OneAscent Financial Services LLC Reduces Holdings in Cisco Systems, Inc. (NASDAQ:CSCO)

OneAscent Financial Services LLC reduced its holdings in shares of Cisco Systems, Inc. (NASDAQ:CSCO) by 15.0% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 3,859 shares of the network equipment provider’s stock after selling 682 shares during the period. OneAscent Financial Services LLC’s holdings in Cisco Systems were worth $205,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also modified their holdings of the business. Chesapeake Wealth Management grew its holdings in Cisco Systems by 1.9% during the third quarter. Chesapeake Wealth Management now owns 18,992 shares of the network equipment provider’s stock valued at $1,011,000 after purchasing an additional 348 shares during the period. Caprock Group LLC grew its stake in shares of Cisco Systems by 0.5% during the 3rd quarter. Caprock Group LLC now owns 149,850 shares of the network equipment provider’s stock valued at $7,975,000 after acquiring an additional 817 shares during the period. Aviance Capital Partners LLC increased its holdings in Cisco Systems by 2.7% in the 3rd quarter. Aviance Capital Partners LLC now owns 87,924 shares of the network equipment provider’s stock worth $4,679,000 after acquiring an additional 2,346 shares in the last quarter. Baron Wealth Management LLC raised its stake in Cisco Systems by 78.3% during the 3rd quarter. Baron Wealth Management LLC now owns 10,789 shares of the network equipment provider’s stock worth $574,000 after acquiring an additional 4,739 shares during the period. Finally, New England Asset Management Inc. boosted its position in shares of Cisco Systems by 0.6% in the third quarter. New England Asset Management Inc. now owns 141,896 shares of the network equipment provider’s stock worth $7,552,000 after purchasing an additional 840 shares during the period. Hedge funds and other institutional investors own 73.33% of the company’s stock.

Insider Buying and Selling

In related news, CEO Charles Robbins sold 171,744 shares of Cisco Systems stock in a transaction dated Friday, November 15th. The shares were sold at an average price of $57.49, for a total transaction of $9,873,562.56. Following the completion of the sale, the chief executive officer now owns 783,786 shares in the company, valued at $45,059,857.14. This trade represents 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 1,328 shares of the business’s stock in a transaction dated Thursday, September 12th. The shares were sold at an average price of $48.92, for a total transaction of $64,965.76. Following the completion of the sale, the executive vice president now directly owns 132,910 shares of the company’s stock, valued at approximately $6,501,957.20. This trade represents a 0.99 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 321,628 shares of company stock valued at $18,449,561. Insiders own 0.01% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms recently weighed in on CSCO. Hsbc Global Res upgraded shares of Cisco Systems to a “strong-buy” rating in a research note on Friday, August 16th. Bank of America upped their price objective on Cisco Systems from $60.00 to $72.00 and gave the stock a “buy” rating in a research note on Thursday, November 14th. Citigroup lifted their target price on Cisco Systems from $62.00 to $64.00 and gave the company a “buy” rating in a research note on Thursday, November 14th. Morgan Stanley upped their price target on Cisco Systems from $58.00 to $62.00 and gave the stock an “overweight” rating in a research note on Thursday, November 14th. Finally, Tigress Financial boosted their target price on shares of Cisco Systems from $76.00 to $78.00 and gave the stock a “buy” rating in a report on Monday, October 14th. Ten research analysts have rated the stock with a hold rating, eleven have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $59.94.

Cisco Systems Stock Down 0.5 %

Shares of CSCO opened at $57.01 on Wednesday. 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, Inc. has a 52-week low of $44.50 and a 52-week high of $59.38. The company has a market cap of $227.51 billion, a PE ratio of 24.47, a P/E/G ratio of 4.67 and a beta of 0.83. The business has a fifty day moving average of $54.52 and a 200 day moving average of $49.95.

Cisco Systems (NASDAQ:CSCO) last released its quarterly earnings results on Wednesday, November 13th. The network equipment provider reported $0.91 EPS for the quarter, topping analysts’ consensus estimates of $0.87 by $0.04. Cisco Systems had a net margin of 17.73% and a return on equity of 25.70%. The firm had revenue of $13.84 billion during the quarter, compared to analysts’ expectations of $13.78 billion. During the same period in the previous year, the company earned $0.98 EPS. The firm’s revenue for the quarter was down 5.6% compared to the same quarter last year. On average, sell-side analysts expect that Cisco Systems, Inc. will post 2.89 EPS for the current year.

Cisco Systems Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, January 22nd. Investors of record on Friday, January 3rd will be paid a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a dividend yield of 2.81%. The ex-dividend date of this dividend is Friday, January 3rd. Cisco Systems’s dividend payout ratio is currently 68.67%.

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.