Richard Scott Herren Sells 2,579 Shares of Cisco Systems, Inc. (NASDAQ:CSCO) Stock

Posted by Defense World Staff on Jun 25th, 2023

Cisco Systems, Inc. (NASDAQ:CSCO – Get Rating) CFO Richard Scott Herren sold 2,579 shares of the firm’s stock in a transaction that occurred on Thursday, June 22nd. The shares were sold at an average price of $50.65, for a total transaction of $130,626.35. Following the completion of the transaction, the chief financial officer now owns 281,493 shares of the company’s stock, valued at approximately $14,257,620.45. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink.

Cisco Systems Stock Performance

Shares of CSCO stock opened at $50.33 on Friday. The firm has a market capitalization of $205.10 billion, a PE ratio of 18.10, a price-to-earnings-growth ratio of 2.37 and a beta of 1.01. The firm has a fifty day simple moving average of $48.72 and a two-hundred day simple moving average of $48.86. The company has a current ratio of 1.39, a quick ratio of 1.27 and a debt-to-equity ratio of 0.16. Cisco Systems, Inc. has a 12 month low of $38.60 and a 12 month high of $52.56.

Cisco Systems (NASDAQ:CSCO – Get Rating) last posted its quarterly earnings data on Wednesday, May 17th. The network equipment provider reported $1.00 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.97 by $0.03. The firm had revenue of $14.57 billion for the quarter, compared to the consensus estimate of $14.36 billion. Cisco Systems had a net margin of 20.89% and a return on equity of 31.66%. The business’s revenue for the quarter was up 13.5% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.78 EPS. Analysts forecast that Cisco Systems, Inc. will post 3.38 EPS for the current fiscal year.

Cisco Systems Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, July 26th. Shareholders of record on Thursday, July 6th will be issued a dividend of $0.39 per share. This represents a $1.56 dividend on an annualized basis and a yield of 3.10%. The ex-dividend date is Wednesday, July 5th. Cisco Systems’s dividend payout ratio is 56.12%.

Analyst Ratings Changes

A number of brokerages recently issued reports on CSCO. Tigress Financial reiterated a “buy” rating and issued a $73.00 price objective on shares of Cisco Systems in a report on Friday, March 17th. The Goldman Sachs Group assumed coverage on shares of Cisco Systems in a report on Monday, March 6th. They issued a “neutral” rating for the company. Barclays decreased their target price on shares of Cisco Systems from $52.00 to $51.00 in a research report on Thursday, May 18th. Raymond James increased their target price on shares of Cisco Systems from $63.00 to $64.00 in a research report on Thursday, May 18th. Finally, Piper Sandler decreased their target price on shares of Cisco Systems from $53.00 to $51.00 in a research report on Thursday, May 18th. One research analyst has rated the stock with a sell rating, nine have assigned a hold rating and thirteen have given a buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $56.52.

Hedge Funds Weigh In On Cisco Systems

A number of hedge funds have recently bought and sold shares of the company. United Bank purchased a new position in shares of Cisco Systems in the 1st quarter worth about $645,000. Mirae Asset Global Investments Co. Ltd. boosted its holdings in shares of Cisco Systems by 32.5% in the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 4,243,073 shares of the network equipment provider’s stock worth $236,593,000 after buying an additional 1,040,607 shares during the last quarter. Roundview Capital LLC boosted its holdings in shares of Cisco Systems by 13.1% in the 1st quarter. Roundview Capital LLC now owns 10,540 shares of the network equipment provider’s stock worth $588,000 after buying an additional 1,221 shares during the last quarter. Merit Financial Group LLC boosted its holdings in shares of Cisco Systems by 21.5% in the 1st quarter. Merit Financial Group LLC now owns 11,763 shares of the network equipment provider’s stock worth $656,000 after buying an additional 2,079 shares during the last quarter. Finally, Mackenzie Financial Corp boosted its holdings in shares of Cisco Systems by 8.1% in the 1st quarter. Mackenzie Financial Corp now owns 2,429,518 shares of the network equipment provider’s stock worth $135,470,000 after buying an additional 182,857 shares during the last quarter. 71.96% of the stock is owned by hedge funds and other institutional investors.

Cisco Systems Company Profile

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Cisco Systems, Inc engages in the design, manufacture, and sale of Internet Protocol-based networking products and services related to the communications and information technology industry. The firm operates through the following geographical segments: the Americas, EMEA, and APJC. Its products include the following categories: Switches, Routers, Wireless, Network Management Interfaces and Modules, Optical Networking, Access Points, Outdoor and Industrial Access Points, Next-Generation Firewalls, Advanced Malware Protection, VPN Security Clients, Email, and Web Security.