Palumbo Wealth Management LLC Buys New Position in Cisco Systems, Inc. (NASDAQ:CSCO)

Palumbo Wealth Management LLC purchased a new stake in Cisco Systems, Inc. (NASDAQ:CSCO) during the first quarter, according to the company in its most recent disclosure with the SEC. The firm purchased 3,926 shares of the network equipment provider’s stock, valued at approximately $242,000.

Other hedge funds also recently bought and sold shares of the company. Mainstream Capital Management LLC acquired a new stake in Cisco Systems in the 4th quarter valued at about $132,000. Proficio Capital Partners LLC raised its position in Cisco Systems by 76.4% in the 4th quarter. Proficio Capital Partners LLC now owns 16,947 shares of the network equipment provider’s stock valued at $1,003,000 after purchasing an additional 7,338 shares in the last quarter. Wealth Enhancement Advisory Services LLC raised its position in Cisco Systems by 28.9% in the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 4,037,909 shares of the network equipment provider’s stock valued at $249,180,000 after purchasing an additional 904,548 shares in the last quarter. Investment Management Corp of Ontario raised its position in Cisco Systems by 44.6% in the 4th quarter. Investment Management Corp of Ontario now owns 193,478 shares of the network equipment provider’s stock valued at $11,454,000 after purchasing an additional 59,680 shares in the last quarter. Finally, AlTi Global Inc. raised its position in Cisco Systems by 49.8% in the 4th quarter. AlTi Global Inc. now owns 20,483 shares of the network equipment provider’s stock valued at $1,217,000 after purchasing an additional 6,811 shares in the last quarter. Institutional investors and hedge funds own 73.33% of the company’s stock.

Cisco Systems Trading Up 1.6%

Shares of CSCO stock opened at $67.38 on Tuesday. The business’s 50 day moving average is $61.58 and its two-hundred day moving average is $60.85. Cisco Systems, Inc. has a twelve month low of $44.50 and a twelve month high of $67.83. The company has a market capitalization of $266.82 billion, a P/E ratio of 27.50, a price-to-earnings-growth ratio of 3.97 and a beta of 0.88. The company has a current ratio of 0.95, a quick ratio of 0.87 and a debt-to-equity ratio of 0.50.

Cisco Systems (NASDAQ:CSCO) last announced its earnings results on Wednesday, May 14th. The network equipment provider reported $0.96 earnings per share for the quarter, beating the consensus estimate of $0.92 by $0.04. Cisco Systems had a return on equity of 26.48% and a net margin of 17.60%. The company had revenue of $14.15 billion for the quarter, compared to the consensus estimate of $14.05 billion. During the same period last year, the business posted $0.88 EPS. The company’s revenue was up 11.4% on a year-over-year basis. Equities analysts forecast that Cisco Systems, Inc. will post 3.04 EPS for the current year.

Cisco Systems Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, July 23rd. Shareholders of record on Thursday, July 3rd will be paid a $0.41 dividend. The ex-dividend date is Thursday, July 3rd. This represents a $1.64 annualized dividend and a dividend yield of 2.43%. Cisco Systems’s dividend payout ratio (DPR) is currently 66.94%.

Insider Activity at Cisco Systems

In related news, EVP Thimaya K. Subaiya sold 8,726 shares of Cisco Systems stock in a transaction that occurred on Tuesday, June 17th. The stock was sold at an average price of $65.54, for a total value of $571,902.04. Following the sale, the executive vice president now directly owns 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Charles Robbins sold 29,784 shares of Cisco Systems stock in a transaction that occurred on Thursday, June 5th. The shares were sold at an average price of $64.61, for a total value of $1,924,344.24. Following the completion of the sale, the chief executive officer now owns 688,409 shares in the company, valued at approximately $44,478,105.49. This trade represents a 4.15% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 97,335 shares of company stock worth $6,271,054 over the last three months. 0.01% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on CSCO shares. Barclays reaffirmed an “equal weight” rating on shares of Cisco Systems in a research report on Wednesday, May 21st. Piper Sandler raised their target price on Cisco Systems from $60.00 to $64.00 and gave the stock a “neutral” rating in a research report on Thursday, May 15th. JPMorgan Chase & Co. raised their target price on Cisco Systems from $70.00 to $73.00 and gave the stock an “overweight” rating in a research report on Thursday, May 15th. Citigroup raised 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. Finally, New Street Research reissued a “neutral” rating and set a $70.00 target price on shares of Cisco Systems in a research report on Friday, May 16th. Seven research analysts have rated the stock with a hold rating, thirteen have issued a buy rating and three have given a strong buy rating to the stock. According to MarketBeat, Cisco Systems has an average rating of “Moderate Buy” and a consensus price target of $69.11.

About Cisco Systems

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.