First County Bank CT Reduces Stake in Cisco Systems, Inc. (NASDAQ:CSCO)

First County Bank CT cut its stake in shares of Cisco Systems, Inc. (NASDAQ:CSCO) by 25.4% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 16,267 shares of the network equipment provider’s stock after selling 5,538 shares during the period. First County Bank CT’s holdings in Cisco Systems were worth $963,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also modified their holdings of CSCO. State Street Corp lifted its position in Cisco Systems by 1.7% in the third quarter. State Street Corp now owns 193,489,477 shares of the network equipment provider’s stock worth $10,297,506,000 after buying an additional 3,241,682 shares during the last quarter. Geode Capital Management LLC raised its stake in shares of Cisco Systems by 1.3% in the third quarter. Geode Capital Management LLC now owns 95,630,469 shares of the network equipment provider’s stock valued at $5,075,320,000 after acquiring an additional 1,262,017 shares during the period. Charles Schwab Investment Management Inc. lifted its holdings in shares of Cisco Systems by 2.1% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 82,720,255 shares of the network equipment provider’s stock worth $4,402,239,000 after acquiring an additional 1,677,383 shares during the last quarter. FMR LLC boosted its stake in shares of Cisco Systems by 10.1% during the 3rd quarter. FMR LLC now owns 63,931,461 shares of the network equipment provider’s stock worth $3,402,432,000 after purchasing an additional 5,885,879 shares during the period. Finally, Legal & General Group Plc raised its position in Cisco Systems by 3.3% in the 2nd quarter. Legal & General Group Plc now owns 47,593,944 shares of the network equipment provider’s stock worth $2,261,185,000 after purchasing an additional 1,530,468 shares during the period. 73.33% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

CSCO has been the topic of a number of analyst reports. Melius raised Cisco Systems from a “hold” rating to a “buy” rating and upped their target price for the company from $66.00 to $73.00 in a research note on Monday. Piper Sandler increased their target price on Cisco Systems from $52.00 to $57.00 and gave the stock a “neutral” rating in a research note on Thursday, November 14th. Morgan Stanley boosted their target price on shares of Cisco Systems from $62.00 to $68.00 and gave the company an “overweight” rating in a research note on Tuesday, December 17th. Evercore ISI raised their price target on shares of Cisco Systems from $55.00 to $60.00 and gave the stock an “outperform” rating in a research note on Friday, September 20th. Finally, Bank of America boosted their price objective on shares of Cisco Systems from $60.00 to $72.00 and gave the company a “buy” rating in a research report on Thursday, November 14th. Eight research analysts have rated the stock with a hold rating, twelve have assigned a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $60.95.

Insider Buying and Selling at Cisco Systems

In other news, CEO Charles Robbins sold 171,744 shares of the business’s stock in a transaction dated Friday, November 15th. The stock was sold at an average price of $57.49, for a total value of $9,873,562.56. Following the completion of the transaction, the chief executive officer now owns 783,786 shares of the company’s stock, valued at $45,059,857.14. The trade was a 17.97 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, EVP Thimaya K. Subaiya sold 21,230 shares of the firm’s stock in a transaction dated Wednesday, November 20th. The stock was sold at an average price of $57.07, for a total value of $1,211,596.10. Following the sale, the executive vice president now directly owns 213,834 shares in the company, valued at approximately $12,203,506.38. This trade represents a 9.03 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 353,522 shares of company stock worth $20,349,721. 0.01% of the stock is currently owned by insiders.

Cisco Systems Stock Up 0.2 %

Shares of Cisco Systems stock traded up $0.10 during trading on Tuesday, reaching $58.87. The company’s stock had a trading volume of 8,326,520 shares, compared to its average volume of 15,384,969. The company has a 50-day simple moving average of $58.38 and a two-hundred day simple moving average of $52.85. Cisco Systems, Inc. has a 1-year low of $44.50 and a 1-year high of $60.23. The company has a market cap of $234.46 billion, a price-to-earnings ratio of 25.27, a P/E/G ratio of 4.37 and a beta of 0.84. The company has a quick ratio of 0.80, a current ratio of 0.88 and a debt-to-equity ratio of 0.43.

Cisco Systems (NASDAQ:CSCO) last posted its quarterly earnings data on Wednesday, November 13th. The network equipment provider reported $0.91 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.87 by $0.04. The firm had revenue of $13.84 billion for the quarter, compared to the consensus estimate of $13.78 billion. Cisco Systems had a net margin of 17.73% and a return on equity of 25.70%. The company’s revenue for the quarter was down 5.6% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.98 earnings per share. As a group, equities analysts forecast that Cisco Systems, Inc. will post 2.97 earnings per share for the current year.

Cisco Systems Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, January 22nd. Shareholders of record on Friday, January 3rd will be given a dividend of $0.40 per share. The ex-dividend date is Friday, January 3rd. This represents a $1.60 dividend on an annualized basis and a yield of 2.72%. Cisco Systems’s dividend payout ratio is currently 68.67%.

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.