Summit Wealth Group LLC Lowers Holdings in Cisco Systems, Inc. (NASDAQ:CSCO)

Summit Wealth Group LLC decreased its position in Cisco Systems, Inc. (NASDAQ:CSCO) by 25.1% during the third quarter, Holdings Channel reports. The firm owned 4,315 shares of the network equipment provider’s stock after selling 1,448 shares during the quarter. Summit Wealth Group LLC’s holdings in Cisco Systems were worth $230,000 at the end of the most recent quarter.

Other hedge funds have also recently bought and sold shares of the company. China Universal Asset Management Co. Ltd. boosted its holdings in Cisco Systems by 226.9% in the first quarter. China Universal Asset Management Co. Ltd. now owns 26,423 shares of the network equipment provider’s stock valued at $1,319,000 after purchasing an additional 18,339 shares in the last quarter. Bessemer Group Inc. lifted its stake in shares of Cisco Systems by 33.9% in the 1st quarter. Bessemer Group Inc. now owns 231,166 shares of the network equipment provider’s stock worth $11,538,000 after acquiring an additional 58,463 shares during the period. Evermay Wealth Management LLC lifted its position in Cisco Systems by 2.0% in the first quarter. Evermay Wealth Management LLC now owns 19,156 shares of the network equipment provider’s stock valued at $956,000 after purchasing an additional 367 shares during the period. Leelyn Smith LLC boosted its stake in shares of Cisco Systems by 1.0% in the first quarter. Leelyn Smith LLC now owns 45,375 shares of the network equipment provider’s stock valued at $2,265,000 after buying an additional 455 shares in the last quarter. Finally, Crewe Advisors LLC acquired a new position in shares of Cisco Systems during the 1st quarter worth $434,000. Institutional investors and hedge funds own 73.33% of the company’s stock.

Cisco Systems Stock Performance

Shares of CSCO stock opened at $57.31 on Tuesday. Cisco Systems, Inc. has a 52 week low of $44.50 and a 52 week high of $59.38. The company has a 50-day simple moving average of $54.35 and a 200 day simple moving average of $49.88. The company has a debt-to-equity ratio of 0.43, a quick ratio of 0.80 and a current ratio of 0.88. The company has a market capitalization of $228.71 billion, a price-to-earnings ratio of 24.60, a PEG ratio of 4.67 and a beta of 0.83.

Cisco Systems (NASDAQ:CSCO) last posted its quarterly earnings results on Wednesday, November 13th. The network equipment provider reported $0.91 EPS for the quarter, topping analysts’ consensus estimates of $0.87 by $0.04. Cisco Systems had a return on equity of 25.70% and a net margin of 17.73%. The company had revenue of $13.84 billion during the quarter, compared to analysts’ expectations of $13.78 billion. During the same quarter in the previous year, the firm earned $0.98 EPS. Cisco Systems’s revenue was down 5.6% on a year-over-year basis. On average, sell-side analysts predict that Cisco Systems, Inc. will post 2.89 earnings per share for the current year.

Cisco Systems Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 22nd. Stockholders of record on Friday, January 3rd will be issued a dividend of $0.40 per share. The ex-dividend date is Friday, January 3rd. This represents a $1.60 annualized dividend and a dividend yield of 2.79%. Cisco Systems’s dividend payout ratio is currently 68.67%.

Insider Activity

In other Cisco Systems news, SVP Maria Victoria Wong sold 3,379 shares of the stock in a transaction on Wednesday, August 28th. The stock was sold at an average price of $50.36, for a total transaction of $170,166.44. Following the completion of the transaction, the senior vice president now directly owns 47,182 shares of the company’s stock, valued at approximately $2,376,085.52. This represents a 6.68 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Thimaya K. Subaiya sold 8,270 shares of Cisco Systems stock in a transaction dated Wednesday, August 21st. The stock was sold at an average price of $50.33, for a total transaction of $416,229.10. Following the completion of the transaction, the executive vice president now owns 135,544 shares of the company’s stock, valued at $6,821,929.52. The trade was a 5.75 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 13,615 shares of company stock worth $682,681 in the last three months. Company insiders own 0.01% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts recently issued reports on CSCO shares. Needham & Company LLC reaffirmed a “hold” rating on shares of Cisco Systems in a report on Thursday, August 15th. Evercore ISI lifted their target price on shares of Cisco Systems from $55.00 to $60.00 and gave the stock an “outperform” rating in a research note on Friday, September 20th. JPMorgan Chase & Co. upgraded shares of Cisco Systems from a “neutral” rating to an “overweight” rating and increased their price objective for the stock from $55.00 to $66.00 in a report on Monday, November 11th. Wells Fargo & Company boosted their price target on Cisco Systems from $57.00 to $60.00 and gave the company an “equal weight” rating in a research report on Thursday, November 14th. Finally, Barclays increased their price objective on shares of Cisco Systems from $49.00 to $56.00 and gave the stock an “equal weight” rating in a research report on Thursday, November 14th. Ten investment analysts have rated the stock with a hold rating, eleven 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 an average rating of “Moderate Buy” and a consensus target price of $59.94.

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.