Meyer Handelman Co. Cuts Stake in Cisco Systems, Inc. (NASDAQ:CSCO)

Meyer Handelman Co. cut its holdings in shares of Cisco Systems, Inc. (NASDAQ:CSCO) by 0.4% during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 627,026 shares of the network equipment provider’s stock after selling 2,535 shares during the quarter. Cisco Systems accounts for 1.1% of Meyer Handelman Co.’s investment portfolio, making the stock its 27th largest position. Meyer Handelman Co.’s holdings in Cisco Systems were worth $33,370,000 as of its most recent SEC filing.

Several other institutional investors have also modified their holdings of the business. Healthcare of Ontario Pension Plan Trust Fund lifted its stake in Cisco Systems by 1,096.2% in the fourth quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 2,906,676 shares of the network equipment provider’s stock worth $146,845,000 after acquiring an additional 2,663,676 shares during the last quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp lifted its position in shares of Cisco Systems by 59.3% during the 2nd quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 775,559 shares of the network equipment provider’s stock worth $36,847,000 after purchasing an additional 288,775 shares during the last quarter. Marcum Wealth LLC grew its stake in shares of Cisco Systems by 4.0% during the first quarter. Marcum Wealth LLC now owns 24,346 shares of the network equipment provider’s stock worth $1,215,000 after purchasing an additional 943 shares in the last quarter. Citizens Financial Group Inc. RI grew its stake in shares of Cisco Systems by 24.4% during the second quarter. Citizens Financial Group Inc. RI now owns 264,647 shares of the network equipment provider’s stock worth $12,573,000 after purchasing an additional 51,924 shares in the last quarter. Finally, Inscription Capital LLC raised its stake in Cisco Systems by 49.4% in the first quarter. Inscription Capital LLC now owns 45,983 shares of the network equipment provider’s stock valued at $2,300,000 after buying an additional 15,198 shares in the last quarter. Institutional investors and hedge funds own 73.33% of the company’s stock.

Cisco Systems Trading Up 1.3 %

NASDAQ:CSCO opened at $54.25 on Friday. Cisco Systems, Inc. has a 12-month low of $44.50 and a 12-month high of $54.58. The company has a current ratio of 0.91, a quick ratio of 0.83 and a debt-to-equity ratio of 0.43. The stock’s 50 day simple moving average is $50.14 and its 200-day simple moving average is $48.40. The firm has a market cap of $216.50 billion, a P/E ratio of 21.36, a PEG ratio of 4.22 and a beta of 0.83.

Cisco Systems (NASDAQ:CSCO) last announced its quarterly earnings data on Wednesday, August 14th. The network equipment provider reported $0.87 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.85 by $0.02. Cisco Systems had a net margin of 19.18% and a return on equity of 27.83%. The company had revenue of $13.64 billion for the quarter, compared to analysts’ expectations of $13.53 billion. During the same period in the previous year, the company posted $1.01 EPS. Cisco Systems’s revenue was down 10.3% compared to the same quarter last year. Equities analysts anticipate that Cisco Systems, Inc. will post 2.9 EPS for the current year.

Cisco Systems Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 23rd. Shareholders of record on Wednesday, October 2nd will be issued a $0.40 dividend. This represents a $1.60 dividend on an annualized basis and a yield of 2.95%. The ex-dividend date of this dividend is Wednesday, October 2nd. Cisco Systems’s dividend payout ratio is presently 62.99%.

Analyst Ratings Changes

Several research analysts have recently issued reports on CSCO shares. Deutsche Bank Aktiengesellschaft upped their price objective on Cisco Systems from $52.00 to $53.00 and gave the stock a “hold” rating in a research report on Thursday, August 15th. Piper Sandler reaffirmed a “neutral” rating and issued a $52.00 price target on shares of Cisco Systems in a report on Thursday, August 15th. Needham & Company LLC reissued a “hold” rating on shares of Cisco Systems in a report on Thursday, August 15th. Rosenblatt Securities upped their target price on shares of Cisco Systems from $56.00 to $58.00 and gave the company a “neutral” rating in a report on Thursday, August 15th. Finally, Jefferies Financial Group cut their price target on shares of Cisco Systems from $56.00 to $53.00 and set a “buy” rating on the stock in a research note on Thursday, August 15th. One analyst has rated the stock with a sell rating, fourteen have assigned a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, Cisco Systems presently has an average rating of “Hold” and a consensus target price of $55.00.

Insiders Place Their Bets

In other news, SVP Maria Victoria Wong sold 3,379 shares of the firm’s stock in a transaction that occurred on Wednesday, August 28th. The stock was sold at an average price of $50.36, for a total value of $170,166.44. Following the completion of the sale, the senior vice president now directly owns 47,182 shares of the company’s stock, valued at $2,376,085.52. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other news, CEO Charles Robbins sold 27,143 shares of Cisco Systems stock in a transaction that occurred on Friday, August 16th. The shares were sold at an average price of $49.45, for a total transaction of $1,342,221.35. Following the completion of the sale, the chief executive officer now directly owns 683,403 shares in the company, valued at approximately $33,794,278.35. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, SVP Maria Victoria Wong sold 3,379 shares of the company’s stock in a transaction that occurred on Wednesday, August 28th. The stock was sold at an average price of $50.36, for a total value of $170,166.44. Following the completion of the sale, the senior vice president now owns 47,182 shares in the company, valued at approximately $2,376,085.52. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 70,529 shares of company stock worth $3,509,049. Company insiders own 0.02% of the company’s stock.

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.