Summit Wealth Group LLC Sells 1,448 Shares of Cisco Systems, Inc. (NASDAQ:CSCO)

Summit Wealth Group LLC lowered its position in Cisco Systems, Inc. (NASDAQ:CSCO) by 25.1% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 4,315 shares of the network equipment provider’s stock after selling 1,448 shares during the quarter. Summit Wealth Group LLC’s holdings in Cisco Systems were worth $230,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Bank of New York Mellon Corp grew its position in shares of Cisco Systems by 2.7% during the 2nd quarter. Bank of New York Mellon Corp now owns 70,317,061 shares of the network equipment provider’s stock worth $3,340,764,000 after buying an additional 1,853,598 shares during the period. Legal & General Group Plc lifted its position in shares of Cisco Systems by 3.3% during the 2nd quarter. Legal & General Group Plc now owns 47,593,944 shares of the network equipment provider’s stock worth $2,261,185,000 after buying an additional 1,530,468 shares in the last quarter. Dimensional Fund Advisors LP boosted its holdings in shares of Cisco Systems by 22.5% in the 2nd quarter. Dimensional Fund Advisors LP now owns 26,409,843 shares of the network equipment provider’s stock worth $1,254,739,000 after buying an additional 4,843,146 shares during the last quarter. Swedbank AB purchased a new stake in shares of Cisco Systems during the 1st quarter worth approximately $840,538,000. Finally, Price T Rowe Associates Inc. MD lifted its holdings in Cisco Systems by 26.5% during the first quarter. Price T Rowe Associates Inc. MD now owns 13,858,505 shares of the network equipment provider’s stock valued at $691,678,000 after purchasing an additional 2,906,357 shares during the last quarter. 73.33% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

CSCO has been the subject of several research analyst reports. Morgan Stanley lifted their target price on shares of Cisco Systems from $58.00 to $62.00 and gave the company an “overweight” rating in a research report on Thursday, November 14th. Jefferies Financial Group reduced their target price on Cisco Systems from $56.00 to $53.00 and set a “buy” rating on the stock in a report on Thursday, August 15th. New Street Research upgraded shares of Cisco Systems from a “neutral” rating to a “buy” rating and set a $57.00 target price for the company in a report on Thursday, August 15th. JPMorgan Chase & Co. upgraded shares of Cisco Systems from a “neutral” rating to an “overweight” rating and raised their price objective for the company from $55.00 to $66.00 in a research note on Monday, November 11th. Finally, Deutsche Bank Aktiengesellschaft increased their target price on Cisco Systems from $52.00 to $53.00 and gave the company a “hold” rating in a research note on Thursday, August 15th. Ten equities research analysts have rated the stock with a hold rating, eleven have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $59.94.

Cisco Systems Price Performance

NASDAQ:CSCO opened at $57.31 on Tuesday. The firm has a market cap of $228.71 billion, a price-to-earnings ratio of 24.60, a PEG ratio of 4.67 and a beta of 0.83. The firm’s fifty day moving average is $54.35 and its two-hundred day moving average is $49.88. The company has a debt-to-equity ratio of 0.43, a quick ratio of 0.80 and a current ratio of 0.88. Cisco Systems, Inc. has a one year low of $44.50 and a one year high of $59.38.

Cisco Systems (NASDAQ:CSCO) last announced its quarterly earnings results on Wednesday, November 13th. The network equipment provider reported $0.91 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.87 by $0.04. The company had revenue of $13.84 billion during the quarter, compared to the consensus estimate of $13.78 billion. Cisco Systems had a return on equity of 25.70% and a net margin of 17.73%. Cisco Systems’s revenue for the quarter was down 5.6% on a year-over-year basis. During the same period in the previous year, the company posted $0.98 earnings per share. Research analysts expect that Cisco Systems, Inc. will post 2.89 EPS for the current year.

Cisco Systems Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 22nd. Shareholders of record on Friday, January 3rd will be issued a $0.40 dividend. The ex-dividend date of this dividend is Friday, January 3rd. This represents a $1.60 dividend on an annualized basis and a yield of 2.79%. Cisco Systems’s payout ratio is 68.67%.

Insiders Place Their Bets

In other Cisco Systems news, EVP Thimaya K. Subaiya sold 8,270 shares of the business’s stock in a transaction that occurred on Wednesday, August 21st. The stock was sold at an average price of $50.33, for a total transaction of $416,229.10. Following the completion of the sale, the executive vice president now directly owns 135,544 shares in the company, valued at approximately $6,821,929.52. The trade was a 5.75 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, SVP Maria Victoria Wong sold 3,379 shares of Cisco Systems 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 in the company, valued at $2,376,085.52. This represents a 6.68 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 13,615 shares of company stock worth $682,681. Company insiders own 0.01% of the company’s stock.

Cisco Systems 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.