Boltwood Capital Management Sells 585 Shares of Cisco Systems, Inc. (NASDAQ:CSCO)

Boltwood Capital Management lowered its position in shares of Cisco Systems, Inc. (NASDAQ:CSCO) by 4.9% in the first quarter, according to the company in its most recent disclosure with the SEC. The firm owned 11,433 shares of the network equipment provider’s stock after selling 585 shares during the quarter. Boltwood Capital Management’s holdings in Cisco Systems were worth $706,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently made changes to their positions in the stock. Mainstream Capital Management LLC acquired a new position in Cisco Systems during the fourth quarter worth $132,000. Proficio Capital Partners LLC lifted its stake in shares of Cisco Systems by 76.4% during the 4th quarter. Proficio Capital Partners LLC now owns 16,947 shares of the network equipment provider’s stock worth $1,003,000 after buying an additional 7,338 shares during the last quarter. Investment Management Corp of Ontario lifted its stake in shares of Cisco Systems by 44.6% during the 4th quarter. Investment Management Corp of Ontario now owns 193,478 shares of the network equipment provider’s stock worth $11,454,000 after buying an additional 59,680 shares during the last quarter. Aveo Capital Partners LLC lifted its stake in shares of Cisco Systems by 8.3% during the 4th quarter. Aveo Capital Partners LLC now owns 5,296 shares of the network equipment provider’s stock worth $314,000 after buying an additional 407 shares during the last quarter. Finally, AlTi Global Inc. increased its position in Cisco Systems by 49.8% during the fourth quarter. AlTi Global Inc. now owns 20,483 shares of the network equipment provider’s stock worth $1,217,000 after acquiring an additional 6,811 shares during the period. Institutional investors and hedge funds own 73.33% of the company’s stock.

Cisco Systems Stock Performance

Shares of CSCO stock opened at $64.39 on Thursday. The firm has a market capitalization of $254.98 billion, a PE ratio of 28.12, a price-to-earnings-growth ratio of 4.16 and a beta of 0.88. The firm has a fifty day simple moving average of $59.47 and a two-hundred day simple moving average of $60.22. The company has a current ratio of 0.87, a quick ratio of 0.79 and a debt-to-equity ratio of 0.43. Cisco Systems, Inc. has a 12 month low of $44.50 and a 12 month high of $66.50.

Cisco Systems (NASDAQ:CSCO) last posted its earnings results on Wednesday, May 14th. The network equipment provider reported $0.96 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.92 by $0.04. Cisco Systems had a net margin of 16.96% and a return on equity of 26.08%. The firm had revenue of $14.15 billion during the quarter, compared to analyst estimates of $14.05 billion. During the same quarter in the prior year, the business posted $0.88 EPS. The business’s revenue was up 11.4% compared to the same quarter last year. Analysts forecast that Cisco Systems, Inc. will post 3.04 EPS for the current fiscal year.

Cisco Systems Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, July 23rd. Investors of record on Thursday, July 3rd will be issued a $0.41 dividend. This represents a $1.64 dividend on an annualized basis and a dividend yield of 2.55%. The ex-dividend date of this dividend is Thursday, July 3rd. Cisco Systems’s dividend payout ratio (DPR) is currently 66.94%.

Cisco Systems declared that its board has authorized a stock buyback program on Wednesday, February 12th that authorizes the company to repurchase $15.00 billion in outstanding shares. This repurchase authorization authorizes the network equipment provider to repurchase up to 6% of its stock through open market purchases. Stock repurchase programs are typically an indication that the company’s management believes its shares are undervalued.

Analysts Set New Price Targets

A number of research firms recently commented on CSCO. UBS Group raised their price target on shares of Cisco Systems from $62.00 to $70.00 and gave the stock a “neutral” rating in a research report on Thursday, February 13th. Wall Street Zen upgraded shares of Cisco Systems from a “buy” rating to a “strong-buy” rating in a research note on Friday, May 16th. Barclays restated an “equal weight” rating on shares of Cisco Systems in a research note on Wednesday, May 21st. DZ Bank upgraded shares of Cisco Systems from a “hold” rating to a “buy” rating in a research report on Tuesday, February 18th. Finally, Piper Sandler lifted their target price on shares of Cisco Systems from $60.00 to $64.00 and gave the stock a “neutral” rating in a research report on Thursday, May 15th. Eight equities research analysts have rated the stock with a hold rating, twelve have issued a buy rating and three have assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $68.00.

Insider Buying and Selling

In other news, EVP Oliver Tuszik sold 15,000 shares of the company’s stock in a transaction dated Wednesday, May 28th. The stock was sold at an average price of $63.53, for a total transaction of $952,950.00. Following the sale, the executive vice president now directly owns 131,676 shares in the company, valued at $8,365,376.28. This represents a 10.23% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Also, EVP Thimaya K. Subaiya sold 2,065 shares of the company’s stock in a transaction dated Wednesday, March 12th. The shares were sold at an average price of $60.70, for a total value of $125,345.50. Following the sale, the executive vice president now owns 191,184 shares in the company, valued at approximately $11,604,868.80. This represents a 1.07% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 41,616 shares of company stock valued at $2,640,095. 0.01% of the stock is owned by insiders.

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.