OLD Point Trust & Financial Services N A Sells 1,841 Shares of Cisco Systems, Inc. (NASDAQ:CSCO)

OLD Point Trust & Financial Services N A cut its holdings in shares of Cisco Systems, Inc. (NASDAQ:CSCO) by 1.4% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 131,685 shares of the network equipment provider’s stock after selling 1,841 shares during the period. Cisco Systems makes up about 2.7% of OLD Point Trust & Financial Services N A’s investment portfolio, making the stock its 10th largest holding. OLD Point Trust & Financial Services N A’s holdings in Cisco Systems were worth $7,796,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in CSCO. FPC Investment Advisory Inc. acquired a new stake in shares of Cisco Systems in the 4th quarter worth approximately $26,000. Campbell Capital Management Inc. bought a new stake in Cisco Systems during the fourth quarter worth approximately $31,000. Highline Wealth Partners LLC lifted its position in Cisco Systems by 76.7% in the fourth quarter. Highline Wealth Partners LLC now owns 599 shares of the network equipment provider’s stock worth $35,000 after purchasing an additional 260 shares during the period. Synergy Investment Management LLC bought a new position in Cisco Systems during the 4th quarter valued at $36,000. Finally, RPg Family Wealth Advisory LLC acquired a new position in shares of Cisco Systems during the 3rd quarter valued at $40,000. 73.33% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several research analysts recently weighed in on CSCO shares. Melius raised Cisco Systems from a “hold” rating to a “buy” rating and raised their target price for the company from $66.00 to $73.00 in a research note on Monday, January 6th. DZ Bank upgraded shares of Cisco Systems from a “hold” rating to a “buy” rating in a research report on Tuesday, February 18th. Morgan Stanley boosted their target price on shares of Cisco Systems from $62.00 to $68.00 and gave the stock an “overweight” rating in a report on Tuesday, December 17th. Citigroup restated an “overweight” rating on shares of Cisco Systems in a report on Thursday, March 6th. Finally, Piper Sandler reaffirmed a “neutral” rating on shares of Cisco Systems in a report on Thursday, March 6th. Seven analysts have rated the stock with a hold rating, fifteen have given a buy rating and two have issued a strong buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $66.63.

Cisco Systems Price Performance

Shares of NASDAQ:CSCO opened at $61.12 on Thursday. The firm has a market cap of $243.15 billion, a price-to-earnings ratio of 26.69, a P/E/G ratio of 4.16 and a beta of 0.79. Cisco Systems, Inc. has a 1 year low of $44.50 and a 1 year high of $66.50. The company has a current ratio of 0.87, a quick ratio of 0.79 and a debt-to-equity ratio of 0.43. The business has a fifty day simple moving average of $61.89 and a 200 day simple moving average of $57.97.

Cisco Systems (NASDAQ:CSCO) last announced its quarterly earnings results on Wednesday, February 12th. The network equipment provider reported $0.77 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.91 by ($0.14). Cisco Systems had a net margin of 16.96% and a return on equity of 26.08%. As a group, sell-side analysts predict that Cisco Systems, Inc. will post 3.04 earnings per share for the current fiscal year.

Cisco Systems Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, April 23rd. Stockholders of record on Thursday, April 3rd will be issued a dividend of $0.41 per share. The ex-dividend date of this dividend is Thursday, April 3rd. This represents a $1.64 dividend on an annualized basis and a dividend yield of 2.68%. This is an increase from Cisco Systems’s previous quarterly dividend of $0.40. Cisco Systems’s dividend payout ratio (DPR) is currently 71.62%.

Cisco Systems declared that its Board of Directors has approved a stock repurchase program on Wednesday, February 12th that permits the company to repurchase $15.00 billion in outstanding shares. This repurchase authorization permits the network equipment provider to buy up to 6% of its stock through open market purchases. Stock repurchase programs are often a sign that the company’s board of directors believes its stock is undervalued.

Insider Activity at Cisco Systems

In other Cisco Systems news, CEO Charles Robbins sold 31,983 shares of the business’s stock in a transaction dated Friday, February 14th. The stock was sold at an average price of $64.41, for a total value of $2,060,025.03. Following the completion of the sale, the chief executive officer now owns 736,120 shares of the company’s stock, valued at $47,413,489.20. The trade was a 4.16 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Deborah L. Stahlkopf sold 11,808 shares of the stock in a transaction dated Friday, February 21st. The shares were sold at an average price of $64.37, for a total value of $760,080.96. Following the transaction, the executive vice president now directly owns 200,191 shares in the company, valued at approximately $12,886,294.67. This represents a 5.57 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 66,547 shares of company stock valued at $4,275,553. Insiders own 0.01% of the company’s stock.

Cisco Systems Company 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.