Eastern Bank Sells 2,829 Shares of Cisco Systems, Inc. (NASDAQ:CSCO)

Eastern Bank lowered its stake in Cisco Systems, Inc. (NASDAQ:CSCO) by 7.8% in the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 33,238 shares of the network equipment provider’s stock after selling 2,829 shares during the quarter. Eastern Bank’s holdings in Cisco Systems were worth $2,051,000 as of its most recent filing with the Securities & Exchange Commission.

Several other large investors have also added to or reduced their stakes in CSCO. Navigoe LLC purchased a new stake in shares of Cisco Systems in the 4th quarter valued at about $26,000. Mpwm Advisory Solutions LLC bought a new stake in Cisco Systems in the 4th quarter worth approximately $26,000. JDM Financial Group LLC lifted its position in Cisco Systems by 160.4% in the 4th quarter. JDM Financial Group LLC now owns 487 shares of the network equipment provider’s stock worth $29,000 after buying an additional 300 shares during the last quarter. Fairway Wealth LLC lifted its position in Cisco Systems by 224.7% in the 1st quarter. Fairway Wealth LLC now owns 578 shares of the network equipment provider’s stock worth $36,000 after buying an additional 400 shares during the last quarter. Finally, Accredited Wealth Management LLC bought a new stake in Cisco Systems in the 4th quarter worth approximately $37,000. Institutional investors own 73.33% of the company’s stock.

Insider Buying and Selling

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 value of $1,027,222.56. Following the transaction, the chief financial officer directly owned 309,543 shares in the company, valued at approximately $20,281,257.36. This trade represents a 4.82% 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 8,726 shares of the firm’s stock in a transaction on Tuesday, June 17th. The shares were sold at an average price of $65.54, for a total transaction of $571,902.04. Following the completion of the transaction, the executive vice president owned 174,669 shares in the company, valued at $11,447,806.26. The trade was a 4.76% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 97,335 shares of company stock worth $6,271,054. Insiders own 0.01% of the company’s stock.

Analyst Ratings Changes

A number of analysts recently weighed in on the company. Citigroup boosted their target price on Cisco Systems from $68.00 to $71.00 and gave the stock a “buy” rating in a research report on Thursday, May 15th. JPMorgan Chase & Co. lifted their price target on Cisco Systems from $73.00 to $78.00 and gave the stock an “overweight” rating in a research note on Thursday, July 17th. Piper Sandler lifted their price target on Cisco Systems from $60.00 to $64.00 and gave the stock a “neutral” rating in a research note on Thursday, May 15th. CICC Research assumed coverage on Cisco Systems in a research note on Monday, July 14th. They set an “outperform” rating and a $78.00 target price on the stock. Finally, Morgan Stanley boosted their target price on Cisco Systems from $67.00 to $70.00 and gave the company an “overweight” rating in a research note on Friday, July 18th. Eight investment analysts have rated the stock with a hold rating, sixteen have assigned a buy rating and two have given a strong buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $70.35.

Cisco Systems Trading Up 0.5%

Shares of CSCO opened at $68.28 on Thursday. Cisco Systems, Inc. has a 12 month low of $44.50 and a 12 month high of $69.78. The company has a debt-to-equity ratio of 0.50, a current ratio of 0.95 and a quick ratio of 0.87. The stock has a market cap of $270.39 billion, a PE ratio of 27.87, a P/E/G ratio of 4.07 and a beta of 0.90. The stock’s 50-day moving average is $66.70 and its two-hundred day moving average is $62.60.

Cisco Systems (NASDAQ:CSCO) last announced its quarterly earnings results on Wednesday, May 14th. The network equipment provider reported $0.96 EPS for the quarter, beating the consensus estimate of $0.92 by $0.04. The company had revenue of $14.15 billion for the quarter, compared to analyst estimates of $14.05 billion. Cisco Systems had a net margin of 17.60% and a return on equity of 26.48%. Cisco Systems’s revenue was up 11.4% compared to the same quarter last year. During the same quarter last year, the business earned $0.88 earnings per share. Equities analysts forecast 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 was paid on Wednesday, July 23rd. Stockholders of record on Thursday, July 3rd were issued a $0.41 dividend. The ex-dividend date was Thursday, July 3rd. This represents a $1.64 dividend on an annualized basis and a dividend yield of 2.40%. Cisco Systems’s payout ratio is currently 66.94%.

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.