First PREMIER Bank Decreases Holdings in Cisco Systems, Inc. (NASDAQ:CSCO)

First PREMIER Bank trimmed its stake in shares of Cisco Systems, Inc. (NASDAQ:CSCO) by 2.6% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 14,549 shares of the network equipment provider’s stock after selling 384 shares during the period. First PREMIER Bank’s holdings in Cisco Systems were worth $898,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the stock. First American Bank lifted its holdings in Cisco Systems by 0.8% during the first quarter. First American Bank now owns 72,887 shares of the network equipment provider’s stock valued at $4,498,000 after purchasing an additional 582 shares in the last quarter. Weaver Capital Management LLC lifted its holdings in Cisco Systems by 0.7% during the first quarter. Weaver Capital Management LLC now owns 50,359 shares of the network equipment provider’s stock valued at $3,108,000 after purchasing an additional 328 shares in the last quarter. Praxis Investment Management Inc. lifted its holdings in Cisco Systems by 1.1% during the first quarter. Praxis Investment Management Inc. now owns 99,100 shares of the network equipment provider’s stock valued at $6,115,000 after purchasing an additional 1,050 shares in the last quarter. World Equity Group Inc. lifted its holdings in Cisco Systems by 8.6% during the first quarter. World Equity Group Inc. now owns 15,409 shares of the network equipment provider’s stock valued at $932,000 after purchasing an additional 1,225 shares in the last quarter. Finally, Stonegate Investment Group LLC lifted its stake in shares of Cisco Systems by 1.0% in the first quarter. Stonegate Investment Group LLC now owns 1,554,422 shares of the network equipment provider’s stock worth $95,923,000 after buying an additional 14,865 shares in the last quarter. 73.33% of the stock is owned by hedge funds and other institutional investors.

Cisco Systems Price Performance

Shares of CSCO opened at $66.32 on Friday. Cisco Systems, Inc. has a 1-year low of $44.50 and a 1-year high of $66.65. The stock has a market cap of $262.63 billion, a PE ratio of 27.07, a P/E/G ratio of 3.94 and a beta of 0.88. The firm has a 50-day simple moving average of $61.38 and a two-hundred day simple moving average of $60.78. The company has a debt-to-equity ratio of 0.50, a current ratio of 0.95 and a quick ratio of 0.87.

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

Cisco Systems Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, July 23rd. Shareholders of record on Thursday, July 3rd will be given a dividend of $0.41 per share. This represents a $1.64 dividend on an annualized basis and a dividend yield of 2.47%. The ex-dividend date is Thursday, July 3rd. Cisco Systems’s dividend payout ratio is presently 66.94%.

Analysts Set New Price Targets

Several research firms have recently weighed in on CSCO. New Street Research reissued a “neutral” rating and issued a $70.00 price target on shares of Cisco Systems in a research note on Friday, May 16th. Piper Sandler raised their price target on shares of Cisco Systems from $60.00 to $64.00 and gave the stock a “neutral” rating in a research note on Thursday, May 15th. Deutsche Bank Aktiengesellschaft raised shares of Cisco Systems from a “hold” rating to a “buy” rating and raised their price target for the stock from $65.00 to $73.00 in a research note on Monday, June 16th. Evercore ISI raised their price target on shares of Cisco Systems from $67.00 to $72.00 and gave the stock an “outperform” rating in a research note on Thursday, May 15th. Finally, JPMorgan Chase & Co. raised their price target on shares of Cisco Systems from $70.00 to $73.00 and gave the stock an “overweight” rating in a research note on Thursday, May 15th. Seven equities research analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and three have assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, Cisco Systems currently has an average rating of “Moderate Buy” and a consensus price target of $69.11.

Insider Buying and Selling at Cisco Systems

In related news, CFO Richard Scott Herren sold 15,678 shares of Cisco Systems stock in a transaction that occurred on Tuesday, June 17th. The shares were sold at an average price of $65.52, for a total value of $1,027,222.56. Following the completion of the transaction, the chief financial officer now owns 309,543 shares in the company, valued at approximately $20,281,257.36. The trade was a 4.82% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Charles Robbins sold 29,784 shares of Cisco Systems stock in a transaction that occurred on Thursday, June 5th. The shares were sold at an average price of $64.61, for a total transaction of $1,924,344.24. Following the completion of the transaction, the chief executive officer now owns 688,409 shares of the company’s stock, valued at $44,478,105.49. This trade represents a 4.15% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 97,335 shares of company stock worth $6,271,054 over the last three months. Insiders own 0.01% of the company’s stock.

About Cisco Systems

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.