Waterfront Wealth Inc. Grows Position in Cisco Systems, Inc. (NASDAQ:CSCO)

Waterfront Wealth Inc. increased its position in shares of Cisco Systems, Inc. (NASDAQ:CSCO) by 28.4% during the second quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 24,397 shares of the network equipment provider’s stock after buying an additional 5,397 shares during the quarter. Waterfront Wealth Inc.’s holdings in Cisco Systems were worth $1,159,000 as of its most recent SEC filing.

A number of other hedge funds have also recently added to or reduced their stakes in the company. Charles Schwab Investment Management Inc. grew its stake in Cisco Systems by 9.5% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 73,439,747 shares of the network equipment provider’s stock worth $3,672,445,000 after buying an additional 6,345,954 shares during the last quarter. Bank of New York Mellon Corp grew its position in shares of Cisco Systems by 2.7% in the second quarter. Bank of New York Mellon Corp now owns 70,317,061 shares of the network equipment provider’s stock valued at $3,340,764,000 after purchasing an additional 1,853,598 shares during the period. Norges Bank purchased a new stake in shares of Cisco Systems in the fourth quarter valued at $2,528,939,000. Wellington Management Group LLP grew its position in shares of Cisco Systems by 7.6% in the fourth quarter. Wellington Management Group LLP now owns 47,195,836 shares of the network equipment provider’s stock valued at $2,384,334,000 after purchasing an additional 3,314,330 shares during the period. Finally, First Trust Advisors LP grew its position in shares of Cisco Systems by 12.3% in the fourth quarter. First Trust Advisors LP now owns 24,941,271 shares of the network equipment provider’s stock valued at $1,260,033,000 after purchasing an additional 2,723,260 shares during the period. Hedge funds and other institutional investors own 73.33% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages have recently commented on CSCO. HSBC raised Cisco Systems from a “hold” rating to a “buy” rating and lifted their price objective for the company from $46.00 to $58.00 in a research report on Friday, August 16th. Barclays lowered their price objective on Cisco Systems from $50.00 to $49.00 and set an “equal weight” rating for the company in a research report on Thursday, August 15th. Piper Sandler reaffirmed a “neutral” rating and issued a $52.00 price objective on shares of Cisco Systems in a research report on Thursday, August 15th. Oppenheimer boosted their price target on Cisco Systems from $54.00 to $58.00 and gave the company an “outperform” rating in a research report on Thursday, May 16th. Finally, Jefferies Financial Group lowered their price target on Cisco Systems from $56.00 to $53.00 and set a “buy” rating for the company in a research report on Thursday, August 15th. One equities research analyst has rated the stock with a sell rating, fourteen have given a hold rating, seven have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $55.89.

Insider Buying and Selling

In related news, SVP Maria Victoria Wong sold 3,379 shares of the business’s stock in a transaction dated Wednesday, August 28th. The stock was sold at an average price of $50.36, for a total value of $170,166.44. Following the transaction, the senior vice president now owns 47,182 shares in the company, valued at $2,376,085.52. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. In other Cisco Systems news, EVP Deborah L. Stahlkopf sold 2,619 shares of the company’s stock in a transaction that occurred on Thursday, June 13th. The stock was sold at an average price of $45.34, for a total transaction of $118,745.46. Following the sale, the executive vice president now owns 176,384 shares in the company, valued at $7,997,250.56. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, SVP Maria Victoria Wong sold 3,379 shares of the company’s stock in a transaction that occurred on Wednesday, August 28th. The shares were sold at an average price of $50.36, for a total value of $170,166.44. Following the transaction, the senior vice president now directly owns 47,182 shares of the company’s stock, valued at $2,376,085.52. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 71,944 shares of company stock worth $3,566,120. 0.02% of the stock is currently owned by corporate insiders.

Cisco Systems Stock Up 0.3 %

Shares of CSCO traded up $0.15 during midday trading on Friday, reaching $50.54. 15,615,756 shares of the company were exchanged, compared to its average volume of 21,125,456. The company has a current ratio of 0.91, a quick ratio of 0.83 and a debt-to-equity ratio of 0.43. Cisco Systems, Inc. has a 1-year low of $44.50 and a 1-year high of $58.19. The stock has a 50-day moving average price of $47.62 and a 200-day moving average price of $47.91. The company has a market cap of $203.62 billion, a price-to-earnings ratio of 17.02, a P/E/G ratio of 3.98 and a beta of 0.85.

Cisco Systems (NASDAQ:CSCO) last released its quarterly earnings results on Wednesday, August 14th. The network equipment provider reported $0.87 EPS for the quarter, topping the consensus estimate of $0.85 by $0.02. Cisco Systems had a return on equity of 27.83% and a net margin of 19.18%. The business had revenue of $13.64 billion for the quarter, compared to analysts’ expectations of $13.53 billion. During the same quarter in the previous year, the firm posted $1.01 earnings per share. The company’s revenue was down 10.3% compared to the same quarter last year. Research analysts expect that Cisco Systems, Inc. will post 2.9 earnings per share for the current year.

Cisco Systems Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, October 23rd. Investors of record on Wednesday, October 2nd will be paid a $0.40 dividend. This represents a $1.60 annualized dividend and a dividend yield of 3.17%. The ex-dividend date of this dividend is Wednesday, October 2nd. Cisco Systems’s dividend payout ratio (DPR) is 53.87%.

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.