Hartford Investment Management Co. Sells 6,097 Shares of Cisco Systems, Inc. (NASDAQ:CSCO)

Hartford Investment Management Co. lowered its holdings in shares of Cisco Systems, Inc. (NASDAQ:CSCO) by 2.4% in the 3rd quarter, Holdings Channel.com reports. The firm owned 253,133 shares of the network equipment provider’s stock after selling 6,097 shares during the quarter. Hartford Investment Management Co.’s holdings in Cisco Systems were worth $13,472,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently modified their holdings of CSCO. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp increased its stake in Cisco Systems by 59.3% in the second quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 775,559 shares of the network equipment provider’s stock worth $36,847,000 after purchasing an additional 288,775 shares during the period. Citizens Financial Group Inc. RI increased its stake in Cisco Systems by 24.4% in the 2nd quarter. Citizens Financial Group Inc. RI now owns 264,647 shares of the network equipment provider’s stock worth $12,573,000 after buying an additional 51,924 shares during the period. Valmark Advisers Inc. lifted its holdings in Cisco Systems by 4.7% during the 2nd quarter. Valmark Advisers Inc. now owns 40,863 shares of the network equipment provider’s stock valued at $1,941,000 after buying an additional 1,820 shares in the last quarter. Cornerstone Wealth Management LLC boosted its position in Cisco Systems by 2.4% in the 1st quarter. Cornerstone Wealth Management LLC now owns 38,053 shares of the network equipment provider’s stock valued at $1,899,000 after buying an additional 889 shares during the period. Finally, EP Wealth Advisors LLC grew its stake in Cisco Systems by 8.3% in the 2nd quarter. EP Wealth Advisors LLC now owns 1,262,765 shares of the network equipment provider’s stock worth $59,994,000 after acquiring an additional 97,087 shares in the last quarter. Institutional investors own 73.33% of the company’s stock.

Wall Street Analysts Forecast Growth

CSCO has been the subject of a number of research reports. Piper Sandler reiterated a “neutral” rating and issued a $52.00 price target on shares of Cisco Systems in a report on Thursday, August 15th. New Street Research upgraded Cisco Systems from a “neutral” rating to a “buy” rating and set a $57.00 price target on the stock in a research note on Thursday, August 15th. HSBC raised shares of Cisco Systems from a “hold” rating to a “buy” rating and upped their price objective for the stock from $46.00 to $58.00 in a research note on Friday, August 16th. Jefferies Financial Group cut their target price on shares of Cisco Systems from $56.00 to $53.00 and set a “buy” rating on the stock in a research report on Thursday, August 15th. Finally, Deutsche Bank Aktiengesellschaft increased their price objective on shares of Cisco Systems from $52.00 to $53.00 and gave the company a “hold” rating in a research note on Thursday, August 15th. One investment analyst has rated the stock with a sell rating, thirteen have issued a hold rating, nine have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $56.74.

Insider Transactions at Cisco Systems

In other Cisco Systems news, CEO Charles Robbins sold 27,143 shares of the company’s stock in a transaction on Friday, August 16th. The shares were sold at an average price of $49.45, for a total value of $1,342,221.35. Following the sale, the chief executive officer now directly owns 683,403 shares of the company’s stock, valued at approximately $33,794,278.35. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other news, CEO Charles Robbins sold 27,143 shares of the company’s stock in a transaction dated Friday, August 16th. The stock was sold at an average price of $49.45, for a total value of $1,342,221.35. Following the sale, the chief executive officer now owns 683,403 shares in the company, valued at $33,794,278.35. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Richard Scott Herren sold 22,309 shares of Cisco Systems stock in a transaction that occurred on Tuesday, August 20th. The shares were sold at an average price of $50.00, for a total value of $1,115,450.00. Following the transaction, the chief financial officer now owns 293,184 shares of the company’s stock, valued at approximately $14,659,200. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 70,529 shares of company stock worth $3,509,049 over the last 90 days. 0.02% of the stock is currently owned by company insiders.

Cisco Systems Stock Performance

Shares of CSCO traded down $0.23 during trading hours on Wednesday, reaching $56.37. 934,712 shares of the company traded hands, compared to its average volume of 19,047,244. The company has a quick ratio of 0.83, a current ratio of 0.91 and a debt-to-equity ratio of 0.43. The business has a fifty day moving average price of $51.63 and a 200-day moving average price of $48.71. Cisco Systems, Inc. has a 12-month low of $44.50 and a 12-month high of $57.06. The stock has a market capitalization of $227.10 billion, a P/E ratio of 19.06, a P/E/G ratio of 4.22 and a beta of 0.83.

Cisco Systems (NASDAQ:CSCO) last announced its quarterly earnings data on Wednesday, August 14th. The network equipment provider reported $0.87 earnings per share for the quarter, beating analysts’ consensus estimates of $0.85 by $0.02. Cisco Systems had a return on equity of 27.83% and a net margin of 19.18%. The business had revenue of $13.64 billion for the quarter, compared to analyst estimates of $13.53 billion. During the same period in the prior year, the company earned $1.01 earnings per share. The company’s revenue was down 10.3% on a year-over-year basis. Equities analysts anticipate that Cisco Systems, Inc. will post 2.9 EPS for the current fiscal year.

Cisco Systems Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 23rd. Stockholders of record on Wednesday, October 2nd will be issued a $0.40 dividend. This represents a $1.60 annualized dividend and a dividend yield of 2.84%. The ex-dividend date is Wednesday, October 2nd. Cisco Systems’s dividend payout ratio (DPR) is currently 53.87%.

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.