Cohen Klingenstein LLC Sells 3,000 Shares of Cisco Systems, Inc. (NASDAQ:CSCO)

Cohen Klingenstein LLC trimmed its stake in shares of Cisco Systems, Inc. (NASDAQ:CSCO) by 2.3% in the 4th quarter, according to its most recent disclosure with the SEC. The institutional investor owned 126,280 shares of the network equipment provider’s stock after selling 3,000 shares during the period. Cohen Klingenstein LLC’s holdings in Cisco Systems were worth $7,476,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently bought and sold shares of the company. State Street Corp raised its holdings in shares of Cisco Systems by 1.7% in the third quarter. State Street Corp now owns 193,489,477 shares of the network equipment provider’s stock valued at $10,297,506,000 after acquiring an additional 3,241,682 shares in the last quarter. Geode Capital Management LLC raised its holdings in shares of Cisco Systems by 1.3% in the 3rd quarter. Geode Capital Management LLC now owns 95,630,469 shares of the network equipment provider’s stock valued at $5,075,320,000 after purchasing an additional 1,262,017 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its position in shares of Cisco Systems by 2.1% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 82,720,255 shares of the network equipment provider’s stock worth $4,402,239,000 after purchasing an additional 1,677,383 shares during the period. FMR LLC boosted its stake in shares of Cisco Systems by 10.1% during the third quarter. FMR LLC now owns 63,931,461 shares of the network equipment provider’s stock valued at $3,402,432,000 after purchasing an additional 5,885,879 shares in the last quarter. Finally, Legal & General Group Plc increased its holdings in Cisco Systems by 3.3% during the second quarter. Legal & General Group Plc now owns 47,593,944 shares of the network equipment provider’s stock valued at $2,261,185,000 after buying an additional 1,530,468 shares during the period. 73.33% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on CSCO shares. Wells Fargo & Company increased their target price on Cisco Systems from $57.00 to $60.00 and gave the company an “equal weight” rating in a research report on Thursday, November 14th. Piper Sandler raised their price objective on Cisco Systems from $52.00 to $57.00 and gave the company a “neutral” rating in a research report on Thursday, November 14th. Bank of America boosted their target price on shares of Cisco Systems from $60.00 to $72.00 and gave the stock a “buy” rating in a report on Thursday, November 14th. Evercore ISI raised their price target on shares of Cisco Systems from $55.00 to $60.00 and gave the company an “outperform” rating in a report on Friday, September 20th. Finally, UBS Group boosted their price objective on shares of Cisco Systems from $55.00 to $62.00 and gave the stock a “neutral” rating in a research note on Thursday, November 14th. Eight investment analysts have rated the stock with a hold rating, twelve have issued a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $61.50.

Cisco Systems Trading Up 0.7 %

Shares of Cisco Systems stock opened at $60.23 on Friday. The firm’s 50-day moving average price is $58.87 and its 200 day moving average price is $53.43. Cisco Systems, Inc. has a twelve month low of $44.50 and a twelve month high of $60.95. The firm has a market capitalization of $239.88 billion, a PE ratio of 25.85, a P/E/G ratio of 4.37 and a beta of 0.84. The company has a current ratio of 0.88, a quick ratio of 0.80 and a debt-to-equity ratio of 0.43.

Cisco Systems (NASDAQ:CSCO) last announced its quarterly earnings data on Wednesday, November 13th. The network equipment provider reported $0.91 earnings per share for the quarter, beating analysts’ consensus estimates of $0.87 by $0.04. Cisco Systems had a return on equity of 25.70% and a net margin of 17.73%. The company had revenue of $13.84 billion for the quarter, compared to analyst estimates of $13.78 billion. During the same quarter last year, the firm posted $0.98 EPS. The firm’s revenue for the quarter was down 5.6% on a year-over-year basis. On average, sell-side analysts predict that Cisco Systems, Inc. will post 2.97 EPS for the current fiscal year.

Cisco Systems Announces Dividend

The firm 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 is Friday, January 3rd. This represents a $1.60 dividend on an annualized basis and a yield of 2.66%. Cisco Systems’s payout ratio is 68.67%.

Insiders Place Their Bets

In related news, Director Kristina M. Johnson sold 7,500 shares of the business’s stock in a transaction dated Friday, December 6th. The shares were sold at an average price of $59.87, for a total value of $449,025.00. Following the sale, the director now directly owns 65,915 shares in the company, valued at approximately $3,946,331.05. The trade was a 10.22 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, SVP Maria Victoria Wong sold 4,881 shares of the business’s stock in a transaction that occurred on Wednesday, November 27th. The shares were sold at an average price of $59.73, for a total value of $291,542.13. Following the completion of the sale, the senior vice president now directly owns 51,931 shares in the company, valued at approximately $3,101,838.63. The trade was a 8.59 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 353,522 shares of company stock valued at $20,349,721 in the last ninety days. 0.01% of the stock is currently owned by corporate insiders.

Cisco Systems Company 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.