Cisco Systems, Inc. (NASDAQ:CSCO) Stake Reduced by CMG Global Holdings LLC

by · The Cerbat Gem

CMG Global Holdings LLC lessened its stake in shares of Cisco Systems, Inc. (NASDAQ:CSCO – Free Report) by 1.6% in the first quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 65,883 shares of the network equipment provider’s stock after selling 1,102 shares during the quarter. Cisco Systems makes up approximately 2.4% of CMG Global Holdings LLC’s portfolio, making the stock its 10th biggest position. CMG Global Holdings LLC’s holdings in Cisco Systems were worth $3,709,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently made changes to their positions in the company. Insight Inv LLC grew its stake in shares of Cisco Systems by 52.7% in the first quarter. Insight Inv LLC now owns 61,032 shares of the network equipment provider’s stock worth $3,766,000 after purchasing an additional 21,069 shares during the last quarter. MorganRosel Wealth Management LLC purchased a new stake in Cisco Systems in the 1st quarter worth approximately $68,000. Argent Advisors Inc. lifted its holdings in Cisco Systems by 2.8% in the 1st quarter. Argent Advisors Inc. now owns 36,917 shares of the network equipment provider’s stock worth $2,278,000 after buying an additional 1,017 shares during the period. Custos Family Office LLC grew its position in shares of Cisco Systems by 11.4% in the 1st quarter. Custos Family Office LLC now owns 4,081 shares of the network equipment provider’s stock worth $252,000 after buying an additional 417 shares during the last quarter. Finally, Jacobsen Capital Management increased its stake in shares of Cisco Systems by 14.3% during the first quarter. Jacobsen Capital Management now owns 6,201 shares of the network equipment provider’s stock valued at $383,000 after buying an additional 774 shares during the period. Institutional investors own 73.33% of the company’s stock.

Analyst Ratings Changes

A number of brokerages recently commented on CSCO. Evercore ISI raised their price target on Cisco Systems from $67.00 to $72.00 and gave the stock an “outperform” rating in a research note on Thursday, May 15th. JPMorgan Chase & Co. raised their target price on shares of Cisco Systems from $70.00 to $73.00 and gave the stock an “overweight” rating in a research report on Thursday, May 15th. Deutsche Bank Aktiengesellschaft raised shares of Cisco Systems from a “hold” rating to a “buy” rating and lifted their target price for the company from $65.00 to $73.00 in a research note on Monday, June 16th. Citigroup raised their price objective on shares of Cisco Systems from $68.00 to $71.00 and gave the stock a “buy” rating in a report on Thursday, May 15th. Finally, Wells Fargo & Company raised Cisco Systems from an “equal weight” rating to an “overweight” rating and lifted their price objective for the company from $72.00 to $75.00 in a research report on Thursday, May 15th. Seven investment analysts have rated the stock with a hold rating, fourteen have assigned a buy rating and three have given a strong buy rating to the stock. According to data from MarketBeat, Cisco Systems presently has a consensus rating of “Moderate Buy” and a consensus price target of $69.53.

Check Out Our Latest Analysis on CSCO

Cisco Systems Price Performance

CSCO opened at $68.65 on Monday. The firm has a market cap of $271.85 billion, a PE ratio of 28.02, a P/E/G ratio of 4.11 and a beta of 0.88. The stock has a 50-day moving average price of $62.57 and a 200-day moving average price of $61.12. Cisco Systems, Inc. has a 1 year low of $44.50 and a 1 year high of $69.22. The company has a debt-to-equity ratio of 0.50, a current ratio of 0.95 and a quick ratio of 0.87.

Cisco Systems (NASDAQ:CSCO – Get Free Report) last issued its earnings results on Wednesday, May 14th. The network equipment provider reported $0.96 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.92 by $0.04. Cisco Systems had a net margin of 17.60% and a return on equity of 26.48%. The business had revenue of $14.15 billion during the quarter, compared to analysts’ expectations of $14.05 billion. During the same period in the previous year, the company earned $0.88 earnings per share. The business’s revenue for the quarter was up 11.4% compared to the same quarter last year. Sell-side analysts predict that Cisco Systems, Inc. will post 3.04 earnings per share for the current fiscal year.

Cisco Systems Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, July 23rd. Shareholders of record on Thursday, July 3rd will be paid a dividend of $0.41 per share. The ex-dividend date is Thursday, July 3rd. This represents a $1.64 annualized dividend and a yield of 2.39%. Cisco Systems’s dividend payout ratio is 66.94%.

Insider Buying and Selling at Cisco Systems

In other Cisco Systems news, insider Jeetendra I. Patel sold 9,961 shares of the business’s stock in a transaction dated Friday, May 16th. The stock was sold at an average price of $63.97, for a total value of $637,205.17. Following the completion of the transaction, the insider now owns 257,162 shares of the company’s stock, valued at approximately $16,450,653.14. The trade was a 3.73% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Deborah L. Stahlkopf sold 9,643 shares of the firm’s stock in a transaction dated Friday, May 16th. The shares were sold at an average price of $63.50, for a total transaction of $612,330.50. Following the sale, the executive vice president now directly owns 181,186 shares in the company, valued at approximately $11,505,311. The trade was a 5.05% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 97,335 shares of company stock worth $6,271,054. Insiders own 0.01% of the company’s stock.

Cisco Systems Company Profile

(Free Report)

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.

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