Sound Income Strategies LLC Increases Stock Holdings in Cisco Systems, Inc. (NASDAQ:CSCO)

Sound Income Strategies LLC raised its stake in Cisco Systems, Inc. (NASDAQ:CSCO) by 6.4% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 374,224 shares of the network equipment provider’s stock after purchasing an additional 22,433 shares during the quarter. Cisco Systems accounts for 1.4% of Sound Income Strategies LLC’s investment portfolio, making the stock its 18th biggest holding. Sound Income Strategies LLC’s holdings in Cisco Systems were worth $18,678,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors also recently modified their holdings of the stock. Norges Bank purchased a new stake in shares of Cisco Systems in the fourth quarter valued at approximately $2,528,939,000. Charles Schwab Investment Management Inc. boosted its stake in shares of Cisco Systems by 9.5% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 73,439,747 shares of the network equipment provider’s stock valued at $3,672,445,000 after buying an additional 6,345,954 shares in the last quarter. FIL Ltd boosted its stake in shares of Cisco Systems by 47.1% in the fourth quarter. FIL Ltd now owns 18,922,422 shares of the network equipment provider’s stock valued at $955,961,000 after buying an additional 6,054,748 shares in the last quarter. Dimensional Fund Advisors LP boosted its stake in shares of Cisco Systems by 29.0% in the fourth quarter. Dimensional Fund Advisors LP now owns 17,727,214 shares of the network equipment provider’s stock valued at $895,576,000 after buying an additional 3,989,543 shares in the last quarter. Finally, California Public Employees Retirement System boosted its stake in shares of Cisco Systems by 25.0% in the fourth quarter. California Public Employees Retirement System now owns 18,750,237 shares of the network equipment provider’s stock valued at $947,262,000 after buying an additional 3,753,165 shares in the last quarter. 73.33% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at Cisco Systems

In other news, EVP Deborah L. Stahlkopf sold 8,016 shares of the stock in a transaction that occurred on Friday, May 17th. The stock was sold at an average price of $48.24, for a total transaction of $386,691.84. Following the sale, the executive vice president now directly owns 180,705 shares in the company, valued at approximately $8,717,209.20. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, EVP Deborah L. Stahlkopf sold 8,016 shares of the stock in a transaction that occurred on Friday, May 17th. The stock was sold at an average price of $48.24, for a total transaction of $386,691.84. Following the sale, the executive vice president now directly owns 180,705 shares in the company, valued at approximately $8,717,209.20. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Charles Robbins sold 26,331 shares of the stock in a transaction that occurred on Wednesday, May 29th. The stock was sold at an average price of $46.10, for a total value of $1,213,859.10. Following the sale, the chief executive officer now owns 725,363 shares in the company, valued at $33,439,234.30. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 41,106 shares of company stock valued at $1,908,923. Insiders own 0.02% of the company’s stock.

Cisco Systems Trading Down 1.1 %

NASDAQ:CSCO traded down $0.52 on Wednesday, hitting $46.86. 13,977,929 shares of the stock were exchanged, compared to its average volume of 19,751,314. The stock has a market cap of $188.79 billion, a PE ratio of 15.79, a PEG ratio of 2.74 and a beta of 0.85. The company has a current ratio of 0.89, a quick ratio of 0.82 and a debt-to-equity ratio of 0.44. The stock has a fifty day moving average of $47.11 and a 200-day moving average of $48.83. Cisco Systems, Inc. has a fifty-two week low of $44.95 and a fifty-two week high of $58.19.

Cisco Systems (NASDAQ:CSCO) last issued its earnings results on Wednesday, May 15th. The network equipment provider reported $0.88 earnings per share for the quarter, topping the consensus estimate of $0.70 by $0.18. Cisco Systems had a return on equity of 30.82% and a net margin of 21.88%. The company had revenue of $12.70 billion during the quarter, compared to the consensus estimate of $12.53 billion. During the same quarter in the prior year, the business earned $0.88 earnings per share. The company’s revenue was down 12.8% compared to the same quarter last year. As a group, equities analysts expect that Cisco Systems, Inc. will post 3.14 earnings per share for the current fiscal year.

Cisco Systems Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, July 24th. Investors of record on Friday, July 5th will be issued a $0.40 dividend. This represents a $1.60 dividend on an annualized basis and a yield of 3.41%. The ex-dividend date of this dividend is Friday, July 5th. Cisco Systems’s dividend payout ratio is currently 53.87%.

Analyst Upgrades and Downgrades

CSCO has been the topic of a number of analyst reports. Oppenheimer lifted their price target on Cisco Systems from $54.00 to $58.00 and gave the company an “outperform” rating in a research note on Thursday, May 16th. Citigroup initiated coverage on Cisco Systems in a research report on Friday, April 12th. They set a “neutral” rating and a $52.00 target price on the stock. Piper Sandler reiterated a “neutral” rating and set a $52.00 target price on shares of Cisco Systems in a research report on Wednesday, June 5th. Wells Fargo & Company boosted their target price on Cisco Systems from $52.00 to $57.00 and gave the stock an “equal weight” rating in a research report on Thursday, May 16th. Finally, Barclays boosted their target price on Cisco Systems from $48.00 to $50.00 and gave the stock an “equal weight” rating in a research report on Friday, May 17th. One equities research analyst has rated the stock with a sell rating, fifteen have given a hold rating and six have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and an average target price of $56.47.

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.