Centric Wealth Management Reduces Stake in Cisco Systems, Inc. (NASDAQ:CSCO)

Centric Wealth Management cut its stake in shares of Cisco Systems, Inc. (NASDAQ:CSCO) by 6.7% during the third quarter, HoldingsChannel reports. The firm owned 4,943 shares of the network equipment provider’s stock after selling 355 shares during the quarter. Centric Wealth Management’s holdings in Cisco Systems were worth $286,000 at the end of the most recent quarter.

Several other institutional investors have also modified their holdings of the stock. FMR LLC increased its position in Cisco Systems by 10.1% during the third quarter. FMR LLC now owns 63,931,461 shares of the network equipment provider’s stock valued at $3,402,432,000 after acquiring an additional 5,885,879 shares during the last quarter. 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 purchasing an additional 4,843,146 shares during the period. Pathway Financial Advisers LLC grew its holdings in Cisco Systems by 5,231.5% during the 3rd quarter. Pathway Financial Advisers LLC now owns 4,935,107 shares of the network equipment provider’s stock valued at $262,646,000 after purchasing an additional 4,842,542 shares during the last quarter. The Manufacturers Life Insurance Company raised its position in Cisco Systems by 87.9% in the 3rd quarter. The Manufacturers Life Insurance Company now owns 5,541,607 shares of the network equipment provider’s stock worth $294,923,000 after purchasing an additional 2,591,684 shares during the period. Finally, International Assets Investment Management LLC lifted its stake in Cisco Systems by 4,524.9% in the third quarter. International Assets Investment Management LLC now owns 2,087,369 shares of the network equipment provider’s stock worth $1,110,900,000 after purchasing an additional 2,042,236 shares during the last quarter. 73.33% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on CSCO. Jefferies Financial Group reduced their price target on Cisco Systems from $56.00 to $53.00 and set a “buy” rating on the stock in a report on Thursday, August 15th. Deutsche Bank Aktiengesellschaft increased their target price on Cisco Systems from $52.00 to $53.00 and gave the stock a “hold” rating in a research note on Thursday, August 15th. Bank of America boosted their target price on shares of Cisco Systems from $60.00 to $72.00 and gave the company a “buy” rating in a research note on Thursday, November 14th. Hsbc Global Res upgraded shares of Cisco Systems to a “strong-buy” rating in a report on Friday, August 16th. Finally, Tigress Financial upped their target price on shares of Cisco Systems from $76.00 to $78.00 and gave the stock a “buy” rating in a research note on Monday, October 14th. Ten research analysts have rated the stock with a hold rating, eleven have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $59.94.

Insider Buying and Selling

In other Cisco Systems news, CEO Charles Robbins sold 171,744 shares of Cisco Systems stock in a transaction dated Friday, November 15th. The stock was sold at an average price of $57.49, for a total transaction of $9,873,562.56. Following the completion of the sale, the chief executive officer now owns 783,786 shares of the company’s stock, valued at approximately $45,059,857.14. The trade was a 17.97 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, EVP Thimaya K. Subaiya sold 21,230 shares of the business’s stock in a transaction dated Wednesday, November 20th. The shares were sold at an average price of $57.07, for a total value of $1,211,596.10. Following the sale, the executive vice president now owns 213,834 shares in the company, valued at approximately $12,203,506.38. The trade was a 9.03 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 339,479 shares of company stock worth $19,490,991 in the last three months. Corporate insiders own 0.01% of the company’s stock.

Cisco Systems Price Performance

Shares of CSCO opened at $59.29 on Friday. The company has a 50 day moving average of $55.68 and a two-hundred day moving average of $50.45. The company has a market cap of $236.14 billion, a price-to-earnings ratio of 25.45, a price-to-earnings-growth ratio of 4.42 and a beta of 0.83. The company has a quick ratio of 0.80, a current ratio of 0.88 and a debt-to-equity ratio of 0.43. Cisco Systems, Inc. has a twelve month low of $44.50 and a twelve month high of $59.87.

Cisco Systems (NASDAQ:CSCO) last announced its earnings results on Wednesday, November 13th. The network equipment provider reported $0.91 earnings per share for the quarter, topping the consensus estimate of $0.87 by $0.04. Cisco Systems had a return on equity of 25.70% and a net margin of 17.73%. The firm had revenue of $13.84 billion for the quarter, compared to the consensus estimate of $13.78 billion. During the same period in the previous year, the business earned $0.98 EPS. The firm’s revenue for the quarter was down 5.6% on a year-over-year basis. As a group, analysts predict that Cisco Systems, Inc. will post 2.97 earnings per share for the current fiscal year.

Cisco Systems Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 22nd. Investors of record on Friday, January 3rd will be given a $0.40 dividend. This represents a $1.60 annualized dividend and a dividend yield of 2.70%. The ex-dividend date is Friday, January 3rd. Cisco Systems’s payout ratio is currently 68.67%.

Cisco Systems Profile

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.