Lorne Steinberg Wealth Management Inc. Sells 774 Shares of Cisco Systems, Inc. (NASDAQ:CSCO)

Lorne Steinberg Wealth Management Inc. cut its holdings in shares of Cisco Systems, Inc. (NASDAQ:CSCO) by 0.7% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 113,968 shares of the network equipment provider’s stock after selling 774 shares during the period. Cisco Systems makes up 2.0% of Lorne Steinberg Wealth Management Inc.’s holdings, making the stock its 19th biggest holding. Lorne Steinberg Wealth Management Inc.’s holdings in Cisco Systems were worth $7,033,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently made changes to their positions in the business. Norges Bank bought a new position in shares of Cisco Systems in the fourth quarter valued at approximately $3,297,905,000. FMR LLC raised its position 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 valued at $4,571,218,000 after buying an additional 13,285,052 shares during the last quarter. Raymond James Financial Inc. bought a new position in Cisco Systems during the 4th quarter valued at $560,722,000. Alyeska Investment Group L.P. purchased a new position in Cisco Systems during the 4th quarter worth $413,491,000. Finally, GAMMA Investing LLC grew its stake in shares of 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 acquiring an additional 6,625,045 shares in the last quarter. Institutional investors and hedge funds own 73.33% of the company’s stock.

Insider Activity

In related news, SVP Maria Victoria Wong sold 4,185 shares of Cisco Systems stock in a transaction on Wednesday, May 28th. The stock was sold at an average price of $63.51, for a total transaction of $265,789.35. Following the completion of the sale, the senior vice president now owns 38,103 shares of the company’s stock, valued at approximately $2,419,921.53. This trade represents a 9.90% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Deborah L. Stahlkopf sold 2,407 shares of the business’s stock in a transaction dated Wednesday, June 11th. The stock was sold at an average price of $64.01, for a total value of $154,072.07. Following the transaction, the executive vice president now owns 177,027 shares of the company’s stock, valued at approximately $11,331,498.27. The trade was a 1.34% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 72,931 shares of company stock worth $4,671,930. 0.01% of the stock is owned by company insiders.

Analysts Set New Price Targets

CSCO has been the subject of a number of recent analyst reports. Citigroup upped their price objective on shares of Cisco Systems from $68.00 to $71.00 and gave the stock a “buy” rating in a research report on Thursday, May 15th. Piper Sandler upped 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. Wells Fargo & Company raised Cisco Systems from an “equal weight” rating to an “overweight” rating and increased their price target for the company from $72.00 to $75.00 in a research report on Thursday, May 15th. Barclays reissued an “equal weight” rating on shares of Cisco Systems in a research report on Wednesday, May 21st. Finally, Rosenblatt Securities raised their target price on Cisco Systems from $63.00 to $74.00 and gave the company a “buy” rating in a research report on Thursday, May 15th. Eight 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 company. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $68.00.

Cisco Systems Stock Down 1.6%

CSCO opened at $64.09 on Monday. Cisco Systems, Inc. has a 12 month low of $44.50 and a 12 month high of $66.50. The company has a market cap of $253.80 billion, a PE ratio of 27.99, a price-to-earnings-growth ratio of 4.16 and a beta of 0.88. The company has a current ratio of 0.87, a quick ratio of 0.79 and a debt-to-equity ratio of 0.43. The company has a 50 day moving average of $60.47 and a 200 day moving average of $60.58.

Cisco Systems (NASDAQ:CSCO) last posted 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. The firm had revenue of $14.15 billion during the quarter, compared to analyst estimates of $14.05 billion. Cisco Systems had a return on equity of 26.08% and a net margin of 16.96%. The business’s revenue for the quarter was up 11.4% on a year-over-year basis. During the same period last year, the company earned $0.88 earnings per share. On average, sell-side analysts expect that Cisco Systems, Inc. will post 3.04 EPS for the current year.

Cisco Systems Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, July 23rd. Stockholders of record on Thursday, July 3rd will be issued a $0.41 dividend. This represents a $1.64 dividend on an annualized basis and a dividend yield of 2.56%. The ex-dividend date of this dividend is Thursday, July 3rd. Cisco Systems’s payout ratio 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.