Whittier Trust Co. Has $11.33 Million Position in Cisco Systems, Inc. (NASDAQ:CSCO)

by · The Markets Daily

Whittier Trust Co. trimmed its stake in Cisco Systems, Inc. (NASDAQ:CSCO – Free Report) by 1.6% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 191,394 shares of the network equipment provider’s stock after selling 3,024 shares during the quarter. Whittier Trust Co.’s holdings in Cisco Systems were worth $11,330,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Mainstream Capital Management LLC acquired a new stake in Cisco Systems in the 4th quarter valued at $132,000. Morse Asset Management Inc bought a new position in shares of Cisco Systems in the third quarter valued at $798,000. HighVista Strategies LLC acquired a new position in shares of Cisco Systems during the third quarter valued at about $1,698,000. GAMMA Investing LLC increased its position in shares of Cisco Systems by 13.1% during the fourth quarter. GAMMA Investing LLC now owns 93,357 shares of the network equipment provider’s stock worth $5,527,000 after acquiring an additional 10,813 shares in the last quarter. Finally, Oddo BHF Asset Management Sas bought a new position in Cisco Systems in the 3rd quarter valued at about $502,000. 73.33% of the stock is owned by institutional investors.

Cisco Systems Price Performance

CSCO opened at $60.62 on Friday. The company has a market capitalization of $241.16 billion, a price-to-earnings ratio of 26.47, a PEG ratio of 4.16 and a beta of 0.79. The company has a quick ratio of 0.79, a current ratio of 0.87 and a debt-to-equity ratio of 0.43. The firm has a 50-day moving average price of $61.92 and a 200-day moving average price of $57.98. Cisco Systems, Inc. has a twelve month low of $44.50 and a twelve month high of $66.50.

Cisco Systems (NASDAQ:CSCO – Get Free Report) last issued its earnings results on Wednesday, February 12th. The network equipment provider reported $0.77 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.91 by ($0.14). Cisco Systems had a net margin of 16.96% and a return on equity of 26.08%. Equities analysts expect that Cisco Systems, Inc. will post 3.04 EPS for the current year.

Cisco Systems announced that its board has authorized a share buyback plan on Wednesday, February 12th that permits the company to buyback $15.00 billion in outstanding shares. This buyback authorization permits the network equipment provider to reacquire up to 6% of its stock through open market purchases. Stock buyback plans are typically a sign that the company’s leadership believes its stock is undervalued.

Cisco Systems Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, April 23rd. Stockholders of record on Thursday, April 3rd will be issued a $0.41 dividend. The ex-dividend date of this dividend is Thursday, April 3rd. This represents a $1.64 annualized dividend and a dividend yield of 2.71%. This is a boost from Cisco Systems’s previous quarterly dividend of $0.40. Cisco Systems’s dividend payout ratio is presently 71.62%.

Insider Activity at Cisco Systems

In other Cisco Systems news, CFO Richard Scott Herren sold 19,929 shares of Cisco Systems stock in a transaction that occurred on Friday, February 14th. The shares were sold at an average price of $64.41, for a total transaction of $1,283,626.89. Following the completion of the sale, the chief financial officer now directly owns 335,605 shares in the company, valued at $21,616,318.05. The trade was a 5.61 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Charles Robbins sold 31,983 shares of the stock in a transaction on Friday, February 14th. The stock was sold at an average price of $64.41, for a total transaction of $2,060,025.03. Following the completion of the transaction, the chief executive officer now directly owns 736,120 shares in the company, valued at $47,413,489.20. The trade was a 4.16 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 66,547 shares of company stock valued at $4,275,553. Company insiders own 0.01% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts have commented on the company. StockNews.com lowered Cisco Systems from a “strong-buy” rating to a “buy” rating in a report on Wednesday, March 5th. Piper Sandler reissued a “neutral” rating on shares of Cisco Systems in a research report on Thursday, March 6th. Barclays reaffirmed an “equal weight” rating on shares of Cisco Systems in a report on Thursday, March 6th. Melius Research upgraded shares of Cisco Systems from a “hold” rating to a “strong-buy” rating in a report on Monday, January 6th. Finally, Rosenblatt Securities upgraded shares of Cisco Systems from a “neutral” rating to a “buy” rating and boosted their price target for the stock from $66.00 to $80.00 in a report on Thursday, February 13th. Seven analysts have rated the stock with a hold rating, fifteen have issued a buy rating and two have given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Cisco Systems has an average rating of “Moderate Buy” and an average target price of $66.63.

Check Out Our Latest Analysis on CSCO

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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