Old North State Trust LLC Sells 487 Shares of Cisco Systems, Inc. (NASDAQ:CSCO)

Posted by Defense World Staff on Sep 16th, 2023

Old North State Trust LLC lessened its position in shares of Cisco Systems, Inc. (NASDAQ:CSCO – Free Report) by 1.7% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 27,367 shares of the network equipment provider’s stock after selling 487 shares during the period. Cisco Systems makes up about 1.0% of Old North State Trust LLC’s holdings, making the stock its 19th biggest position. Old North State Trust LLC’s holdings in Cisco Systems were worth $1,431,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also bought and sold shares of the company. United Bank bought a new stake in Cisco Systems during the first quarter valued at $645,000. Mirae Asset Global Investments Co. Ltd. raised 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 valued at $236,593,000 after acquiring an additional 1,040,607 shares in the last quarter. Roundview Capital LLC boosted its position in shares of Cisco Systems by 13.1% during the 1st quarter. Roundview Capital LLC now owns 10,540 shares of the network equipment provider’s stock valued at $588,000 after acquiring an additional 1,221 shares during the last quarter. Merit Financial Group LLC grew its holdings in shares of Cisco Systems by 21.5% during the first quarter. Merit Financial Group LLC now owns 11,763 shares of the network equipment provider’s stock worth $656,000 after purchasing an additional 2,079 shares in the last quarter. Finally, Mackenzie Financial Corp grew its holdings in shares of Cisco Systems by 8.1% during the first quarter. Mackenzie Financial Corp now owns 2,429,518 shares of the network equipment provider’s stock worth $135,470,000 after purchasing an additional 182,857 shares in the last quarter. 72.21% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several brokerages have recently commented on CSCO. UBS Group boosted their price objective on Cisco Systems from $51.00 to $55.00 and gave the stock a “neutral” rating in a report on Thursday, August 17th. StockNews.com began coverage on Cisco Systems in a report on Thursday, August 17th. They set a “buy” rating for the company. JPMorgan Chase & Co. raised Cisco Systems from a “neutral” rating to an “overweight” rating and boosted their price objective for the stock from $55.00 to $62.00 in a report on Wednesday, July 19th. Barclays boosted their price objective on Cisco Systems from $51.00 to $53.00 and gave the stock an “equal weight” rating in a report on Thursday, August 17th. Finally, Piper Sandler boosted their price objective on Cisco Systems from $51.00 to $53.00 and gave the stock a “neutral” rating in a report on Thursday, August 17th. One research analyst has rated the stock with a sell rating, ten have issued a hold rating and eleven have issued a buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and an average target price of $59.43.

Read Our Latest Research Report on Cisco Systems

Insider Activity at Cisco Systems

In related news, CFO Richard Scott Herren sold 2,579 shares of the company’s stock in a transaction that occurred on Thursday, June 22nd. The stock was 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 in the company, valued at $14,257,620.45. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. In related news, EVP Deborah L. Stahlkopf sold 3,022 shares of the company’s stock in a transaction on Wednesday, September 13th. The stock was sold at an average price of $56.22, for a total value of $169,896.84. Following the sale, the executive vice president now directly owns 169,396 shares of the company’s stock, valued at $9,523,443.12. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CFO Richard Scott Herren sold 2,579 shares of the company’s stock in a transaction on Thursday, June 22nd. The stock was sold at an average price of $50.65, for a total value of $130,626.35. Following the completion of the sale, the chief financial officer now directly owns 281,493 shares in the company, valued at $14,257,620.45. The disclosure for this sale can be found here. Insiders sold a total of 54,438 shares of company stock worth $2,948,779 over the last quarter. 0.02% of the stock is owned by corporate insiders.

Cisco Systems Stock Performance

Shares of CSCO stock opened at $56.04 on Friday. The company has a debt-to-equity ratio of 0.15, a quick ratio of 1.27 and a current ratio of 1.38. Cisco Systems, Inc. has a fifty-two week low of $38.60 and a fifty-two week high of $58.19. The stock has a 50 day moving average price of $54.10 and a two-hundred day moving average price of $51.08. The company has a market capitalization of $227.23 billion, a P/E ratio of 18.25, a PEG ratio of 2.49 and a beta of 0.97.

Cisco Systems (NASDAQ:CSCO – Get Free Report) last announced its earnings results on Wednesday, August 16th. The network equipment provider reported $1.14 EPS for the quarter, beating analysts’ consensus estimates of $1.06 by $0.08. The company had revenue of $15.20 billion during the quarter, compared to the consensus estimate of $15.05 billion. Cisco Systems had a return on equity of 33.42% and a net margin of 22.13%. The firm’s revenue for the quarter was up 16.0% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.74 earnings per share. Analysts expect that Cisco Systems, Inc. will post 3.58 earnings per share for the current year.

Cisco Systems Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, October 25th. Investors of record on Wednesday, October 4th will be issued a dividend of $0.39 per share. The ex-dividend date is Tuesday, October 3rd. This represents a $1.56 dividend on an annualized basis and a dividend yield of 2.78%. Cisco Systems’s dividend payout ratio is presently 50.81%.

About Cisco Systems

(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 that are standalone, controller appliance-based, switch-converged, and Meraki cloud-managed offerings; and compute portfolio including the cisco unified computing system, hyperflex, and software management capabilities, which combine computing, networking, and storage infrastructure management and virtualization.