Procyon Advisors LLC Decreases Stock Holdings in Cisco Systems, Inc. (NASDAQ:CSCO)

Procyon Advisors LLC trimmed its holdings in shares of Cisco Systems, Inc. (NASDAQ:CSCO) by 0.9% in the fourth quarter, HoldingsChannel.com reports. The fund owned 126,811 shares of the network equipment provider’s stock after selling 1,132 shares during the period. Procyon Advisors LLC’s holdings in Cisco Systems were worth $6,406,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds also recently modified their holdings of the company. Kathleen S. Wright Associates Inc. purchased a new stake in Cisco Systems in the third quarter worth $27,000. Valued Wealth Advisors LLC bought a new position in shares of Cisco Systems in the fourth quarter worth $32,000. Fortis Capital Advisors LLC bought a new stake in Cisco Systems during the fourth quarter valued at $34,000. Hibernia Wealth Partners LLC bought a new stake in Cisco Systems during the third quarter valued at $42,000. Finally, VitalStone Financial LLC bought a new stake in Cisco Systems during the second quarter valued at $45,000. 73.33% of the stock is owned by hedge funds and other institutional investors.

Cisco Systems Stock Performance

CSCO traded up $0.22 during trading on Thursday, hitting $49.99. The company’s stock had a trading volume of 1,666,231 shares, compared to its average volume of 19,654,645. The company has a quick ratio of 1.26, a current ratio of 1.37 and a debt-to-equity ratio of 0.14. Cisco Systems, Inc. has a one year low of $45.56 and a one year high of $58.19. The firm has a market cap of $202.42 billion, a PE ratio of 15.14, a P/E/G ratio of 2.24 and a beta of 0.87. The business’s 50 day simple moving average is $49.78 and its 200-day simple moving average is $50.94.

Cisco Systems (NASDAQ:CSCO) last released its quarterly earnings data on Wednesday, February 14th. The network equipment provider reported $0.87 EPS for the quarter, beating the consensus estimate of $0.84 by $0.03. The business had revenue of $12.79 billion during the quarter, compared to analyst estimates of $12.71 billion. Cisco Systems had a net margin of 23.49% and a return on equity of 33.01%. Cisco Systems’s quarterly revenue was down 5.9% compared to the same quarter last year. During the same quarter last year, the business earned $0.76 earnings per share. As a group, sell-side analysts predict that Cisco Systems, Inc. will post 3.16 EPS for the current fiscal year.

Cisco Systems Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, April 24th. Stockholders of record on Thursday, April 4th will be given a $0.40 dividend. The ex-dividend date of this dividend is Wednesday, April 3rd. This represents a $1.60 dividend on an annualized basis and a dividend yield of 3.20%. This is an increase from Cisco Systems’s previous quarterly dividend of $0.39. Cisco Systems’s payout ratio is presently 47.42%.

Insider Transactions at Cisco Systems

In other news, CFO Richard Scott Herren sold 13,942 shares of Cisco Systems stock in a transaction that occurred on Monday, March 11th. The shares were sold at an average price of $50.00, for a total value of $697,100.00. Following the transaction, the chief financial officer now owns 328,491 shares of the company’s stock, valued at approximately $16,424,550. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. In other Cisco Systems news, CFO Richard Scott Herren sold 13,942 shares of the business’s stock in a transaction that occurred on Monday, March 11th. The shares were sold at an average price of $50.00, for a total transaction of $697,100.00. Following the sale, the chief financial officer now owns 328,491 shares of the company’s stock, valued at approximately $16,424,550. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, SVP Maria Victoria Wong sold 2,497 shares of the business’s stock in a transaction that occurred on Wednesday, March 13th. The stock was sold at an average price of $50.00, for a total transaction of $124,850.00. Following the sale, the senior vice president now directly owns 58,121 shares in the company, valued at approximately $2,906,050. The disclosure for this sale can be found here. Insiders have sold a total of 19,441 shares of company stock valued at $972,080 in the last 90 days. Insiders own 0.02% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts recently issued reports on the company. UBS Group lifted their price objective on Cisco Systems from $54.00 to $55.00 and gave the company a “neutral” rating in a research note on Monday, February 12th. Melius Research reiterated a “hold” rating and issued a $55.00 price objective on shares of Cisco Systems in a report on Monday, January 8th. StockNews.com downgraded Cisco Systems from a “buy” rating to a “hold” rating in a report on Thursday, February 15th. Wells Fargo & Company initiated coverage on Cisco Systems in a report on Thursday, February 15th. They issued an “equal weight” rating and a $52.00 price objective on the stock. Finally, Piper Sandler lifted their price objective on Cisco Systems from $47.00 to $51.00 and gave the stock a “neutral” rating in a report on Wednesday, March 20th. Two equities research analysts have rated the stock with a sell rating, fourteen have given a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $56.42.

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.