Morton Community Bank Sells 849 Shares of Cisco Systems, Inc. (NASDAQ:CSCO)

Morton Community Bank lowered its holdings in Cisco Systems, Inc. (NASDAQ:CSCO) by 1.4% in the 3rd quarter, HoldingsChannel reports. The firm owned 60,184 shares of the network equipment provider’s stock after selling 849 shares during the quarter. Morton Community Bank’s holdings in Cisco Systems were worth $3,203,000 as of its most recent SEC filing.

Other large investors have also recently modified their holdings of the company. Summit Securities Group LLC bought a new position in shares of Cisco Systems during the 2nd quarter worth approximately $25,000. West Financial Advisors LLC raised its stake in shares of Cisco Systems by 116.6% during the 3rd quarter. West Financial Advisors LLC now owns 574 shares of the network equipment provider’s stock worth $31,000 after acquiring an additional 309 shares in the last quarter. Quarry LP raised its stake in shares of Cisco Systems by 222.4% during the 2nd quarter. Quarry LP now owns 661 shares of the network equipment provider’s stock worth $31,000 after acquiring an additional 456 shares in the last quarter. RPg Family Wealth Advisory LLC bought a new position in shares of Cisco Systems during the 3rd quarter worth approximately $40,000. Finally, Hobbs Group Advisors LLC bought a new position in shares of Cisco Systems during the 2nd quarter worth approximately $36,000. Institutional investors own 73.33% of the company’s stock.

Wall Street Analysts Forecast Growth

CSCO has been the subject of several recent analyst reports. JPMorgan Chase & Co. upgraded shares of Cisco Systems from a “neutral” rating to an “overweight” rating and boosted their price objective for the stock from $55.00 to $66.00 in a research note on Monday, November 11th. Rosenblatt Securities boosted their target price on shares of 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 boosted their target price on shares of Cisco Systems from $52.00 to $57.00 and gave the stock a “neutral” rating in a research report on Thursday, November 14th. Morgan Stanley boosted their target price on shares of Cisco Systems from $58.00 to $62.00 and gave the stock an “overweight” rating in a research report on Thursday, November 14th. Finally, Evercore ISI boosted their target price on shares of Cisco Systems from $55.00 to $60.00 and gave the stock an “outperform” rating in a research report on Friday, September 20th. Ten investment analysts have rated the stock with a hold rating, eleven have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $59.94.

Cisco Systems Stock Performance

Shares of NASDAQ CSCO opened at $59.21 on Friday. The company’s fifty day moving average price is $55.83 and its 200 day moving average price is $50.53. Cisco Systems, Inc. has a 1 year low of $44.50 and a 1 year high of $59.87. The company has a market capitalization of $235.82 billion, a PE ratio of 25.41, a price-to-earnings-growth ratio of 4.41 and a beta of 0.83. The company has a debt-to-equity ratio of 0.43, a quick ratio of 0.80 and a current ratio of 0.88.

Cisco Systems (NASDAQ:CSCO) last announced its quarterly earnings results on Wednesday, November 13th. The network equipment provider reported $0.91 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.87 by $0.04. Cisco Systems had a net margin of 17.73% and a return on equity of 25.70%. The firm had revenue of $13.84 billion for the quarter, compared to the consensus estimate of $13.78 billion. During the same period in the prior year, the firm posted $0.98 earnings per share. The firm’s quarterly revenue was down 5.6% compared to the same quarter last year. On average, research analysts predict that Cisco Systems, Inc. will post 2.97 earnings per share for the current year.

Cisco Systems Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, January 22nd. Investors of record on Friday, January 3rd will be issued a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a yield of 2.70%. The ex-dividend date of this dividend is Friday, January 3rd. Cisco Systems’s dividend payout ratio (DPR) is presently 68.67%.

Insider Buying and Selling

In other Cisco Systems news, CEO Charles Robbins sold 171,744 shares of the company’s stock in a transaction on Friday, November 15th. The shares were sold at an average price of $57.49, for a total transaction of $9,873,562.56. Following the completion of the transaction, the chief executive officer now directly owns 783,786 shares in the company, valued at approximately $45,059,857.14. This represents a 17.97 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, EVP Thimaya K. Subaiya sold 21,230 shares of the company’s stock in a transaction on Wednesday, November 20th. The stock was sold at an average price of $57.07, for a total transaction of $1,211,596.10. Following the transaction, the executive vice president now owns 213,834 shares of the company’s stock, valued at $12,203,506.38. This represents a 9.03 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 339,479 shares of company stock valued at $19,490,991. Corporate insiders own 0.01% of the company’s stock.

Cisco Systems 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.