Aspen Wealth Strategies LLC Sells 259 Shares of Cisco Systems, Inc. (NASDAQ:CSCO)

Aspen Wealth Strategies LLC cut its position in shares of Cisco Systems, Inc. (NASDAQ:CSCO) by 1.7% in the first quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 14,685 shares of the network equipment provider’s stock after selling 259 shares during the quarter. Cisco Systems accounts for about 0.6% of Aspen Wealth Strategies LLC’s portfolio, making the stock its 27th biggest holding. Aspen Wealth Strategies LLC’s holdings in Cisco Systems were worth $906,000 at the end of the most recent reporting period.

Other hedge funds have also modified their holdings of the company. Golden State Wealth Management LLC grew its stake in Cisco Systems by 10.8% in the first quarter. Golden State Wealth Management LLC now owns 6,298 shares of the network equipment provider’s stock valued at $389,000 after purchasing an additional 612 shares in the last quarter. Proficio Capital Partners LLC boosted its stake in shares of Cisco Systems by 76.4% during the 4th quarter. Proficio Capital Partners LLC now owns 16,947 shares of the network equipment provider’s stock worth $1,003,000 after acquiring an additional 7,338 shares during the period. Wealth Enhancement Advisory Services LLC boosted its stake in shares of Cisco Systems by 28.9% during the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 4,037,909 shares of the network equipment provider’s stock worth $249,180,000 after acquiring an additional 904,548 shares during the period. Investment Management Corp of Ontario boosted its stake 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 worth $11,454,000 after acquiring an additional 59,680 shares during the period. Finally, AlTi Global Inc. boosted its stake in shares of Cisco Systems by 49.8% during the 4th quarter. AlTi Global Inc. now owns 20,483 shares of the network equipment provider’s stock worth $1,217,000 after acquiring an additional 6,811 shares during the period. 73.33% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several brokerages have recently commented on CSCO. JPMorgan Chase & Co. lifted their target price on Cisco Systems from $70.00 to $73.00 and gave the stock an “overweight” rating in a research note on Thursday, May 15th. Barclays reissued an “equal weight” rating on shares of Cisco Systems in a report on Wednesday, May 21st. Rosenblatt Securities lifted 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. New Street Research reissued a “neutral” rating and set a $70.00 price target on shares of Cisco Systems in a report on Friday, May 16th. Finally, Citigroup lifted their price target on Cisco Systems from $68.00 to $71.00 and gave the stock a “buy” rating in a report on Thursday, May 15th. Eight research analysts have rated the stock with a hold rating, fourteen have given a buy rating and three have issued a strong buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $69.53.

Cisco Systems Trading Down 0.5%

Shares of CSCO stock opened at $68.59 on Wednesday. The firm has a market capitalization of $271.62 billion, a P/E ratio of 28.00, a P/E/G ratio of 4.12 and a beta of 0.90. Cisco Systems, Inc. has a twelve month low of $44.50 and a twelve month high of $69.78. 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 stock’s fifty day simple moving average is $64.40 and its 200 day simple moving average is $61.63.

Cisco Systems (NASDAQ:CSCO) last issued 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 business had revenue of $14.15 billion for the quarter, compared to analyst estimates of $14.05 billion. Cisco Systems had a return on equity of 26.48% and a net margin of 17.60%. Cisco Systems’s quarterly revenue was up 11.4% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.88 EPS. As a group, sell-side analysts predict that Cisco Systems, Inc. will post 3.04 EPS for the current fiscal year.

Cisco Systems Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, July 23rd. Investors of record on Thursday, July 3rd will be given 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 yield of 2.39%. Cisco Systems’s dividend payout ratio is currently 66.94%.

Insider Buying and Selling at Cisco Systems

In other Cisco Systems news, SVP Maria Victoria Wong sold 762 shares of the company’s stock in a transaction dated Wednesday, June 11th. The stock was sold at an average price of $64.07, for a total value of $48,821.34. Following the sale, the senior vice president owned 36,937 shares in the company, valued at approximately $2,366,553.59. The trade was a 2.02% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, EVP Deborah L. Stahlkopf sold 2,407 shares of the company’s stock in a transaction dated Wednesday, June 11th. The shares were sold at an average price of $64.01, for a total value of $154,072.07. Following the completion of the sale, the executive vice president owned 177,027 shares in the company, valued at $11,331,498.27. This trade represents a 1.34% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 97,335 shares of company stock worth $6,271,054 over the last three months. 0.01% of the stock is owned by corporate insiders.

Cisco Systems Company 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.