First Fiduciary Investment Counsel Inc. Sells 8,058 Shares of Cisco Systems, Inc. (NASDAQ:CSCO)

by · The Markets Daily

First Fiduciary Investment Counsel Inc. cut its holdings in Cisco Systems, Inc. (NASDAQ:CSCO – Free Report) by 4.2% during the 1st quarter, Holdings Channel reports. The firm owned 185,747 shares of the network equipment provider’s stock after selling 8,058 shares during the period. Cisco Systems makes up approximately 2.5% of First Fiduciary Investment Counsel Inc.’s investment portfolio, making the stock its 17th biggest position. First Fiduciary Investment Counsel Inc.’s holdings in Cisco Systems were worth $11,462,000 as of its most recent SEC filing.

A number of other hedge funds also recently bought and sold shares of CSCO. Mainstream Capital Management LLC bought a new stake in shares of Cisco Systems during the 4th quarter valued at about $132,000. Proficio Capital Partners LLC boosted its position in 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 valued at $1,003,000 after acquiring an additional 7,338 shares in the last quarter. Wealth Enhancement Advisory Services LLC grew its holdings in shares of Cisco Systems by 28.9% during 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 acquiring an additional 904,548 shares during the period. Investment Management Corp of Ontario grew its stake in Cisco Systems by 44.6% in the fourth quarter. Investment Management Corp of Ontario now owns 193,478 shares of the network equipment provider’s stock worth $11,454,000 after purchasing an additional 59,680 shares during the period. Finally, AlTi Global Inc. raised its holdings in Cisco Systems by 49.8% in the fourth quarter. AlTi Global Inc. now owns 20,483 shares of the network equipment provider’s stock worth $1,217,000 after purchasing an additional 6,811 shares in the last quarter. Hedge funds and other institutional investors own 73.33% of the company’s stock.

Insider Activity

In related news, EVP Thimaya K. Subaiya sold 8,726 shares of the company’s stock in a transaction on Tuesday, June 17th. The stock was sold at an average price of $65.54, for a total transaction of $571,902.04. Following the completion of the sale, the executive vice president now owns 174,669 shares in the company, valued at approximately $11,447,806.26. This represents a 4.76% 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, SVP Maria Victoria Wong sold 762 shares of the firm’s stock in a transaction dated Wednesday, June 11th. The stock was sold at an average price of $64.07, for a total value of $48,821.34. Following the completion of the transaction, the senior vice president now directly owns 36,937 shares in the company, valued at $2,366,553.59. The trade was a 2.02% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 97,335 shares of company stock valued at $6,271,054 in the last ninety days. 0.01% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

CSCO has been the topic of a number of research reports. Wells Fargo & Company upgraded shares of Cisco Systems from an “equal weight” rating to an “overweight” rating and boosted their target price for the company from $72.00 to $75.00 in a report on Thursday, May 15th. Citigroup boosted their price objective on shares of Cisco Systems from $68.00 to $71.00 and gave the stock a “buy” rating in a research note on Thursday, May 15th. New Street Research restated a “neutral” rating and issued a $70.00 price objective on shares of Cisco Systems in a report on Friday, May 16th. Rosenblatt Securities lifted their target price on shares of Cisco Systems from $63.00 to $74.00 and gave the company a “buy” rating in a report on Thursday, May 15th. Finally, Morgan Stanley restated a “hold” rating on shares of Cisco Systems in a research note on Wednesday, May 21st. Seven research analysts have rated the stock with a hold rating, fourteen have given a buy rating and three have assigned a strong buy rating to the company. According to MarketBeat, Cisco Systems has a consensus rating of “Moderate Buy” and a consensus price target of $69.53.

Check Out Our Latest Stock Analysis on Cisco Systems

Cisco Systems Price Performance

Shares of NASDAQ:CSCO opened at $68.65 on Monday. The company has a debt-to-equity ratio of 0.50, a quick ratio of 0.87 and a current ratio of 0.95. The firm has a market cap of $271.85 billion, a price-to-earnings ratio of 28.02, a price-to-earnings-growth ratio of 4.11 and a beta of 0.88. The business has a 50-day simple moving average of $62.57 and a two-hundred day simple moving average of $61.12. Cisco Systems, Inc. has a fifty-two week low of $44.50 and a fifty-two week high of $69.22.

Cisco Systems (NASDAQ:CSCO – Get Free Report) last announced its quarterly earnings results on Wednesday, May 14th. The network equipment provider reported $0.96 EPS 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 firm had revenue of $14.15 billion during the quarter, compared to analyst estimates of $14.05 billion. During the same period in the previous year, the business posted $0.88 earnings per share. The business’s revenue for the quarter was up 11.4% on a year-over-year basis. On average, analysts expect that Cisco Systems, Inc. will post 3.04 earnings per share for the current year.

Cisco Systems Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, July 23rd. Shareholders of record on Thursday, July 3rd will be paid a dividend of $0.41 per share. The ex-dividend date of this dividend is Thursday, July 3rd. This represents a $1.64 dividend on an annualized basis and a yield of 2.39%. Cisco Systems’s dividend payout ratio is presently 66.94%.

Cisco Systems Profile

(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.

See Also

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