Congress Wealth Management LLC DE Sells 59,562 Shares of Cisco Systems, Inc. (NASDAQ:CSCO)

Congress Wealth Management LLC DE lowered its stake in Cisco Systems, Inc. (NASDAQ:CSCO) by 13.4% in the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 384,709 shares of the network equipment provider’s stock after selling 59,562 shares during the quarter. Congress Wealth Management LLC DE’s holdings in Cisco Systems were worth $22,775,000 at the end of the most recent reporting period.

A number of other institutional investors also recently modified their holdings of CSCO. Clune & Associates LTD. bought a new stake in Cisco Systems in the fourth quarter valued at $262,000. Napatree Capital LLC increased its position in Cisco Systems by 10.2% in the 4th quarter. Napatree Capital LLC now owns 17,007 shares of the network equipment provider’s stock valued at $1,007,000 after buying an additional 1,580 shares in the last quarter. Meridian Wealth Advisors LLC raised its stake in Cisco Systems by 1.7% during the 4th quarter. Meridian Wealth Advisors LLC now owns 11,593 shares of the network equipment provider’s stock worth $686,000 after buying an additional 192 shares during the period. Meridian Wealth Partners LLC bought a new position in Cisco Systems in the fourth quarter worth approximately $214,000. Finally, Drexel Morgan & Co. acquired a new stake in Cisco Systems in the fourth quarter valued at approximately $216,000. Institutional investors and hedge funds own 73.33% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts have recently weighed in on the company. JPMorgan Chase & Co. upped their target price on Cisco Systems from $69.00 to $73.00 and gave the stock an “overweight” rating in a research report on Thursday, February 13th. Piper Sandler reaffirmed a “neutral” rating on shares of Cisco Systems in a research note on Thursday, March 6th. Melius upgraded shares of Cisco Systems from a “hold” rating to a “buy” rating and lifted their price objective for the company from $66.00 to $73.00 in a report on Monday, January 6th. The Goldman Sachs Group upped their target price on shares of Cisco Systems from $56.00 to $63.00 and gave the stock a “neutral” rating in a report on Thursday, February 13th. Finally, Citigroup reiterated an “overweight” rating on shares of Cisco Systems in a research note on Thursday, March 6th. Seven equities research 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, Cisco Systems presently has a consensus rating of “Moderate Buy” and a consensus price target of $66.63.

Insider Activity at Cisco Systems

In related news, EVP Thimaya K. Subaiya sold 2,065 shares of the business’s stock in a transaction on Wednesday, March 12th. The stock was sold at an average price of $60.70, for a total transaction of $125,345.50. Following the sale, the executive vice president now directly owns 191,184 shares in the company, valued at approximately $11,604,868.80. The trade was a 1.07 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, SVP Maria Victoria Wong sold 762 shares of the firm’s stock in a transaction dated Wednesday, March 12th. The stock was sold at an average price of $60.99, for a total value of $46,474.38. Following the completion of the transaction, the senior vice president now owns 44,155 shares of the company’s stock, valued at approximately $2,693,013.45. This represents a 1.70 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 66,547 shares of company stock worth $4,275,553. Company insiders own 0.01% of the company’s stock.

Cisco Systems Stock Performance

Shares of CSCO stock opened at $60.30 on Monday. Cisco Systems, Inc. has a 52 week low of $44.50 and a 52 week high of $66.50. The firm’s 50-day simple moving average is $61.95 and its two-hundred day simple moving average is $58.17. The firm has a market cap of $239.89 billion, a price-to-earnings ratio of 26.33, a P/E/G ratio of 4.16 and a beta of 0.79. The company has a debt-to-equity ratio of 0.43, a quick ratio of 0.79 and a current ratio of 0.87.

Cisco Systems (NASDAQ:CSCO) last posted its quarterly earnings data on Wednesday, February 12th. The network equipment provider reported $0.77 EPS for the quarter, missing the consensus estimate of $0.91 by ($0.14). Cisco Systems had a net margin of 16.96% and a return on equity of 26.08%. As a group, equities analysts forecast that Cisco Systems, Inc. will post 3.04 earnings per share for the current year.

Cisco Systems Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, April 23rd. Investors of record on Thursday, April 3rd will be issued a $0.41 dividend. The ex-dividend date is Thursday, April 3rd. This represents a $1.64 annualized dividend and a yield of 2.72%. This is a positive change from Cisco Systems’s previous quarterly dividend of $0.40. Cisco Systems’s dividend payout ratio (DPR) is 71.62%.

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

Cisco Systems Company 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.