Cullen Frost Bankers Inc. Has $32.13 Million Stake in Cisco Systems, Inc. (NASDAQ:CSCO)

Cullen Frost Bankers Inc. increased its stake in shares of Cisco Systems, Inc. (NASDAQ:CSCO) by 0.5% during the first quarter, according to the company in its most recent filing with the SEC. The fund owned 520,602 shares of the network equipment provider’s stock after acquiring an additional 2,760 shares during the period. Cullen Frost Bankers Inc.’s holdings in Cisco Systems were worth $32,126,000 as of its most recent filing with the SEC.

A number of other hedge funds have also made changes to their positions in the stock. Golden State Wealth Management LLC grew its holdings in Cisco Systems by 10.8% in the 1st quarter. Golden State Wealth Management LLC now owns 6,298 shares of the network equipment provider’s stock valued at $389,000 after buying an additional 612 shares during the last quarter. Kornitzer Capital Management Inc. KS grew its holdings in Cisco Systems by 0.7% in the 1st quarter. Kornitzer Capital Management Inc. KS now owns 892,064 shares of the network equipment provider’s stock valued at $55,049,000 after buying an additional 6,501 shares during the last quarter. Proficio Capital Partners LLC grew its holdings in Cisco Systems by 76.4% in the 4th quarter. Proficio Capital Partners LLC now owns 16,947 shares of the network equipment provider’s stock valued at $1,003,000 after buying an additional 7,338 shares during the last quarter. Wealth Enhancement Advisory Services LLC grew its holdings in Cisco Systems by 28.9% in the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 4,037,909 shares of the network equipment provider’s stock valued at $249,180,000 after buying an additional 904,548 shares during the last quarter. Finally, Investment Management Corp of Ontario grew its holdings in Cisco Systems by 44.6% in the 4th quarter. Investment Management Corp of Ontario now owns 193,478 shares of the network equipment provider’s stock valued at $11,454,000 after buying an additional 59,680 shares during the last quarter. Institutional investors and hedge funds own 73.33% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts have issued reports on CSCO shares. Wells Fargo & Company raised Cisco Systems from an “equal weight” rating to an “overweight” rating and raised their target price for the company from $72.00 to $75.00 in a report on Thursday, May 15th. Wolfe Research initiated coverage on Cisco Systems in a research report on Tuesday, July 8th. They issued a “peer perform” rating for the company. Rosenblatt Securities raised their price objective on Cisco Systems from $63.00 to $74.00 and gave the stock a “buy” rating in a research report on Thursday, May 15th. Citigroup raised their price objective on Cisco Systems from $68.00 to $71.00 and gave the stock a “buy” rating in a research report on Thursday, May 15th. Finally, Piper Sandler raised their price objective on 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, sixteen have assigned a buy rating and two have issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $69.95.

Cisco Systems Trading Down 0.9%

Shares of NASDAQ CSCO opened at $67.18 on Wednesday. Cisco Systems, Inc. has a 1-year low of $44.50 and a 1-year high of $69.78. The company has a market cap of $266.03 billion, a PE ratio of 27.42, a P/E/G ratio of 4.06 and a beta of 0.90. The company has a current ratio of 0.95, a quick ratio of 0.87 and a debt-to-equity ratio of 0.50. The company has a 50-day moving average of $65.34 and a two-hundred day moving average of $61.93.

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, topping analysts’ consensus estimates of $0.92 by $0.04. Cisco Systems had a net margin of 17.60% and a return on equity of 26.48%. The company had revenue of $14.15 billion during the quarter, compared to the consensus estimate of $14.05 billion. During the same period in the previous year, the firm posted $0.88 earnings per share. The company’s revenue was up 11.4% on a year-over-year basis. As a group, equities analysts expect that Cisco Systems, Inc. will post 3.04 earnings per share for the current fiscal year.

Cisco Systems Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, July 23rd. Shareholders of record on Thursday, July 3rd will be issued a dividend of $0.41 per share. The ex-dividend date is Thursday, July 3rd. This represents a $1.64 annualized dividend and a yield of 2.44%. Cisco Systems’s dividend payout ratio is currently 66.94%.

Insider Activity

In related news, CFO Richard Scott Herren sold 15,678 shares of the company’s stock in a transaction dated Tuesday, June 17th. The stock was sold at an average price of $65.52, for a total value of $1,027,222.56. Following the completion of the sale, the chief financial officer owned 309,543 shares in the company, valued at approximately $20,281,257.36. This represents a 4.82% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, SVP Maria Victoria Wong sold 762 shares of the company’s stock in a transaction dated Wednesday, June 11th. The shares were sold at an average price of $64.07, for a total value of $48,821.34. Following the completion of the sale, the senior vice president owned 36,937 shares of the company’s stock, valued at $2,366,553.59. This represents a 2.02% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 97,335 shares of company stock worth $6,271,054. Corporate insiders own 0.01% of the company’s stock.

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.