Cisco Systems, Inc. (NASDAQ:CSCO) Shares Sold by VeraBank N.A.

VeraBank N.A. trimmed its position in shares of Cisco Systems, Inc. (NASDAQ:CSCO) by 2.0% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 20,618 shares of the network equipment provider’s stock after selling 417 shares during the quarter. VeraBank N.A.’s holdings in Cisco Systems were worth $1,029,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also made changes to their positions in CSCO. Financial Gravity Asset Management Inc. grew its position in Cisco Systems by 559.6% during the third quarter. Financial Gravity Asset Management Inc. now owns 1,207 shares of the network equipment provider’s stock worth $65,000 after buying an additional 1,024 shares during the period. Creative Planning lifted its holdings in shares of Cisco Systems by 9.2% in the third quarter. Creative Planning now owns 1,137,933 shares of the network equipment provider’s stock valued at $61,175,000 after purchasing an additional 96,127 shares in the last quarter. Spartan Planning & Wealth Management purchased a new stake in shares of Cisco Systems in the third quarter valued at about $437,000. Diversified Trust Co lifted its holdings in shares of Cisco Systems by 1.6% in the third quarter. Diversified Trust Co now owns 84,888 shares of the network equipment provider’s stock valued at $4,564,000 after purchasing an additional 1,337 shares in the last quarter. Finally, Tompkins Financial Corp lifted its stake in shares of Cisco Systems by 9.5% during the third quarter. Tompkins Financial Corp now owns 199,757 shares of the network equipment provider’s stock valued at $10,739,000 after buying an additional 17,333 shares during the period. 73.33% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

CSCO has been the topic of several recent analyst reports. Bank of America raised shares of Cisco Systems from a “neutral” rating to a “buy” rating and upped their price objective for the company from $55.00 to $60.00 in a research note on Monday, April 15th. JPMorgan Chase & Co. began coverage on shares of Cisco Systems in a research report on Monday, April 22nd. They issued a “neutral” rating and a $53.00 price objective for the company. Barclays increased their price objective on shares of Cisco Systems from $48.00 to $50.00 and gave the stock an “equal weight” rating in a research report on Friday, May 17th. Wells Fargo & Company increased their price objective on shares of Cisco Systems from $52.00 to $57.00 and gave the stock an “equal weight” rating in a research report on Thursday, May 16th. Finally, Needham & Company LLC reissued a “hold” rating on shares of Cisco Systems in a research report on Monday, June 10th. One investment analyst has rated the stock with a sell rating, fifteen have issued a hold rating and six have issued a buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $56.47.

Cisco Systems Stock Performance

Shares of Cisco Systems stock traded up $0.47 during trading hours on Wednesday, reaching $46.27. The company’s stock had a trading volume of 18,731,715 shares, compared to its average volume of 19,588,938. The company’s 50 day simple moving average is $46.89 and its 200 day simple moving average is $48.61. The company has a debt-to-equity ratio of 0.44, a quick ratio of 0.82 and a current ratio of 0.89. Cisco Systems, Inc. has a one year low of $44.95 and a one year high of $58.19. The stock has a market cap of $186.41 billion, a P/E ratio of 15.58, a price-to-earnings-growth ratio of 2.67 and a beta of 0.85.

Cisco Systems (NASDAQ:CSCO) last posted its quarterly earnings results on Wednesday, May 15th. The network equipment provider reported $0.88 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.70 by $0.18. Cisco Systems had a net margin of 21.88% and a return on equity of 30.82%. The company had revenue of $12.70 billion for the quarter, compared to the consensus estimate of $12.53 billion. During the same period last year, the firm posted $0.88 EPS. The company’s revenue for the quarter was down 12.8% on a year-over-year basis. As a group, analysts expect that Cisco Systems, Inc. will post 3.14 EPS for the current fiscal year.

Cisco Systems Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, July 24th. Investors of record on Friday, July 5th will be given a $0.40 dividend. The ex-dividend date is Friday, July 5th. This represents a $1.60 annualized dividend and a yield of 3.46%. Cisco Systems’s dividend payout ratio is presently 53.87%.

Insider Activity at Cisco Systems

In other Cisco Systems news, SVP Maria Victoria Wong sold 762 shares of the firm’s stock in a transaction dated Thursday, June 13th. The shares were sold at an average price of $45.42, for a total transaction of $34,610.04. Following the transaction, the senior vice president now owns 51,788 shares of the company’s stock, valued at approximately $2,352,210.96. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. In other Cisco Systems news, SVP Maria Victoria Wong sold 762 shares of the firm’s stock in a transaction dated Thursday, June 13th. The shares were sold at an average price of $45.42, for a total transaction of $34,610.04. Following the transaction, the senior vice president now owns 51,788 shares of the company’s stock, valued at approximately $2,352,210.96. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, CEO Charles Robbins sold 26,331 shares of the firm’s stock in a transaction dated Wednesday, May 29th. The shares were sold at an average price of $46.10, for a total transaction of $1,213,859.10. Following the transaction, the chief executive officer now directly owns 725,363 shares in the company, valued at approximately $33,439,234.30. The disclosure for this sale can be found here. Insiders have sold a total of 41,106 shares of company stock worth $1,908,923 in the last ninety days. 0.02% of the stock is owned by insiders.

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.