Prestige Wealth Management Group LLC Decreases Position in Cisco Systems, Inc. (NASDAQ:CSCO)

Prestige Wealth Management Group LLC reduced its position in shares of Cisco Systems, Inc. (NASDAQ:CSCO) by 7.0% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 10,241 shares of the network equipment provider’s stock after selling 765 shares during the period. Prestige Wealth Management Group LLC’s holdings in Cisco Systems were worth $487,000 at the end of the most recent quarter.

A number of other hedge funds have also made changes to their positions in CSCO. Mcintyre Freedman & Flynn Investment Advisers Inc. lifted its position in Cisco Systems by 0.3% during the fourth quarter. Mcintyre Freedman & Flynn Investment Advisers Inc. now owns 59,756 shares of the network equipment provider’s stock worth $3,019,000 after buying an additional 202 shares in the last quarter. Baker Boyer National Bank raised its holdings in shares of Cisco Systems by 2.6% during the 1st quarter. Baker Boyer National Bank now owns 8,237 shares of the network equipment provider’s stock worth $411,000 after acquiring an additional 210 shares during the period. Holland Advisory Services Inc. boosted its position in shares of Cisco Systems by 5.3% during the 1st quarter. Holland Advisory Services Inc. now owns 4,231 shares of the network equipment provider’s stock valued at $211,000 after acquiring an additional 213 shares during the last quarter. WealthPLAN Partners LLC grew its holdings in shares of Cisco Systems by 3.0% in the first quarter. WealthPLAN Partners LLC now owns 7,385 shares of the network equipment provider’s stock valued at $369,000 after purchasing an additional 213 shares during the period. Finally, Ruedi Wealth Management Inc. increased its position in Cisco Systems by 17.6% during the first quarter. Ruedi Wealth Management Inc. now owns 1,454 shares of the network equipment provider’s stock worth $73,000 after purchasing an additional 218 shares during the last quarter. Institutional investors and hedge funds own 73.33% of the company’s stock.

Cisco Systems Price Performance

Shares of NASDAQ:CSCO traded down $0.63 during midday trading on Friday, hitting $48.50. 21,040,496 shares of the stock were exchanged, compared to its average volume of 19,646,146. Cisco Systems, Inc. has a twelve month low of $44.50 and a twelve month high of $57.09. The company has a current ratio of 0.91, a quick ratio of 0.83 and a debt-to-equity ratio of 0.43. The company has a 50 day moving average price of $47.84 and a 200-day moving average price of $47.93. The stock has a market cap of $195.40 billion, a P/E ratio of 16.33, a PEG ratio of 3.98 and a beta of 0.83.

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, beating the consensus estimate of $0.85 by $0.02. Cisco Systems had a net margin of 19.18% and a return on equity of 27.83%. The business had revenue of $13.64 billion for the quarter, compared to analyst estimates of $13.53 billion. During the same period in the prior year, the business earned $1.01 earnings per share. The company’s quarterly revenue was down 10.3% on a year-over-year basis. On average, research analysts forecast that Cisco Systems, Inc. will post 2.9 earnings per share for the current year.

Cisco Systems Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 23rd. Stockholders of record on Wednesday, October 2nd will be given a $0.40 dividend. The ex-dividend date is Wednesday, October 2nd. This represents a $1.60 annualized dividend and a dividend yield of 3.30%. Cisco Systems’s dividend payout ratio is currently 53.87%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have commented on CSCO shares. Piper Sandler restated a “neutral” rating and issued a $52.00 target price on shares of Cisco Systems in a research report on Thursday, August 15th. HSBC raised shares of Cisco Systems from a “hold” rating to a “buy” rating and upped their target price for the company from $46.00 to $58.00 in a research report on Friday, August 16th. New Street Research upgraded shares of Cisco Systems from a “neutral” rating to a “buy” rating and set a $57.00 price target for the company in a research report on Thursday, August 15th. Wells Fargo & Company boosted their price target on shares of Cisco Systems from $52.00 to $57.00 and gave the company an “equal weight” rating in a research note on Thursday, May 16th. Finally, BNP Paribas raised shares of Cisco Systems from an “underperform” rating to a “neutral” rating and set a $50.00 price objective for the company in a research report on Monday, May 13th. One analyst has rated the stock with a sell rating, fourteen have given a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Hold” and an average target price of $55.89.

Insider Activity at Cisco Systems

In other news, CEO Charles Robbins sold 27,143 shares of Cisco Systems stock in a transaction dated Friday, August 16th. The shares were sold at an average price of $49.45, for a total transaction of $1,342,221.35. Following the completion of the sale, the chief executive officer now directly owns 683,403 shares in the company, valued at $33,794,278.35. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. In other Cisco Systems news, SVP Maria Victoria Wong sold 3,379 shares of the firm’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 sale, the senior vice president now directly owns 47,182 shares of the company’s stock, valued at approximately $2,376,085.52. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, CEO Charles Robbins sold 27,143 shares of the firm’s stock in a transaction that occurred on Friday, August 16th. The stock was sold at an average price of $49.45, for a total transaction of $1,342,221.35. Following the completion of the sale, the chief executive officer now directly owns 683,403 shares in the company, valued at $33,794,278.35. The disclosure for this sale can be found here. Insiders have sold a total of 71,944 shares of company stock valued at $3,566,120 over the last quarter. Insiders own 0.02% of the company’s stock.

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.