Courier Capital LLC Trims Stake in Cisco Systems, Inc. (NASDAQ:CSCO)

Courier Capital LLC cut its position in Cisco Systems, Inc. (NASDAQ:CSCO) by 0.3% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 147,457 shares of the network equipment provider’s stock after selling 458 shares during the quarter. Courier Capital LLC’s holdings in Cisco Systems were worth $9,100,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also modified their holdings of the company. First Citizens Bank & Trust Co. grew its stake in Cisco Systems by 1.0% during the 1st quarter. First Citizens Bank & Trust Co. now owns 283,674 shares of the network equipment provider’s stock worth $17,506,000 after purchasing an additional 2,848 shares in the last quarter. Priebe Wealth Holdings LLC purchased a new stake in shares of Cisco Systems in the 1st quarter valued at about $301,000. Abacus Planning Group Inc. lifted its holdings in shares of Cisco Systems by 9.4% in the 1st quarter. Abacus Planning Group Inc. now owns 11,485 shares of the network equipment provider’s stock valued at $709,000 after purchasing an additional 989 shares during the last quarter. Hickory Point Bank & Trust lifted its holdings in shares of Cisco Systems by 7.0% in the 1st quarter. Hickory Point Bank & Trust now owns 14,168 shares of the network equipment provider’s stock valued at $874,000 after purchasing an additional 925 shares during the last quarter. Finally, Lloyd Advisory Services LLC. lifted its holdings in shares of Cisco Systems by 8.1% in the 1st quarter. Lloyd Advisory Services LLC. now owns 4,788 shares of the network equipment provider’s stock valued at $295,000 after purchasing an additional 360 shares during the last quarter. 73.33% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In related news, CEO Charles Robbins sold 29,784 shares of the business’s stock in a transaction that occurred on Thursday, June 5th. The stock was sold at an average price of $64.61, for a total transaction of $1,924,344.24. Following the sale, the chief executive officer now owns 688,409 shares of the company’s stock, valued at $44,478,105.49. The trade was a 4.15% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Thimaya K. Subaiya sold 2,065 shares of the business’s stock in a transaction that occurred on Wednesday, March 12th. The stock was sold at an average price of $60.70, for a total value of $125,345.50. Following the sale, the executive vice president now directly owns 191,184 shares in the company, valued at approximately $11,604,868.80. The trade was a 1.07% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 71,400 shares of company stock valued at $4,564,439 over the last quarter. Insiders own 0.01% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts have commented on CSCO shares. Piper Sandler upped their price objective on Cisco Systems from $60.00 to $64.00 and gave the company a “neutral” rating in a research note on Thursday, May 15th. Morgan Stanley restated a “hold” rating on shares of Cisco Systems in a report on Wednesday, May 21st. DZ Bank upgraded Cisco Systems from a “hold” rating to a “buy” rating in a report on Tuesday, February 18th. UBS Group increased their target price on Cisco Systems from $62.00 to $70.00 and gave the company a “neutral” rating in a report on Thursday, February 13th. Finally, New Street Research reiterated a “neutral” rating and set a $70.00 target price on shares of Cisco Systems in a report on Friday, May 16th. Eight investment analysts have rated the stock with a hold rating, twelve have assigned a buy rating and three have assigned a strong buy rating to the stock. According to MarketBeat.com, Cisco Systems has a consensus rating of “Moderate Buy” and an average target price of $68.00.

Cisco Systems Stock Up 2.2%

Shares of NASDAQ CSCO opened at $66.06 on Monday. Cisco Systems, Inc. has a 12-month low of $44.50 and a 12-month high of $66.50. The company has a market cap of $261.60 billion, a P/E ratio of 28.85, a P/E/G ratio of 4.16 and a beta of 0.88. The company has a current ratio of 0.87, a quick ratio of 0.79 and a debt-to-equity ratio of 0.43. The stock has a fifty day moving average price of $59.61 and a 200 day moving average price of $60.38.

Cisco Systems (NASDAQ:CSCO) last announced its earnings results on Wednesday, May 14th. The network equipment provider reported $0.96 earnings per share for the quarter, beating the consensus estimate of $0.92 by $0.04. The company had revenue of $14.15 billion during the quarter, compared to the consensus estimate of $14.05 billion. Cisco Systems had a return on equity of 26.08% and a net margin of 16.96%. The company’s revenue was up 11.4% on a year-over-year basis. During the same period last year, the firm earned $0.88 earnings per share. Research analysts anticipate that Cisco Systems, Inc. will post 3.04 EPS for the current fiscal year.

Cisco Systems announced that its Board of Directors has approved a stock buyback program on Wednesday, February 12th that permits the company to buyback $15.00 billion in outstanding shares. This buyback authorization permits the network equipment provider to buy up to 6% of its shares through open market purchases. Shares buyback programs are usually an indication that the company’s board of directors believes its shares are undervalued.

Cisco Systems Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Wednesday, July 23rd. Investors of record on Thursday, July 3rd will be paid a $0.41 dividend. The ex-dividend date is Thursday, July 3rd. This represents a $1.64 dividend on an annualized basis and a yield of 2.48%. Cisco Systems’s dividend payout ratio (DPR) is 66.94%.

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 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.