Cisco Systems, Inc. (NASDAQ:CSCO) Stake Reduced by Confluence Investment Management LLC

by · The Cerbat Gem

Confluence Investment Management LLC decreased its holdings in shares of Cisco Systems, Inc. (NASDAQ:CSCO – Free Report) by 0.9% in the 3rd quarter, HoldingsChannel.com reports. The firm owned 1,819,420 shares of the network equipment provider’s stock after selling 15,904 shares during the period. Cisco Systems comprises approximately 1.3% of Confluence Investment Management LLC’s portfolio, making the stock its 29th biggest holding. Confluence Investment Management LLC’s holdings in Cisco Systems were worth $96,830,000 at the end of the most recent reporting period.

Other hedge funds also recently made changes to their positions in the company. Swedbank AB acquired a new position in Cisco Systems in the first quarter worth approximately $840,538,000. Dimensional Fund Advisors LP boosted its stake in shares of Cisco Systems by 22.5% during 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 acquiring an additional 4,843,146 shares in the last quarter. Pathway Financial Advisers LLC grew its holdings in shares of Cisco Systems by 5,231.5% in the 3rd quarter. Pathway Financial Advisers LLC now owns 4,935,107 shares of the network equipment provider’s stock worth $262,646,000 after acquiring an additional 4,842,542 shares during the last quarter. Natixis raised its position in shares of Cisco Systems by 438.4% during the first quarter. Natixis now owns 4,924,988 shares of the network equipment provider’s stock worth $245,806,000 after purchasing an additional 4,010,228 shares during the period. Finally, Price T Rowe Associates Inc. MD lifted its holdings in shares of 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. Institutional investors and hedge funds own 73.33% of the company’s stock.

Cisco Systems Trading Up 0.4 %

Shares of NASDAQ CSCO opened at $58.08 on Friday. The stock has a market cap of $231.78 billion, a price-to-earnings ratio of 22.87, a PEG ratio of 4.63 and a beta of 0.83. The business has a 50 day simple moving average of $53.00 and a 200 day simple moving average of $49.27. The company has a debt-to-equity ratio of 0.43, a quick ratio of 0.83 and a current ratio of 0.91. Cisco Systems, Inc. has a 52 week low of $44.50 and a 52 week high of $58.30.

Cisco Systems (NASDAQ:CSCO – Get Free Report) last posted its earnings results on Wednesday, August 14th. The network equipment provider reported $0.87 EPS for the quarter, topping the consensus estimate of $0.85 by $0.02. The company had revenue of $13.64 billion during the quarter, compared to the consensus estimate of $13.53 billion. Cisco Systems had a net margin of 19.18% and a return on equity of 27.83%. The company’s revenue for the quarter was down 10.3% compared to the same quarter last year. During the same period in the previous year, the firm posted $1.01 earnings per share. On average, research analysts predict that Cisco Systems, Inc. will post 2.89 earnings per share for the current fiscal year.

Cisco Systems Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, October 23rd. Shareholders of record on Wednesday, October 2nd were given a $0.40 dividend. The ex-dividend date of this dividend was Wednesday, October 2nd. This represents a $1.60 dividend on an annualized basis and a dividend yield of 2.75%. Cisco Systems’s dividend payout ratio is currently 62.99%.

Wall Street Analysts Forecast Growth

A number of equities analysts recently weighed in on the company. Rosenblatt Securities lifted their price target on Cisco Systems from $56.00 to $58.00 and gave the stock a “neutral” rating in a research note on Thursday, August 15th. Jefferies Financial Group dropped their target price on shares of Cisco Systems from $56.00 to $53.00 and set a “buy” rating on the stock in a research report on Thursday, August 15th. Tigress Financial upped their price target on shares of Cisco Systems from $76.00 to $78.00 and gave the company a “buy” rating in a research report on Monday, October 14th. Piper Sandler reiterated a “neutral” rating and set a $52.00 price objective on shares of Cisco Systems in a research report on Thursday, August 15th. Finally, New Street Research raised shares of Cisco Systems from a “neutral” rating to a “buy” rating and set a $57.00 target price on the stock in a research note on Thursday, August 15th. Thirteen research analysts have rated the stock with a hold rating, nine have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, Cisco Systems presently has an average rating of “Hold” and an average price target of $56.74.

View Our Latest Analysis on CSCO

Insider Transactions at Cisco Systems

In related news, EVP Thimaya K. Subaiya sold 8,270 shares of the firm’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 value of $416,229.10. Following the transaction, the executive vice president now directly owns 135,544 shares of the company’s stock, valued at approximately $6,821,929.52. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. In other Cisco Systems news, EVP Thimaya K. Subaiya sold 8,270 shares of the 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 transaction, the executive vice president now owns 135,544 shares in the company, valued at $6,821,929.52. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CEO Charles Robbins sold 27,143 shares of the business’s stock in a transaction on Friday, August 16th. The stock was 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 owns 683,403 shares of the company’s stock, valued at $33,794,278.35. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 70,529 shares of company stock worth $3,509,049. 0.01% of the stock is owned by corporate insiders.

Cisco Systems Profile

(Free Report)

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.

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