Biltmore Family Office LLC Reduces Position in Cisco Systems, Inc. (NASDAQ:CSCO)

Biltmore Family Office LLC trimmed its holdings in Cisco Systems, Inc. (NASDAQ:CSCO) by 0.7% during the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 33,392 shares of the network equipment provider’s stock after selling 234 shares during the quarter. Biltmore Family Office LLC’s holdings in Cisco Systems were worth $1,977,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently modified their holdings of the business. State Street Corp increased its stake in 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 worth $10,297,506,000 after purchasing an additional 3,241,682 shares during the period. Geode Capital Management LLC increased its stake in 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 worth $5,075,320,000 after buying an additional 1,262,017 shares during the period. Norges Bank bought a new stake in Cisco Systems during the 4th quarter valued at about $3,297,905,000. Nordea Investment Management AB boosted its position in Cisco Systems by 1.2% in the 4th quarter. Nordea Investment Management AB now owns 18,718,195 shares of the network equipment provider’s stock valued at $1,107,930,000 after buying an additional 216,632 shares during the period. Finally, Franklin Resources Inc. grew its stake in Cisco Systems by 7.0% in the 3rd quarter. Franklin Resources Inc. now owns 18,214,461 shares of the network equipment provider’s stock worth $988,499,000 after acquiring an additional 1,195,469 shares in the last quarter. 73.33% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several analysts have recently weighed in on the stock. JPMorgan Chase & Co. lifted their price target on shares of Cisco Systems from $69.00 to $73.00 and gave the company an “overweight” rating in a research note on Thursday, February 13th. Citigroup reiterated an “overweight” rating on shares of Cisco Systems in a report on Thursday, March 6th. Piper Sandler reissued a “neutral” rating on shares of Cisco Systems in a research report on Thursday, March 6th. UBS Group lifted their price objective on Cisco Systems from $62.00 to $70.00 and gave the company a “neutral” rating in a report on Thursday, February 13th. Finally, BNP Paribas upgraded shares of Cisco Systems from a “neutral” rating to an “outperform” rating and set a $72.00 target price on the stock in a report on Tuesday, January 28th. Seven equities research analysts have rated the stock with a hold rating, fifteen have issued a buy rating and two have assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $66.63.

Cisco Systems Trading Up 0.0 %

Cisco Systems stock opened at $61.82 on Thursday. The company has a debt-to-equity ratio of 0.43, a quick ratio of 0.79 and a current ratio of 0.87. The stock has a market cap of $245.94 billion, a PE ratio of 27.00, a price-to-earnings-growth ratio of 4.16 and a beta of 0.79. The stock has a 50-day moving average of $62.16 and a two-hundred day moving average of $58.79. Cisco Systems, Inc. has a one year low of $44.50 and a one year high of $66.50.

Cisco Systems (NASDAQ:CSCO) last announced its quarterly earnings data on Wednesday, February 12th. The network equipment provider reported $0.77 EPS for the quarter, missing the consensus estimate of $0.91 by ($0.14). Cisco Systems had a net margin of 16.96% and a return on equity of 26.08%. On average, research analysts anticipate that Cisco Systems, Inc. will post 3.04 EPS for the current fiscal year.

Cisco Systems Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, April 23rd. Investors of record on Thursday, April 3rd will be paid a $0.41 dividend. This is a positive change from Cisco Systems’s previous quarterly dividend of $0.40. The ex-dividend date of this dividend is Thursday, April 3rd. This represents a $1.64 dividend on an annualized basis and a yield of 2.65%. Cisco Systems’s dividend payout ratio (DPR) is 71.62%.

Cisco Systems announced that its board has approved a stock repurchase plan on Wednesday, February 12th that allows the company to repurchase $15.00 billion in outstanding shares. This repurchase authorization allows the network equipment provider to repurchase up to 6% of its shares through open market purchases. Shares repurchase plans are usually an indication that the company’s board believes its shares are undervalued.

Insiders Place Their Bets

In related news, CEO Charles Robbins sold 31,983 shares of Cisco Systems stock in a transaction dated Friday, February 14th. The stock was sold at an average price of $64.41, for a total transaction of $2,060,025.03. Following the completion of the sale, the chief executive officer now owns 736,120 shares of the company’s stock, valued at $47,413,489.20. The trade was a 4.16 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CFO Richard Scott Herren sold 19,929 shares of the stock in a transaction that occurred on Friday, February 14th. The stock was sold at an average price of $64.41, for a total transaction of $1,283,626.89. Following the completion of the transaction, the chief financial officer now owns 335,605 shares in the company, valued at approximately $21,616,318.05. This trade represents a 5.61 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 66,547 shares of company stock valued at $4,275,553. 0.01% of the stock is owned by company insiders.

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.