Legacy Capital Wealth Partners LLC Raises Holdings in Cisco Systems, Inc. (NASDAQ:CSCO)

Legacy Capital Wealth Partners LLC lifted its holdings in Cisco Systems, Inc. (NASDAQ:CSCO) by 105.3% during the 3rd quarter, HoldingsChannel.com reports. The institutional investor owned 26,467 shares of the network equipment provider’s stock after purchasing an additional 13,572 shares during the period. Legacy Capital Wealth Partners LLC’s holdings in Cisco Systems were worth $1,409,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of the business. Eagle Bluffs Wealth Management LLC grew its holdings in Cisco Systems by 1.1% in the 3rd quarter. Eagle Bluffs Wealth Management LLC now owns 34,570 shares of the network equipment provider’s stock valued at $1,840,000 after buying an additional 382 shares in the last quarter. Arrow Financial Corp raised its holdings in shares of Cisco Systems by 0.9% during the 3rd quarter. Arrow Financial Corp now owns 53,926 shares of the network equipment provider’s stock worth $2,870,000 after acquiring an additional 505 shares during the period. Houlihan Financial Resource Group Ltd. boosted its position in shares of Cisco Systems by 9.7% during the 3rd quarter. Houlihan Financial Resource Group Ltd. now owns 4,922 shares of the network equipment provider’s stock valued at $262,000 after acquiring an additional 435 shares during the last quarter. RKL Wealth Management LLC grew its holdings in shares of Cisco Systems by 29.0% in the third quarter. RKL Wealth Management LLC now owns 7,402 shares of the network equipment provider’s stock valued at $394,000 after purchasing an additional 1,663 shares during the period. Finally, Carr Financial Group Corp increased its position in Cisco Systems by 24.8% during the third quarter. Carr Financial Group Corp now owns 12,860 shares of the network equipment provider’s stock worth $684,000 after purchasing an additional 2,558 shares during the last quarter. Institutional investors and hedge funds own 73.33% of the company’s stock.

Cisco Systems Price Performance

Shares of CSCO opened at $58.06 on Friday. The company has a market cap of $231.70 billion, a P/E ratio of 22.86, a PEG ratio of 4.79 and a beta of 0.83. Cisco Systems, Inc. has a fifty-two week low of $44.50 and a fifty-two week high of $58.30. 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 firm’s 50 day moving average price is $53.30 and its 200 day moving average price is $49.40.

Cisco Systems (NASDAQ:CSCO) last announced its quarterly earnings data on Wednesday, August 14th. The network equipment provider reported $0.87 earnings per share (EPS) for the quarter, beating the consensus estimate 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 analysts’ expectations of $13.53 billion. During the same period last year, the firm earned $1.01 earnings per share. The company’s revenue for the quarter was down 10.3% compared to the same quarter last year. On average, research analysts forecast that Cisco Systems, Inc. will post 2.89 earnings per share for the current fiscal year.

Cisco Systems Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Wednesday, October 23rd. Investors of record on Wednesday, October 2nd were paid a dividend of $0.40 per share. The ex-dividend date was Wednesday, October 2nd. This represents a $1.60 dividend on an annualized basis and a dividend yield of 2.76%. Cisco Systems’s payout ratio is 62.99%.

Insider Activity at Cisco Systems

In other Cisco Systems news, EVP Deborah L. Stahlkopf sold 7,462 shares of the business’s stock in a transaction that occurred on Friday, August 16th. The shares were sold at an average price of $49.41, for a total transaction of $368,697.42. Following the completion of the transaction, the executive vice president now owns 165,580 shares in the company, valued at $8,181,307.80. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. In other news, CEO Charles Robbins sold 27,143 shares of the firm’s stock in a transaction dated Friday, August 16th. The stock was sold at an average price of $49.45, for a total transaction of $1,342,221.35. Following the sale, the chief executive officer now owns 683,403 shares of the company’s stock, valued at approximately $33,794,278.35. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Deborah L. Stahlkopf sold 7,462 shares of the business’s stock in a transaction that occurred on Friday, August 16th. The stock was sold at an average price of $49.41, for a total value of $368,697.42. Following the sale, the executive vice president now owns 165,580 shares of the company’s stock, valued at approximately $8,181,307.80. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 70,529 shares of company stock valued at $3,509,049 over the last 90 days. 0.01% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

Several research firms have weighed in on CSCO. Evercore ISI boosted their target price on shares of Cisco Systems from $55.00 to $60.00 and gave the company an “outperform” rating in a report on Friday, September 20th. Jefferies Financial Group reduced their price target 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. Rosenblatt Securities increased their price objective on Cisco Systems from $56.00 to $58.00 and gave the stock a “neutral” rating in a research report on Thursday, August 15th. Piper Sandler restated a “neutral” rating and issued a $52.00 target price on shares of Cisco Systems in a research report on Thursday, August 15th. Finally, Citigroup raised Cisco Systems from a “neutral” rating to a “buy” rating and upped their price target for the company from $52.00 to $62.00 in a research note on Wednesday, October 16th. Thirteen equities research analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $56.74.

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.