acquiring an additional 2,637,006 shares during the period. Finally, Dimensional Fund Advisors LP raised its position in Cisco Systems by 2.4% during the fourth quarter. Dimensional Fund Advisors LP now owns 29,419,041 shares of the network equipment provider’s stock worth $1,741,597,000 after acquiring an additional 681,555 shares during the period. 73.33% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

CSCO has been the subject of a number of recent research reports. Piper Sandler increased their target price on shares of Cisco Systems from $60.00 to $64.00 and gave the company a “neutral” rating in a research report on Thursday, May 15th. Evercore ISI increased their target price on shares of Cisco Systems from $67.00 to $72.00 and gave the company an “outperform” rating in a research report on Thursday, May 15th. JPMorgan Chase & Co. increased their target price 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. UBS Group increased their target price on shares of Cisco Systems from $62.00 to $70.00 and gave the company a “neutral” rating in a research report on Thursday, February 13th. Finally, New Street Research reiterated a “neutral” rating and issued a $70.00 target price on shares of Cisco Systems in a research report on Friday, May 16th. Eight equities research analysts have rated the stock with a hold rating, twelve have assigned a buy rating and three have given a strong buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $68.00.

Insider Activity

In other news, SVP Maria Victoria Wong sold 762 shares of the firm’s stock in a transaction that occurred on Wednesday, March 12th. The shares were sold at an average price of $60.99, for a total value of $46,474.38. Following the completion of the transaction, the senior vice president now owns 44,155 shares of the company’s stock, valued at approximately $2,693,013.45. This trade represents a 1.70% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, EVP Thimaya K. Subaiya sold 2,065 shares of the firm’s stock in a transaction that occurred on Wednesday, March 12th. The shares were sold at an average price of $60.70, for a total transaction of $125,345.50. Following the completion of the transaction, the executive vice president now directly owns 191,184 shares of the company’s stock, valued at approximately $11,604,868.80. The trade was a 1.07% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 41,616 shares of company stock valued at $2,640,095. 0.01% of the stock is currently owned by company insiders.

Cisco Systems Trading Up 1.3%

Shares of CSCO stock opened at $63.85 on Tuesday. The company has a debt-to-equity ratio of 0.43, a current ratio of 0.87 and a quick ratio of 0.79. The firm has a market cap of $252.85 billion, a PE ratio of 27.88, a price-to-earnings-growth ratio of 4.16 and a beta of 0.89. The company has a 50-day moving average of $59.34 and a two-hundred day moving average of $60.17. Cisco Systems, Inc. has a 1-year low of $44.50 and a 1-year high of $66.50.

Cisco Systems (NASDAQ:CSCO) last announced its earnings results on Wednesday, May 14th. The network equipment provider reported $0.96 earnings per share for the quarter, topping the consensus estimate of $0.92 by $0.04. The company 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%. Cisco Systems’s revenue was up 11.4% compared to the same quarter last year. During the same quarter last year, the firm posted $0.88 earnings per share. On average, analysts predict that Cisco Systems, Inc. will post 3.04 EPS for the current year.

Cisco Systems Announces Dividend

The firm 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 $0.41 dividend. 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 payout ratio is 66.94%.

Cisco Systems announced that its Board of Directors has authorized a stock buyback plan on Wednesday, February 12th that permits the company to repurchase $15.00 billion in outstanding shares. This repurchase authorization permits the network equipment provider to reacquire up to 6% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company’s leadership believes its shares are undervalued.

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.