McKinley Carter Wealth Services Inc. Reduces Stock Holdings in Cisco Systems, Inc. (NASDAQ:CSCO)

McKinley Carter Wealth Services Inc. lowered its position in Cisco Systems, Inc. (NASDAQ:CSCO) by 3.0% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 6,342 shares of the network equipment provider’s stock after selling 194 shares during the quarter. McKinley Carter Wealth Services Inc.’s holdings in Cisco Systems were worth $338,000 at the end of the most recent reporting period.

Other hedge funds have also recently modified their holdings of the company. Summit Securities Group LLC purchased a new stake in shares of Cisco Systems in the second quarter valued at about $25,000. West Financial Advisors LLC boosted its stake in Cisco Systems by 116.6% during the third quarter. West Financial Advisors LLC now owns 574 shares of the network equipment provider’s stock worth $31,000 after buying an additional 309 shares during the period. Quarry LP boosted its stake in Cisco Systems by 222.4% during the second quarter. Quarry LP now owns 661 shares of the network equipment provider’s stock worth $31,000 after buying an additional 456 shares during the period. Retirement Group LLC boosted its stake in Cisco Systems by 56.8% during the first quarter. Retirement Group LLC now owns 726 shares of the network equipment provider’s stock worth $36,000 after buying an additional 263 shares during the period. Finally, Hobbs Group Advisors LLC purchased a new position in Cisco Systems during the second quarter worth about $36,000. Hedge funds and other institutional investors own 73.33% of the company’s stock.

Insider Transactions at Cisco Systems

In other news, EVP Thimaya K. Subaiya sold 1,328 shares of the firm’s stock in a transaction that occurred on Thursday, September 12th. The shares were sold at an average price of $48.92, for a total transaction of $64,965.76. Following the transaction, the executive vice president now directly owns 132,910 shares in the company, valued at approximately $6,501,957.20. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. In related news, EVP Thimaya K. Subaiya sold 1,328 shares of Cisco Systems stock in a transaction on Thursday, September 12th. The shares were sold at an average price of $48.92, for a total value of $64,965.76. Following the transaction, the executive vice president now directly owns 132,910 shares in the company, valued at $6,501,957.20. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, EVP Thimaya K. Subaiya sold 8,270 shares of Cisco Systems stock in a transaction on Wednesday, August 21st. The shares were sold at an average price of $50.33, for a total transaction of $416,229.10. Following the completion of the transaction, the executive vice president now owns 135,544 shares in the company, valued at approximately $6,821,929.52. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 70,529 shares of company stock worth $3,509,049. Insiders own 0.02% of the company’s stock.

Cisco Systems Stock Performance

Shares of Cisco Systems stock opened at $56.38 on Thursday. The firm has a market capitalization of $227.14 billion, a P/E ratio of 18.98, a P/E/G ratio of 4.22 and a beta of 0.83. Cisco Systems, Inc. has a 52 week low of $44.50 and a 52 week high of $56.41. The company has a quick ratio of 0.83, a current ratio of 0.91 and a debt-to-equity ratio of 0.43. The firm’s 50 day moving average is $50.73 and its two-hundred day moving average is $48.50.

Cisco Systems (NASDAQ:CSCO) last announced 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. The company had revenue of $13.64 billion for the quarter, compared to analyst estimates of $13.53 billion. Cisco Systems had a net margin of 19.18% and a return on equity of 27.83%. The firm’s revenue was down 10.3% on a year-over-year basis. During the same period in the prior year, the firm posted $1.01 earnings per share. Research analysts forecast that Cisco Systems, Inc. will post 2.9 EPS for the current fiscal year.

Cisco Systems Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, October 23rd. Stockholders of record on Wednesday, October 2nd will be given a dividend of $0.40 per share. The ex-dividend date is Wednesday, October 2nd. This represents a $1.60 dividend on an annualized basis and a dividend yield of 2.84%. Cisco Systems’s dividend payout ratio (DPR) is presently 53.87%.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on CSCO shares. Citigroup raised shares of Cisco Systems from a “neutral” rating to a “buy” rating and increased their target price for the stock from $52.00 to $62.00 in a research note on Wednesday. Piper Sandler reaffirmed a “neutral” rating and set a $52.00 target price on shares of Cisco Systems in a research note on Thursday, August 15th. Jefferies Financial Group reduced their price target on shares of Cisco Systems from $56.00 to $53.00 and set a “buy” rating on the stock in a research report on Thursday, August 15th. Evercore ISI increased their price target on shares of Cisco Systems from $55.00 to $60.00 and gave the stock an “outperform” rating in a research report on Friday, September 20th. Finally, Tigress Financial increased their price target on shares of Cisco Systems from $76.00 to $78.00 and gave the stock a “buy” rating in a research report on Monday. One research analyst has rated the stock with a sell rating, thirteen have issued a hold rating, nine have given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $56.74.

Cisco Systems Company 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.