Parthenon LLC Sells 635 Shares of Cisco Systems, Inc. (NASDAQ:CSCO)

Parthenon LLC cut its holdings in Cisco Systems, Inc. (NASDAQ:CSCO) by 0.3% during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 204,041 shares of the network equipment provider’s stock after selling 635 shares during the period. Cisco Systems comprises 1.5% of Parthenon LLC’s holdings, making the stock its 19th largest holding. Parthenon LLC’s holdings in Cisco Systems were worth $12,591,000 as of its most recent SEC filing.

A number of other large investors have also recently made changes to their positions in CSCO. Navigoe LLC purchased a new position in shares of Cisco Systems during the 4th quarter worth about $26,000. Mpwm Advisory Solutions LLC purchased a new position in shares of Cisco Systems during the 4th quarter worth about $26,000. JDM Financial Group LLC grew its stake in Cisco Systems by 160.4% in the 4th quarter. JDM Financial Group LLC now owns 487 shares of the network equipment provider’s stock worth $29,000 after acquiring an additional 300 shares in the last quarter. Runnymede Capital Advisors Inc. bought a new position in Cisco Systems in the 4th quarter worth about $30,000. Finally, Fairway Wealth LLC grew its stake in Cisco Systems by 224.7% in the 1st quarter. Fairway Wealth LLC now owns 578 shares of the network equipment provider’s stock worth $36,000 after acquiring an additional 400 shares in the last quarter. 73.33% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

CSCO has been the topic of a number of research analyst reports. Wells Fargo & Company upgraded shares of Cisco Systems from an “equal weight” rating to an “overweight” rating and upped their target price for the stock from $72.00 to $75.00 in a research note on Thursday, May 15th. JPMorgan Chase & Co. upped their target price 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. Morgan Stanley restated a “hold” rating on shares of Cisco Systems in a research note on Wednesday, May 21st. Piper Sandler upped their target price 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. Finally, Evercore ISI upped their price target on shares of Cisco Systems from $67.00 to $72.00 and gave the stock an “outperform” rating in a research report on Thursday, May 15th. Eight investment analysts have rated the stock with a hold rating, sixteen have given a buy rating and two have given a strong buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $69.95.

Cisco Systems Trading Down 0.2%

NASDAQ CSCO opened at $67.82 on Tuesday. The company has a fifty day simple moving average of $65.19 and a two-hundred day simple moving average of $61.89. The stock has a market cap of $268.57 billion, a P/E ratio of 27.68, a P/E/G ratio of 4.07 and a beta of 0.90. Cisco Systems, Inc. has a 12-month low of $44.50 and a 12-month high of $69.78. The company has a current ratio of 0.95, a quick ratio of 0.87 and a debt-to-equity ratio of 0.50.

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

Cisco Systems Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, July 23rd. Investors 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 annualized dividend and a dividend yield of 2.42%. Cisco Systems’s dividend payout ratio (DPR) is presently 66.94%.

Insider Activity

In related news, insider Jeetendra I. Patel sold 9,961 shares of the firm’s stock in a transaction on Friday, May 16th. The shares were sold at an average price of $63.97, for a total transaction of $637,205.17. Following the completion of the transaction, the insider owned 257,162 shares of the company’s stock, valued at $16,450,653.14. This trade represents a 3.73% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CFO Richard Scott Herren sold 15,678 shares of the firm’s stock in a transaction on Tuesday, June 17th. The shares were sold at an average price of $65.52, for a total transaction of $1,027,222.56. Following the sale, the chief financial officer owned 309,543 shares in the company, valued at approximately $20,281,257.36. This represents a 4.82% 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 valued at $6,271,054 over the last quarter. 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.