140,925 Shares in Cisco Systems, Inc. (NASDAQ:CSCO) Purchased by Parr Mcknight Wealth Management Group LLC

Parr Mcknight Wealth Management Group LLC acquired a new position in Cisco Systems, Inc. (NASDAQ:CSCO) in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm acquired 140,925 shares of the network equipment provider’s stock, valued at approximately $8,343,000. Cisco Systems comprises about 1.2% of Parr Mcknight Wealth Management Group LLC’s portfolio, making the stock its 15th biggest position.

Several other large investors also recently added to or reduced their stakes in the company. Tallon Kerry Patrick bought a new stake in shares of Cisco Systems during the 4th quarter valued at about $603,000. Beaumont Financial Advisors LLC lifted its position in Cisco Systems by 1.7% in the 4th quarter. Beaumont Financial Advisors LLC now owns 10,591 shares of the network equipment provider’s stock worth $627,000 after buying an additional 173 shares during the last quarter. GoalVest Advisory LLC lifted its position in Cisco Systems by 47.5% in the 4th quarter. GoalVest Advisory LLC now owns 44,560 shares of the network equipment provider’s stock worth $2,638,000 after buying an additional 14,355 shares during the last quarter. Independent Wealth Network Inc. lifted its position in Cisco Systems by 3.2% in the 4th quarter. Independent Wealth Network Inc. now owns 9,144 shares of the network equipment provider’s stock worth $541,000 after buying an additional 280 shares during the last quarter. Finally, Asset Planning Services Inc. LA ADV lifted its position in Cisco Systems by 3.6% in the 4th quarter. Asset Planning Services Inc. LA ADV now owns 108,452 shares of the network equipment provider’s stock worth $6,420,000 after buying an additional 3,750 shares during the last quarter. Hedge funds and other institutional investors own 73.33% of the company’s stock.

Analysts Set New Price Targets

Several brokerages have weighed in on CSCO. Piper Sandler boosted their price objective on Cisco Systems from $60.00 to $64.00 and gave the company a “neutral” rating in a research report on Thursday, May 15th. The Goldman Sachs Group boosted their price objective on Cisco Systems from $56.00 to $63.00 and gave the company a “neutral” rating in a research report on Thursday, February 13th. UBS Group boosted their target price on Cisco Systems from $62.00 to $70.00 and gave the company a “neutral” rating in a research note on Thursday, February 13th. Wall Street Zen raised Cisco Systems from a “buy” rating to a “strong-buy” rating in a research note on Friday, May 16th. Finally, BNP Paribas raised Cisco Systems from a “neutral” rating to an “outperform” rating and set a $72.00 target price on the stock in a research note on Tuesday, January 28th. Eight research analysts have rated the stock with a hold rating, twelve have issued a buy rating and three have given a strong buy rating to the company. Based on data from MarketBeat, Cisco Systems currently has an average rating of “Moderate Buy” and an average price target of $68.00.

Insider Activity at Cisco Systems

In other Cisco Systems news, SVP Maria Victoria Wong sold 762 shares of the firm’s stock in a transaction that occurred on Wednesday, March 12th. The stock was sold at an average price of $60.99, for a total transaction of $46,474.38. Following the completion of the transaction, the senior vice president now owns 44,155 shares in the company, valued at $2,693,013.45. This trade represents a 1.70% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, EVP Thimaya K. Subaiya sold 2,065 shares of the firm’s stock in a transaction that occurred on Wednesday, March 12th. The shares were sold at an average price of $60.70, for a total value of $125,345.50. Following the transaction, the executive vice president now owns 191,184 shares of the company’s stock, valued at $11,604,868.80. This represents a 1.07% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 22,431 shares of company stock valued at $1,421,356. 0.01% of the stock is owned by company insiders.

Cisco Systems Trading Up 0.3%

Shares of NASDAQ:CSCO opened at $63.36 on Friday. The stock has a market capitalization of $252.06 billion, a price-to-earnings ratio of 27.67, a PEG ratio of 4.16 and a beta of 0.89. The company has a debt-to-equity ratio of 0.43, a quick ratio of 0.79 and a current ratio of 0.87. The stock’s 50-day simple moving average is $59.00 and its two-hundred day simple moving average is $59.88. Cisco Systems, Inc. has a 52-week low of $44.50 and a 52-week high of $66.50.

Cisco Systems (NASDAQ:CSCO) last issued its quarterly earnings results on Wednesday, May 14th. The network equipment provider reported $0.96 EPS for the quarter, topping analysts’ consensus estimates of $0.92 by $0.04. The business had revenue of $14.15 billion during the quarter, compared to analysts’ expectations of $14.05 billion. Cisco Systems had a return on equity of 26.08% and a net margin of 16.96%. The business’s quarterly revenue was up 11.4% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.88 earnings per share. Analysts expect that Cisco Systems, Inc. will post 3.04 EPS for the current year.

Cisco Systems Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, July 23rd. Investors of record on Thursday, July 3rd will be paid a dividend of $0.41 per share. This represents a $1.64 annualized dividend and a yield of 2.59%. The ex-dividend date is Thursday, July 3rd. Cisco Systems’s dividend payout ratio (DPR) is presently 66.94%.

Cisco Systems announced that its board has initiated a stock repurchase plan on Wednesday, February 12th that authorizes the company to repurchase $15.00 billion in shares. This repurchase authorization authorizes the network equipment provider to purchase up to 6% of its shares through open market purchases. Shares repurchase plans are often a sign that the company’s board of directors believes its shares are undervalued.

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.