Providence Wealth Advisors LLC Decreases Holdings in Cisco Systems, Inc. (NASDAQ:CSCO)

Providence Wealth Advisors LLC cut its position in shares of Cisco Systems, Inc. (NASDAQ:CSCO) by 1.4% in the 4th quarter, according to the company in its most recent disclosure with the SEC. The fund owned 22,839 shares of the network equipment provider’s stock after selling 334 shares during the quarter. Providence Wealth Advisors LLC’s holdings in Cisco Systems were worth $1,342,000 as of its most recent filing with the SEC.

A number of other institutional investors also recently bought and sold shares of CSCO. Avestar Capital LLC raised its stake in Cisco Systems by 8.3% in the 3rd quarter. Avestar Capital LLC now owns 19,984 shares of the network equipment provider’s stock valued at $1,064,000 after purchasing an additional 1,531 shares during the last quarter. Cadence Bank grew its holdings in shares of Cisco Systems by 0.4% during the third quarter. Cadence Bank now owns 197,604 shares of the network equipment provider’s stock worth $10,516,000 after buying an additional 828 shares in the last quarter. Insight Wealth Partners LLC raised its position in shares of Cisco Systems by 6.7% in the third quarter. Insight Wealth Partners LLC now owns 17,801 shares of the network equipment provider’s stock valued at $947,000 after buying an additional 1,118 shares during the last quarter. Healthcare of Ontario Pension Plan Trust Fund lifted its stake in shares of Cisco Systems by 108.7% during the third quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 3,582,670 shares of the network equipment provider’s stock valued at $190,670,000 after buying an additional 1,865,730 shares during the period. Finally, CreativeOne Wealth LLC grew its stake in Cisco Systems by 28.9% in the 3rd quarter. CreativeOne Wealth LLC now owns 91,172 shares of the network equipment provider’s stock worth $4,852,000 after acquiring an additional 20,458 shares during the period. 73.33% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In other news, EVP Thimaya K. Subaiya sold 2,065 shares of the firm’s stock in a transaction on Wednesday, March 12th. The stock was sold at an average price of $60.70, for a total value of $125,345.50. Following the completion of the sale, the executive vice president now owns 191,184 shares of the company’s stock, valued at $11,604,868.80. This trade represents a 1.07 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Also, SVP Maria Victoria Wong sold 762 shares of the stock in a transaction dated Wednesday, March 12th. The stock was sold at an average price of $60.99, for a total value of $46,474.38. Following the completion of the sale, the senior vice president now directly owns 44,155 shares of the company’s stock, valued at approximately $2,693,013.45. This represents a 1.70 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 66,547 shares of company stock worth $4,275,553. Corporate insiders own 0.01% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts have recently issued reports on CSCO shares. UBS Group raised their price objective on Cisco Systems from $62.00 to $70.00 and gave the stock a “neutral” rating in a report on Thursday, February 13th. DZ Bank raised shares of Cisco Systems from a “hold” rating to a “buy” rating in a research report on Tuesday, February 18th. Piper Sandler reissued a “neutral” rating on shares of Cisco Systems in a research report on Thursday, March 6th. StockNews.com lowered Cisco Systems from a “strong-buy” rating to a “buy” rating in a research note on Wednesday, March 5th. Finally, Rosenblatt Securities upgraded Cisco Systems from a “neutral” rating to a “buy” rating and upped their price target for the stock from $66.00 to $80.00 in a report on Thursday, February 13th. Seven research analysts have rated the stock with a hold rating, fifteen have assigned a buy rating and two have assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $66.63.

Cisco Systems Trading Up 1.3 %

Shares of CSCO stock opened at $61.80 on Thursday. The stock has a fifty day moving average of $62.07 and a two-hundred day moving average of $58.36. The firm has a market capitalization of $245.86 billion, a PE ratio of 26.99, a price-to-earnings-growth ratio of 4.16 and a beta of 0.79. The company has a debt-to-equity ratio of 0.43, a quick ratio of 0.79 and a current ratio of 0.87. Cisco Systems, Inc. has a 1 year low of $44.50 and a 1 year high of $66.50.

Cisco Systems (NASDAQ:CSCO) last posted its quarterly earnings data on Wednesday, February 12th. The network equipment provider reported $0.77 earnings per share (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%. As a group, research analysts expect that Cisco Systems, Inc. will post 3.04 EPS for the current year.

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

Cisco Systems Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, April 23rd. Shareholders of record on Thursday, April 3rd will be issued a $0.41 dividend. This represents a $1.64 dividend on an annualized basis and a yield of 2.65%. This is an increase from Cisco Systems’s previous quarterly dividend of $0.40. The ex-dividend date of this dividend is Thursday, April 3rd. Cisco Systems’s dividend payout ratio is presently 71.62%.

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.