Townsend Asset Management Corp NC ADV Acquires Shares of 3,357 Cisco Systems, Inc. (NASDAQ:CSCO)

Townsend Asset Management Corp NC ADV purchased a new position in shares of Cisco Systems, Inc. (NASDAQ:CSCO) in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 3,357 shares of the network equipment provider’s stock, valued at approximately $207,000.

Several other hedge funds and other institutional investors also recently modified their holdings of the stock. FPC Investment Advisory Inc. bought a new position in Cisco Systems in the 4th quarter valued at about $26,000. Navigoe LLC bought a new position in shares of Cisco Systems in the fourth quarter valued at $26,000. Mpwm Advisory Solutions LLC acquired a new stake in shares of Cisco Systems during the fourth quarter worth $26,000. JDM Financial Group LLC raised its holdings in Cisco Systems by 160.4% during the 4th quarter. JDM Financial Group LLC now owns 487 shares of the network equipment provider’s stock worth $29,000 after buying an additional 300 shares during the period. Finally, Runnymede Capital Advisors Inc. purchased a new stake in shares of Cisco Systems in the 4th quarter valued at approximately $30,000. Institutional investors own 73.33% of the company’s stock.

Insider Activity at Cisco Systems

In related news, SVP Maria Victoria Wong sold 762 shares of the firm’s stock in a transaction dated Wednesday, June 11th. The stock was sold at an average price of $64.07, for a total transaction of $48,821.34. Following the completion of the sale, the senior vice president now directly owns 36,937 shares of the company’s stock, valued at approximately $2,366,553.59. This trade represents a 2.02% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Deborah L. Stahlkopf sold 9,643 shares of the firm’s stock in a transaction on Friday, May 16th. The stock was sold at an average price of $63.50, for a total value of $612,330.50. Following the transaction, the executive vice president now owns 181,186 shares of the company’s stock, valued at approximately $11,505,311. This represents a 5.05% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 72,931 shares of company stock valued at $4,671,930. Corporate insiders own 0.01% of the company’s stock.

Cisco Systems Price Performance

Cisco Systems stock opened at $65.84 on Thursday. Cisco Systems, Inc. has a 52-week low of $44.50 and a 52-week high of $66.50. The company has a quick ratio of 0.87, a current ratio of 0.95 and a debt-to-equity ratio of 0.50. The firm’s fifty day moving average is $61.02 and its 200 day moving average is $60.69. The company has a market cap of $260.73 billion, a price-to-earnings ratio of 26.87, a PEG ratio of 3.91 and a beta of 0.88.

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

Cisco Systems Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Wednesday, July 23rd. Shareholders of record on Thursday, July 3rd will be issued a dividend of $0.41 per share. The ex-dividend date is Thursday, July 3rd. This represents a $1.64 dividend on an annualized basis and a dividend yield of 2.49%. Cisco Systems’s payout ratio is currently 66.94%.

Analyst Upgrades and Downgrades

A number of analysts recently issued reports on the company. Evercore ISI lifted their price objective on Cisco Systems from $67.00 to $72.00 and gave the company an “outperform” rating in a research report on Thursday, May 15th. Barclays reiterated an “equal weight” rating on shares of Cisco Systems in a report on Wednesday, May 21st. Rosenblatt Securities upped their price target on Cisco Systems from $63.00 to $74.00 and gave the stock a “buy” rating in a report on Thursday, May 15th. Piper Sandler increased their price objective on shares of Cisco Systems from $60.00 to $64.00 and gave the company a “neutral” rating in a research note on Thursday, May 15th. Finally, 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 note on Thursday, May 15th. Seven research analysts have rated the stock with a hold rating, thirteen have issued a buy rating and three have issued a strong buy rating to the stock. According to data from MarketBeat, the stock currently 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.