CNB Bank Reduces Stock Holdings in Cisco Systems, Inc. (NASDAQ:CSCO)

by · The Markets Daily

CNB Bank cut its holdings in Cisco Systems, Inc. (NASDAQ:CSCO – Free Report) by 0.7% during the 1st quarter, Holdings Channel.com reports. The institutional investor owned 25,419 shares of the network equipment provider’s stock after selling 191 shares during the quarter. CNB Bank’s holdings in Cisco Systems were worth $1,569,000 at the end of the most recent reporting period.

Other large investors have also recently added to or reduced their stakes in the company. FMR LLC increased its position in Cisco Systems by 20.8% during the fourth quarter. FMR LLC now owns 77,216,513 shares of the network equipment provider’s stock worth $4,571,218,000 after buying an additional 13,285,052 shares in the last quarter. Norges Bank purchased a new stake in Cisco Systems during the 4th quarter worth about $3,297,905,000. Northern Trust Corp raised its stake in Cisco Systems by 11.4% in the 4th quarter. Northern Trust Corp now owns 47,238,258 shares of the network equipment provider’s stock valued at $2,796,505,000 after purchasing an additional 4,832,813 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its holdings in Cisco Systems by 7.8% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 36,471,275 shares of the network equipment provider’s stock valued at $2,159,099,000 after purchasing an additional 2,637,006 shares in the last quarter. Finally, Dimensional Fund Advisors LP boosted its stake in shares of Cisco Systems by 2.4% during the 4th quarter. Dimensional Fund Advisors LP now owns 29,419,041 shares of the network equipment provider’s stock worth $1,741,597,000 after purchasing an additional 681,555 shares during the last quarter. 73.33% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In related news, CFO Richard Scott Herren sold 15,678 shares of the firm’s stock in a transaction on Tuesday, June 17th. The shares were sold at an average price of $65.52, for a total transaction of $1,027,222.56. Following the completion of the sale, the chief financial officer now directly owns 309,543 shares of the company’s stock, valued at approximately $20,281,257.36. This trade represents a 4.82% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Charles Robbins sold 29,784 shares of the business’s stock in a transaction on Thursday, June 5th. The stock was sold at an average price of $64.61, for a total transaction of $1,924,344.24. Following the completion of the transaction, the chief executive officer now owns 688,409 shares in the company, valued at $44,478,105.49. This represents a 4.15% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 97,335 shares of company stock worth $6,271,054 over the last quarter. 0.01% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

A number of equities analysts have recently weighed in on CSCO shares. Piper Sandler boosted their price objective on shares of Cisco Systems from $60.00 to $64.00 and gave the company a “neutral” rating in a research report on Thursday, May 15th. Rosenblatt Securities boosted their price target on Cisco Systems from $63.00 to $74.00 and gave the company a “buy” rating in a report on Thursday, May 15th. Wall Street Zen raised Cisco Systems from a “buy” rating to a “strong-buy” rating in a research note on Friday, May 16th. KeyCorp assumed coverage on Cisco Systems in a research report on Thursday. They issued an “overweight” rating and a $77.00 price objective for the company. Finally, Citigroup upped their target price on Cisco Systems from $68.00 to $71.00 and gave the company a “buy” rating in a research note on Thursday, May 15th. Seven investment analysts have rated the stock with a hold rating, fourteen have given a buy rating and three have issued a strong buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $69.53.

Read Our Latest Report on Cisco Systems

Cisco Systems Stock Up 1.1%

CSCO opened at $68.95 on Friday. Cisco Systems, Inc. has a 1 year low of $44.50 and a 1 year high of $69.25. The firm has a 50 day moving average price of $62.31 and a 200 day moving average price of $61.02. The company has a debt-to-equity ratio of 0.50, a quick ratio of 0.87 and a current ratio of 0.95. The company has a market cap of $273.04 billion, a PE ratio of 28.14, a price-to-earnings-growth ratio of 4.08 and a beta of 0.88.

Cisco Systems (NASDAQ:CSCO – Get Free Report) last released its quarterly earnings data 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 company had revenue of $14.15 billion during the quarter, compared to analyst estimates of $14.05 billion. During the same quarter in the prior year, the business earned $0.88 earnings per share. The business’s quarterly revenue was up 11.4% compared to the same quarter last year. Sell-side analysts expect that Cisco Systems, Inc. will post 3.04 earnings per share for the current year.

Cisco Systems Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, July 23rd. Shareholders of record on Thursday, July 3rd will be given a $0.41 dividend. This represents a $1.64 annualized dividend and a yield of 2.38%. The ex-dividend date of this dividend is Thursday, July 3rd. Cisco Systems’s dividend payout ratio (DPR) is presently 66.94%.

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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