Rodgers Brothers Inc. Sells 41,600 Shares of Cisco Systems, Inc. (NASDAQ:CSCO)

Rodgers Brothers Inc. trimmed its holdings in Cisco Systems, Inc. (NASDAQ:CSCO) by 63.0% in the fourth quarter, according to the company in its most recent filing with the SEC. The fund owned 24,444 shares of the network equipment provider’s stock after selling 41,600 shares during the quarter. Rodgers Brothers Inc.’s holdings in Cisco Systems were worth $1,447,000 at the end of the most recent quarter.

Other institutional investors also recently made changes to their positions in the company. Seven Mile Advisory increased its holdings in shares of Cisco Systems by 5.2% in the fourth quarter. Seven Mile Advisory now owns 6,939 shares of the network equipment provider’s stock worth $411,000 after buying an additional 345 shares during the period. Summit Financial LLC increased its position in shares of Cisco Systems by 55.0% in the fourth quarter. Summit Financial LLC now owns 82,275 shares of the network equipment provider’s stock valued at $4,871,000 after acquiring an additional 29,187 shares during the period. Alliancebernstein L.P. raised its stake in shares of Cisco Systems by 50.3% during the fourth quarter. Alliancebernstein L.P. now owns 6,627,956 shares of the network equipment provider’s stock valued at $392,375,000 after acquiring an additional 2,219,311 shares during the last quarter. O Shaughnessy Asset Management LLC grew its stake in shares of Cisco Systems by 22.6% in the fourth quarter. O Shaughnessy Asset Management LLC now owns 595,010 shares of the network equipment provider’s stock worth $35,225,000 after purchasing an additional 109,526 shares during the last quarter. Finally, Walled Lake Planning & Wealth Management LLC increased its holdings in Cisco Systems by 0.9% during the 4th quarter. Walled Lake Planning & Wealth Management LLC now owns 124,552 shares of the network equipment provider’s stock valued at $7,373,000 after purchasing an additional 1,099 shares during the period. Hedge funds and other institutional investors own 73.33% of the company’s stock.

Cisco Systems Stock Down 0.9 %

Shares of Cisco Systems stock opened at $60.86 on Monday. The company has a 50-day simple moving average of $62.11 and a two-hundred day simple moving average of $58.60. Cisco Systems, Inc. has a 52-week low of $44.50 and a 52-week high of $66.50. 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 stock has a market capitalization of $242.12 billion, a PE ratio of 26.58, a price-to-earnings-growth ratio of 4.16 and a beta of 0.79.

Cisco Systems (NASDAQ:CSCO) last released its quarterly earnings data 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 net margin of 16.96% and a return on equity of 26.08%. On average, analysts anticipate that Cisco Systems, Inc. will post 3.04 EPS for the current fiscal year.

Cisco Systems Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, April 23rd. Shareholders of record on Thursday, April 3rd will be given a $0.41 dividend. This is a positive change from Cisco Systems’s previous quarterly dividend of $0.40. The ex-dividend date of this dividend is Thursday, April 3rd. This represents a $1.64 dividend on an annualized basis and a yield of 2.69%. Cisco Systems’s payout ratio is 71.62%.

Cisco Systems declared that its Board of Directors has authorized a stock buyback program on Wednesday, February 12th that allows the company to repurchase $15.00 billion in outstanding shares. This repurchase authorization allows the network equipment provider to buy up to 6% of its stock through open market purchases. Stock repurchase programs are often a sign that the company’s leadership believes its shares are undervalued.

Wall Street Analysts Forecast Growth

A number of analysts recently commented on the company. Piper Sandler reaffirmed a “neutral” rating on shares of Cisco Systems in a research note on Thursday, March 6th. Wells Fargo & Company reaffirmed an “equal weight” rating on shares of Cisco Systems in a research note on Thursday, March 6th. BNP Paribas raised shares of Cisco Systems from a “neutral” rating to an “outperform” rating and set a $72.00 price target for the company in a research note on Tuesday, January 28th. StockNews.com cut Cisco Systems from a “strong-buy” rating to a “buy” rating in a research report on Wednesday, March 5th. Finally, Melius upgraded Cisco Systems from a “hold” rating to a “buy” rating and upped their target price for the stock from $66.00 to $73.00 in a report on Monday, January 6th. Seven equities research analysts have rated the stock with a hold rating, fifteen have assigned a buy rating and two have given a strong buy rating to the company. According to MarketBeat.com, Cisco Systems presently has a consensus rating of “Moderate Buy” and an average price target of $66.63.

Insider Buying and Selling at Cisco Systems

In related news, CEO Charles Robbins sold 31,983 shares of the company’s stock in a transaction on Friday, February 14th. The stock was sold at an average price of $64.41, for a total transaction of $2,060,025.03. Following the completion of the sale, the chief executive officer now owns 736,120 shares in the company, valued at approximately $47,413,489.20. This represents a 4.16 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Richard Scott Herren sold 19,929 shares of the firm’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 completion of the transaction, the chief financial officer now directly owns 335,605 shares in the company, valued at $21,616,318.05. The trade was a 5.61 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 66,547 shares of company stock worth $4,275,553. Company insiders own 0.01% of the company’s stock.

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.