Cisco Systems, Inc. (NASDAQ:CSCO) Stock Holdings Raised by Somerset Trust Co

Somerset Trust Co lifted its stake in shares of Cisco Systems, Inc. (NASDAQ:CSCO) by 1.0% during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 105,502 shares of the network equipment provider’s stock after buying an additional 1,018 shares during the quarter. Cisco Systems accounts for approximately 2.1% of Somerset Trust Co’s holdings, making the stock its 8th largest holding. Somerset Trust Co’s holdings in Cisco Systems were worth $5,266,000 at the end of the most recent reporting period.

Several other hedge funds have also modified their holdings of the stock. Charles Schwab Investment Management Inc. raised its holdings in shares of Cisco Systems by 9.5% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 73,439,747 shares of the network equipment provider’s stock valued at $3,672,445,000 after buying an additional 6,345,954 shares during the period. Northern Trust Corp raised its holdings in shares of Cisco Systems by 3.8% during the 3rd quarter. Northern Trust Corp now owns 50,549,422 shares of the network equipment provider’s stock valued at $2,717,537,000 after buying an additional 1,847,682 shares during the period. Norges Bank purchased a new stake in shares of Cisco Systems during the 4th quarter valued at about $2,528,939,000. Wellington Management Group LLP raised its holdings in shares of Cisco Systems by 7.6% during the 4th quarter. Wellington Management Group LLP now owns 47,195,836 shares of the network equipment provider’s stock valued at $2,384,334,000 after buying an additional 3,314,330 shares during the period. Finally, First Trust Advisors LP grew its stake in Cisco Systems by 12.3% during the 4th quarter. First Trust Advisors LP now owns 24,941,271 shares of the network equipment provider’s stock valued at $1,260,033,000 after purchasing an additional 2,723,260 shares in the last quarter. 73.33% of the stock is currently owned by hedge funds and other institutional investors.

Cisco Systems Stock Performance

Cisco Systems stock traded up $0.28 during mid-day trading on Wednesday, hitting $45.97. 17,627,022 shares of the company’s stock traded hands, compared to its average volume of 18,563,228. The firm has a 50 day moving average price of $47.28 and a 200 day moving average price of $48.87. The company has a quick ratio of 0.82, a current ratio of 0.89 and a debt-to-equity ratio of 0.44. The company has a market cap of $185.20 billion, a PE ratio of 15.48, a price-to-earnings-growth ratio of 2.65 and a beta of 0.85. Cisco Systems, Inc. has a one year low of $44.95 and a one year high of $58.19.

Cisco Systems (NASDAQ:CSCO) last announced its earnings results on Wednesday, May 15th. The network equipment provider reported $0.88 earnings per share for the quarter, beating the consensus estimate of $0.70 by $0.18. The firm had revenue of $12.70 billion for the quarter, compared to the consensus estimate of $12.53 billion. Cisco Systems had a return on equity of 30.82% and a net margin of 21.88%. The firm’s revenue for the quarter was down 12.8% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.88 EPS. On average, equities analysts forecast that Cisco Systems, Inc. will post 3.14 EPS for the current year.

Cisco Systems Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, July 24th. Stockholders of record on Friday, July 5th will be paid a $0.40 dividend. This represents a $1.60 dividend on an annualized basis and a dividend yield of 3.48%. The ex-dividend date is Friday, July 5th. Cisco Systems’s dividend payout ratio is presently 53.87%.

Analyst Ratings Changes

A number of equities research analysts have weighed in on CSCO shares. Needham & Company LLC restated a “hold” rating on shares of Cisco Systems in a research note on Monday, June 10th. Morgan Stanley started coverage on Cisco Systems in a research note on Tuesday, April 9th. They set an “overweight” rating and a $58.00 price objective for the company. Piper Sandler restated a “neutral” rating and set a $52.00 price objective on shares of Cisco Systems in a research note on Wednesday, June 5th. Barclays raised their price objective on Cisco Systems from $48.00 to $50.00 and gave the company an “equal weight” rating in a research note on Friday, May 17th. Finally, Oppenheimer lifted their target price on Cisco Systems from $54.00 to $58.00 and gave the stock an “outperform” rating in a research report on Thursday, May 16th. One equities research analyst has rated the stock with a sell rating, fifteen have issued a hold rating and six have issued a buy rating to the stock. According to data from MarketBeat, Cisco Systems presently has a consensus rating of “Hold” and an average target price of $56.47.

Insider Transactions at Cisco Systems

In other news, CEO Charles Robbins sold 26,331 shares of the business’s stock in a transaction on Wednesday, May 29th. The stock was sold at an average price of $46.10, for a total value of $1,213,859.10. Following the sale, the chief executive officer now owns 725,363 shares of the company’s stock, valued at approximately $33,439,234.30. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In related news, CEO Charles Robbins sold 26,331 shares of Cisco Systems stock in a transaction on Wednesday, May 29th. The stock was sold at an average price of $46.10, for a total value of $1,213,859.10. Following the transaction, the chief executive officer now directly owns 725,363 shares in the company, valued at approximately $33,439,234.30. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, SVP Maria Victoria Wong sold 762 shares of Cisco Systems stock in a transaction on Thursday, June 13th. The stock was sold at an average price of $45.42, for a total value of $34,610.04. Following the completion of the transaction, the senior vice president now owns 51,788 shares in the company, valued at $2,352,210.96. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 41,106 shares of company stock valued at $1,908,923. Corporate insiders own 0.02% 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.