Opus Capital Group LLC reduced its stake in Cisco Systems, Inc. (NASDAQ:CSCO) by 15.7% during the 1st quarter, Holdings Channel reports. The fund owned 14,666 shares of the network equipment provider’s stock after selling 2,730 shares during the period. Opus Capital Group LLC’s holdings in Cisco Systems were worth $758,000 as of its most recent filing with the Securities & Exchange Commission.
Several other large investors have also made changes to their positions in CSCO. Cardinal Capital Management Inc. boosted its position in shares of Cisco Systems by 2.8% during the 1st quarter. Cardinal Capital Management Inc. now owns 504,108 shares of the network equipment provider’s stock worth $26,067,000 after acquiring an additional 13,615 shares in the last quarter. Northwest Bancshares Inc. boosted its position in Cisco Systems by 1.8% in the first quarter. Northwest Bancshares Inc. now owns 141,417 shares of the network equipment provider’s stock valued at $7,313,000 after buying an additional 2,468 shares in the last quarter. Hussman Strategic Advisors Inc. bought a new position in Cisco Systems during the fourth quarter worth $1,835,000. Tealwood Asset Management Inc. raised its stake in Cisco Systems by 80.2% during the fourth quarter. Tealwood Asset Management Inc. now owns 65,171 shares of the network equipment provider’s stock worth $2,916,000 after buying an additional 29,009 shares during the last quarter. Finally, Doyle Wealth Management grew its holdings in Cisco Systems by 38.5% in the fourth quarter. Doyle Wealth Management now owns 27,623 shares of the network equipment provider’s stock worth $1,236,000 after purchasing an additional 7,672 shares during the period. Hedge funds and other institutional investors own 70.62% of the company’s stock.
In other news, Director M Michele Burns sold 13,982 shares of the company’s stock in a transaction on Friday, March 26th. The shares were sold at an average price of $51.55, for a total value of $720,772.10. Following the completion of the sale, the director now owns 70,468 shares of the company’s stock, valued at approximately $3,632,625.40. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CAO Prat Bhatt sold 6,273 shares of the company’s stock in a transaction on Friday, February 12th. The shares were sold at an average price of $47.21, for a total transaction of $296,148.33. Following the sale, the chief accounting officer now owns 119,282 shares of the company’s stock, valued at $5,631,303.22. The disclosure for this sale can be found here. In the last three months, insiders sold 37,776 shares of company stock valued at $1,832,205. Corporate insiders own 0.02% of the company’s stock.
Cisco Systems (NASDAQ:CSCO) last released its quarterly earnings results on Tuesday, February 9th. The network equipment provider reported $0.79 EPS for the quarter, topping the Zacks’ consensus estimate of $0.76 by $0.03. Cisco Systems had a net margin of 21.76% and a return on equity of 32.64%. The business had revenue of $11.96 billion during the quarter, compared to analysts’ expectations of $11.92 billion. During the same quarter in the previous year, the company earned $0.77 EPS. On average, sell-side analysts anticipate that Cisco Systems, Inc. will post 2.86 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which was paid on Wednesday, April 28th. Shareholders of record on Tuesday, April 6th were paid a $0.37 dividend. This represents a $1.48 dividend on an annualized basis and a yield of 2.93%. The ex-dividend date was Monday, April 5th. This is a boost from Cisco Systems’s previous quarterly dividend of $0.36. Cisco Systems’s payout ratio is currently 50.68%.
CSCO has been the subject of a number of analyst reports. DZ Bank upgraded shares of Cisco Systems from a “hold” rating to a “buy” rating and set a $52.00 price objective for the company in a report on Thursday, February 11th. Morgan Stanley lifted their price objective on shares of Cisco Systems from $54.00 to $57.00 and gave the company an “overweight” rating in a report on Thursday, April 22nd. Piper Sandler lifted their price objective on shares of Cisco Systems from $45.00 to $47.00 and gave the company a “neutral” rating in a report on Wednesday, February 10th. Oppenheimer reiterated a “buy” rating and set a $50.00 price objective on shares of Cisco Systems in a report on Tuesday, February 9th. Finally, Citigroup lifted their price objective on shares of Cisco Systems from $45.00 to $50.00 in a report on Wednesday, February 10th. Fourteen investment analysts have rated the stock with a hold rating and eleven have given a buy rating to the company. The company presently has a consensus rating of “Hold” and a consensus price target of $50.71.
About Cisco Systems
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. It provides infrastructure platforms, including networking technologies of switching, routing, wireless, and data center products that are designed to work together to deliver networking capabilities, and transport and/or store data.
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