Raymond James Financial Services Advisors Inc. Grows Position in Cisco Systems, Inc. (NASDAQ:CSCO)

Posted by on Jun 26th, 2023

Raymond James Financial Services Advisors Inc. lifted its stake in Cisco Systems, Inc. (NASDAQ:CSCO – Get Rating) by 8.3% during the 1st quarter, according to its most recent disclosure with the SEC. The institutional investor owned 6,437,160 shares of the network equipment provider’s stock after buying an additional 491,971 shares during the quarter. Cisco Systems makes up about 0.6% of Raymond James Financial Services Advisors Inc.’s investment portfolio, making the stock its 28th largest position. Raymond James Financial Services Advisors Inc. owned about 0.16% of Cisco Systems worth $336,503,000 as of its most recent filing with the SEC.

Several other hedge funds have also recently modified their holdings of CSCO. Biltmore Wealth Management LLC bought a new stake in Cisco Systems in the fourth quarter worth $1,058,950,000. Retirement Financial Solutions LLC bought a new stake in Cisco Systems in the fourth quarter worth $25,000. Steward Financial Group LLC bought a new stake in Cisco Systems in the fourth quarter worth $26,000. My Personal CFO LLC bought a new stake in Cisco Systems in the fourth quarter worth $27,000. Finally, Fortis Capital Advisors LLC bought a new stake in Cisco Systems in the fourth quarter worth $34,000. Hedge funds and other institutional investors own 71.96% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts have weighed in on CSCO shares. Piper Sandler cut their price objective on shares of Cisco Systems from $53.00 to $51.00 in a research report on Thursday, May 18th. Barclays cut their price objective on shares of Cisco Systems from $52.00 to $51.00 in a research report on Thursday, May 18th. StockNews.com cut shares of Cisco Systems from a “strong-buy” rating to a “buy” rating in a research report on Wednesday, June 7th. The Goldman Sachs Group started coverage on shares of Cisco Systems in a research report on Monday, March 6th. They set a “neutral” rating on the stock. Finally, Tigress Financial reiterated a “buy” rating and set a $73.00 price objective on shares of Cisco Systems in a research report on Friday, March 17th. One equities research analyst has rated the stock with a sell rating, nine have issued a hold rating and thirteen have issued a buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $56.52.

Insider Activity

In other news, SVP Prat Bhatt sold 2,707 shares of the company’s stock in a transaction dated Friday, May 19th. The shares were sold at an average price of $48.50, for a total transaction of $131,289.50. Following the transaction, the senior vice president now owns 46,022 shares in the company, valued at $2,232,067. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. In related news, EVP Deborah L. Stahlkopf sold 2,142 shares of the stock in a transaction that occurred on Friday, May 19th. The shares were sold at an average price of $48.50, for a total value of $103,887.00. Following the transaction, the executive vice president now owns 179,378 shares in the company, valued at approximately $8,699,833. The sale was disclosed in a filing with the SEC, which is available through this link. Also, SVP Prat Bhatt sold 2,707 shares of the stock in a transaction that occurred on Friday, May 19th. The stock was sold at an average price of $48.50, for a total transaction of $131,289.50. Following the completion of the transaction, the senior vice president now owns 46,022 shares in the company, valued at approximately $2,232,067. The disclosure for this sale can be found here. Insiders have sold a total of 39,093 shares of company stock worth $1,963,134 over the last 90 days. 0.02% of the stock is currently owned by corporate insiders.

Cisco Systems Stock Performance

CSCO stock opened at $50.33 on Monday. The firm has a market cap of $205.10 billion, a price-to-earnings ratio of 18.10, a PEG ratio of 2.29 and a beta of 1.01. The firm has a 50-day simple moving average of $48.72 and a two-hundred day simple moving average of $48.87. Cisco Systems, Inc. has a one year low of $38.60 and a one year high of $52.56. The company has a debt-to-equity ratio of 0.16, a quick ratio of 1.27 and a current ratio of 1.39.

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

Cisco Systems Announces Dividend

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

About Cisco Systems

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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.

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Institutional Ownership by Quarter for Cisco Systems (NASDAQ:CSCO)

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