FineMark National Bank & Trust Sells 2,628 Shares of Cisco Systems, Inc. (NASDAQ:CSCO)

FineMark National Bank & Trust cut its holdings in shares of Cisco Systems, Inc. (NASDAQ:CSCO) by 1.1% in the fourth quarter, Holdings Channel reports. The institutional investor owned 239,703 shares of the network equipment provider’s stock after selling 2,628 shares during the quarter. FineMark National Bank & Trust’s holdings in Cisco Systems were worth $14,190,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds also recently modified their holdings of the business. FPC Investment Advisory Inc. acquired a new position in Cisco Systems during the 4th quarter valued at $26,000. Runnymede Capital Advisors Inc. bought a new position in shares of Cisco Systems during the 4th quarter worth about $30,000. Campbell Capital Management Inc. acquired a new position in shares of Cisco Systems during the fourth quarter valued at about $31,000. Highline Wealth Partners LLC lifted its stake in shares of Cisco Systems by 76.7% in the fourth quarter. Highline Wealth Partners LLC now owns 599 shares of the network equipment provider’s stock valued at $35,000 after buying an additional 260 shares during the period. Finally, Synergy Investment Management LLC bought a new stake in shares of Cisco Systems in the fourth quarter valued at about $36,000. 73.33% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several equities analysts have commented on the company. Melius raised Cisco Systems from a “hold” rating to a “buy” rating and upped their price target for the company from $66.00 to $73.00 in a report on Monday, January 6th. Piper Sandler restated a “neutral” rating on shares of Cisco Systems in a research note on Thursday, March 6th. Citigroup reiterated an “overweight” rating on shares of Cisco Systems in a research note on Thursday, March 6th. Melius Research upgraded shares of Cisco Systems from a “hold” rating to a “strong-buy” rating in a research note on Monday, January 6th. Finally, Rosenblatt Securities upgraded shares of Cisco Systems from a “neutral” rating to a “buy” rating and lifted their target price for the company from $66.00 to $80.00 in a research report on Thursday, February 13th. Seven analysts have rated the stock with a hold rating, fifteen have assigned a buy rating and two have issued a strong buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $66.63.

Insider Activity at Cisco Systems

In related news, CEO Charles Robbins sold 31,983 shares of Cisco Systems stock in a transaction dated Friday, February 14th. The stock was sold at an average price of $64.41, for a total value of $2,060,025.03. Following the completion of the sale, the chief executive officer now directly owns 736,120 shares in the company, valued at $47,413,489.20. This trade represents a 4.16 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Richard Scott Herren sold 19,929 shares of the business’s stock in a transaction dated Friday, February 14th. The stock was sold at an average price of $64.41, for a total value of $1,283,626.89. Following the sale, the chief financial officer now directly owns 335,605 shares of the company’s stock, valued at $21,616,318.05. This represents a 5.61 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 66,547 shares of company stock valued at $4,275,553 over the last quarter. Corporate insiders own 0.01% of the company’s stock.

Cisco Systems Trading Up 1.1 %

Shares of CSCO opened at $60.97 on Tuesday. The stock has a fifty day moving average price of $62.00 and a two-hundred day moving average price of $58.25. The company has a debt-to-equity ratio of 0.43, a quick ratio of 0.79 and a current ratio of 0.87. The company has a market cap of $242.56 billion, a price-to-earnings ratio of 26.62, a PEG ratio of 4.16 and a beta of 0.79. Cisco Systems, Inc. has a 52-week low of $44.50 and a 52-week high of $66.50.

Cisco Systems (NASDAQ:CSCO) last issued its quarterly earnings results on Wednesday, February 12th. The network equipment provider reported $0.77 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.91 by ($0.14). Cisco Systems had a return on equity of 26.08% and a net margin of 16.96%. Analysts predict that Cisco Systems, Inc. will post 3.04 EPS for the current fiscal year.

Cisco Systems Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, April 23rd. Stockholders of record on Thursday, April 3rd will be paid a dividend of $0.41 per share. This is a boost from Cisco Systems’s previous quarterly dividend of $0.40. This represents a $1.64 annualized dividend and a dividend yield of 2.69%. The ex-dividend date of this dividend is Thursday, April 3rd. Cisco Systems’s dividend payout ratio is 71.62%.

Cisco Systems announced that its board has approved a share repurchase program on Wednesday, February 12th that allows the company to buyback $15.00 billion in shares. This buyback authorization allows the network equipment provider to reacquire up to 6% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s board believes its shares are undervalued.

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.