Western Wealth Management LLC Sells 730 Shares of Cisco Systems, Inc. (NASDAQ:CSCO)

by · The Markets Daily

Western Wealth Management LLC decreased its holdings in Cisco Systems, Inc. (NASDAQ:CSCO – Free Report) by 1.9% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 38,171 shares of the network equipment provider’s stock after selling 730 shares during the quarter. Western Wealth Management LLC’s holdings in Cisco Systems were worth $2,356,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Mainstream Capital Management LLC bought a new stake in shares of Cisco Systems during the fourth quarter valued at approximately $132,000. Proficio Capital Partners LLC boosted its holdings in Cisco Systems by 76.4% in the fourth quarter. Proficio Capital Partners LLC now owns 16,947 shares of the network equipment provider’s stock worth $1,003,000 after acquiring an additional 7,338 shares in the last quarter. Wealth Enhancement Advisory Services LLC raised its position in shares of 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 worth $249,180,000 after purchasing an additional 904,548 shares during the last quarter. Investment Management Corp of Ontario increased its stake in 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 valued at $11,454,000 after purchasing an additional 59,680 shares in the last quarter. Finally, AlTi Global Inc. grew its holdings in shares of Cisco Systems by 49.8% during the fourth quarter. AlTi Global Inc. now owns 20,483 shares of the network equipment provider’s stock valued at $1,217,000 after buying an additional 6,811 shares during the last quarter. 73.33% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other news, insider Jeetendra I. Patel sold 9,961 shares of Cisco Systems stock in a transaction that occurred on Friday, May 16th. The shares were sold at an average price of $63.97, for a total transaction of $637,205.17. Following the sale, the insider now owns 257,162 shares in the company, valued at $16,450,653.14. This trade represents a 3.73% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO Charles Robbins sold 29,784 shares of the business’s stock in a transaction 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 completion of the transaction, the chief executive officer now directly owns 688,409 shares in the company, valued at $44,478,105.49. This trade represents a 4.15% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 97,335 shares of company stock worth $6,271,054 over the last ninety days. Corporate insiders own 0.01% of the company’s stock.

Analyst Ratings Changes

A number of research analysts have recently issued reports on the company. Morgan Stanley reaffirmed a “hold” rating on shares of Cisco Systems in a report on Wednesday, May 21st. Deutsche Bank Aktiengesellschaft raised shares of Cisco Systems from a “hold” rating to a “buy” rating and raised their price target for the company from $65.00 to $73.00 in a report on Monday, June 16th. Wall Street Zen raised shares of Cisco Systems from a “buy” rating to a “strong-buy” rating in a report on Friday, May 16th. Rosenblatt Securities raised their target price on shares of Cisco Systems from $63.00 to $74.00 and gave the stock a “buy” rating in a report on Thursday, May 15th. Finally, JPMorgan Chase & Co. lifted their target price on shares of Cisco Systems from $70.00 to $73.00 and gave the stock an “overweight” rating in a research report on Thursday, May 15th. Seven investment analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and four have issued a strong buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $69.11.

Get Our Latest Analysis on CSCO

Cisco Systems Stock Up 0.4%

CSCO stock opened at $68.19 on Thursday. The business’s 50-day moving average price is $62.04 and its 200-day moving average price is $60.95. The stock has a market cap of $270.03 billion, a P/E ratio of 27.83, a PEG ratio of 4.06 and a beta of 0.88. The company has a quick ratio of 0.87, a current ratio of 0.95 and a debt-to-equity ratio of 0.50. Cisco Systems, Inc. has a twelve month low of $44.50 and a twelve month high of $68.64.

Cisco Systems (NASDAQ:CSCO – Get Free Report) last issued its quarterly 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 business had revenue of $14.15 billion for the quarter, compared to the consensus estimate of $14.05 billion. Cisco Systems had a net margin of 17.60% and a return on equity of 26.48%. The company’s revenue for the quarter was up 11.4% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.88 earnings per share. On average, equities research analysts forecast that Cisco Systems, Inc. will post 3.04 EPS for the current year.

Cisco Systems Announces Dividend

The firm also recently declared 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 dividend on an annualized basis and a yield of 2.41%. Cisco Systems’s dividend payout ratio is presently 66.94%.

About Cisco Systems

(Free Report)

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.

Read More