Occidental Asset Management LLC Reduces Stock Position in Cisco Systems, Inc. (NASDAQ:CSCO)

Occidental Asset Management LLC decreased its stake in Cisco Systems, Inc. (NASDAQ:CSCO) by 1.5% during the second quarter, Holdings Channel reports. The institutional investor owned 21,272 shares of the network equipment provider’s stock after selling 320 shares during the quarter. Occidental Asset Management LLC’s holdings in Cisco Systems were worth $1,101,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors also recently bought and sold shares of the company. United Bank purchased a new position in shares of Cisco Systems during the first quarter worth about $645,000. Mirae Asset Global Investments Co. Ltd. boosted its holdings in Cisco Systems by 32.5% in the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 4,243,073 shares of the network equipment provider’s stock valued at $236,593,000 after purchasing an additional 1,040,607 shares in the last quarter. Roundview Capital LLC boosted its holdings in Cisco Systems by 13.1% in the 1st quarter. Roundview Capital LLC now owns 10,540 shares of the network equipment provider’s stock valued at $588,000 after purchasing an additional 1,221 shares in the last quarter. Merit Financial Group LLC boosted its holdings in Cisco Systems by 21.5% in the 1st quarter. Merit Financial Group LLC now owns 11,763 shares of the network equipment provider’s stock valued at $656,000 after purchasing an additional 2,079 shares in the last quarter. Finally, Mackenzie Financial Corp lifted its position in shares of Cisco Systems by 8.1% during the 1st quarter. Mackenzie Financial Corp now owns 2,429,518 shares of the network equipment provider’s stock valued at $135,470,000 after acquiring an additional 182,857 shares during the period. Institutional investors and hedge funds own 72.21% of the company’s stock.

Cisco Systems Price Performance

CSCO stock opened at $56.11 on Tuesday. The company has a quick ratio of 1.27, a current ratio of 1.38 and a debt-to-equity ratio of 0.15. Cisco Systems, Inc. has a 12 month low of $38.60 and a 12 month high of $58.19. The firm has a market cap of $227.52 billion, a P/E ratio of 18.28, a P/E/G ratio of 2.48 and a beta of 0.97. The company’s 50-day moving average price is $54.20 and its two-hundred day moving average price is $51.17.

Cisco Systems (NASDAQ:CSCO) last released its earnings results on Wednesday, August 16th. The network equipment provider reported $1.14 EPS for the quarter, beating the consensus estimate of $1.06 by $0.08. Cisco Systems had a net margin of 22.13% and a return on equity of 33.42%. The firm had revenue of $15.20 billion for the quarter, compared to analyst estimates of $15.05 billion. During the same period last year, the firm earned $0.74 EPS. The business’s quarterly revenue was up 16.0% compared to the same quarter last year. On average, analysts anticipate that Cisco Systems, Inc. will post 3.58 earnings per share for the current fiscal year.

Cisco Systems Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, October 25th. Stockholders of record on Wednesday, October 4th will be paid a $0.39 dividend. The ex-dividend date is Tuesday, October 3rd. This represents a $1.56 dividend on an annualized basis and a dividend yield of 2.78%. Cisco Systems’s payout ratio is currently 50.81%.

Insider Activity

In other news, CFO Richard Scott Herren sold 2,579 shares of the firm’s stock in a transaction that occurred on Thursday, June 22nd. The shares were sold at an average price of $50.65, for a total value of $130,626.35. Following the sale, the chief financial officer now directly owns 281,493 shares in the company, valued at approximately $14,257,620.45. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. In other news, CFO Richard Scott Herren sold 2,579 shares of the firm’s stock in a transaction that occurred on Thursday, June 22nd. The shares were sold at an average price of $50.65, for a total value of $130,626.35. Following the sale, the chief financial officer now directly owns 281,493 shares in the company, valued at approximately $14,257,620.45. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO Charles Robbins sold 17,687 shares of Cisco Systems stock in a transaction that occurred on Friday, August 18th. The stock was sold at an average price of $55.16, for a total transaction of $975,614.92. Following the sale, the chief executive officer now owns 716,191 shares in the company, valued at $39,505,095.56. The disclosure for this sale can be found here. In the last three months, insiders have sold 54,438 shares of company stock worth $2,948,779. Corporate insiders own 0.02% of the company’s stock.

Analysts Set New Price Targets

Several research analysts recently issued reports on the company. Rosenblatt Securities lifted their price objective on Cisco Systems from $52.00 to $59.00 and gave the stock a “neutral” rating in a research report on Thursday, August 17th. Citigroup upped their price target on shares of Cisco Systems from $54.00 to $55.00 and gave the stock a “neutral” rating in a research report on Thursday, August 17th. Oppenheimer reaffirmed an “outperform” rating and set a $58.00 price target on shares of Cisco Systems in a research report on Thursday, August 17th. Piper Sandler upped their price objective on shares of Cisco Systems from $51.00 to $53.00 and gave the company a “neutral” rating in a research report on Thursday, August 17th. Finally, Evercore ISI upped their price objective on shares of Cisco Systems from $60.00 to $63.00 and gave the company an “outperform” rating in a research report on Thursday, August 17th. One analyst has rated the stock with a sell rating, ten have given a hold rating and eleven have assigned a buy rating to the company. According to MarketBeat, Cisco Systems presently has an average rating of “Hold” and an average price target of $59.43.

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 that are standalone, controller appliance-based, switch-converged, and Meraki cloud-managed offerings; and compute portfolio including the cisco unified computing system, hyperflex, and software management capabilities, which combine computing, networking, and storage infrastructure management and virtualization.