Zurcher Kantonalbank Zurich Cantonalbank Sells 305,729 Shares of Cisco Systems, Inc. (NASDAQ:CSCO)

Zurcher Kantonalbank Zurich Cantonalbank cut its position in shares of Cisco Systems, Inc. (NASDAQ:CSCO) by 21.7% in the third quarter, HoldingsChannel reports. The firm owned 1,101,500 shares of the network equipment provider’s stock after selling 305,729 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank’s holdings in Cisco Systems were worth $58,622,000 as of its most recent SEC filing.

Several other hedge funds have also made changes to their positions in the company. Aviso Wealth Management increased its stake in Cisco Systems by 2.4% during the third quarter. Aviso Wealth Management now owns 7,615 shares of the network equipment provider’s stock worth $405,000 after purchasing an additional 181 shares during the period. Waypoint Capital Advisors LLC grew its holdings in shares of Cisco Systems by 2.9% in the third quarter. Waypoint Capital Advisors LLC now owns 6,497 shares of the network equipment provider’s stock valued at $346,000 after purchasing an additional 182 shares in the last quarter. Andina Capital Management LLC increased its stake in Cisco Systems by 3.6% during the 3rd quarter. Andina Capital Management LLC now owns 5,249 shares of the network equipment provider’s stock worth $279,000 after buying an additional 182 shares during the period. Wealth Dimensions Group Ltd. lifted its holdings in Cisco Systems by 1.6% during the 3rd quarter. Wealth Dimensions Group Ltd. now owns 11,372 shares of the network equipment provider’s stock worth $605,000 after buying an additional 182 shares in the last quarter. Finally, Meridian Financial Partners LLC boosted its position in Cisco Systems by 3.8% in the 3rd quarter. Meridian Financial Partners LLC now owns 5,020 shares of the network equipment provider’s stock valued at $267,000 after buying an additional 185 shares during the period. 73.33% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several analysts have recently issued reports on CSCO shares. Wells Fargo & Company increased their price objective on Cisco Systems from $57.00 to $60.00 and gave the company an “equal weight” rating in a research note on Thursday, November 14th. Piper Sandler increased their price target on Cisco Systems from $52.00 to $57.00 and gave the company a “neutral” rating in a research report on Thursday, November 14th. New Street Research raised Cisco Systems from a “neutral” rating to a “buy” rating and set a $57.00 price objective for the company in a research report on Thursday, August 15th. StockNews.com raised shares of Cisco Systems from a “hold” rating to a “buy” rating in a report on Thursday, November 14th. Finally, HSBC raised shares of Cisco Systems from a “hold” rating to a “buy” rating and increased their price objective for the company from $46.00 to $58.00 in a research report on Friday, August 16th. Ten investment analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $59.94.

Insider Buying and Selling

In other news, CFO Richard Scott Herren sold 86,351 shares of the firm’s stock in a transaction on Friday, November 15th. The shares were sold at an average price of $57.49, for a total value of $4,964,318.99. Following the completion of the sale, the chief financial officer now owns 365,314 shares in the company, valued at approximately $21,001,901.86. This trade represents a 19.12 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Thimaya K. Subaiya sold 21,230 shares of the business’s stock in a transaction dated Wednesday, November 20th. The stock was sold at an average price of $57.07, for a total transaction of $1,211,596.10. Following the transaction, the executive vice president now owns 213,834 shares in the company, valued at approximately $12,203,506.38. This trade represents a 9.03 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 339,479 shares of company stock valued at $19,490,991 over the last quarter. 0.01% of the stock is currently owned by insiders.

Cisco Systems Trading Down 0.5 %

CSCO opened at $59.29 on Thursday. 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 52 week low of $44.50 and a 52 week high of $59.87. The business’s 50 day moving average is $55.53 and its two-hundred day moving average is $50.39. The firm has a market cap of $236.14 billion, a price-to-earnings ratio of 25.45, a price-to-earnings-growth ratio of 4.38 and a beta of 0.83.

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

Cisco Systems Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, January 22nd. Stockholders of record on Friday, January 3rd will be paid a dividend of $0.40 per share. The ex-dividend date is Friday, January 3rd. This represents a $1.60 annualized dividend and a dividend yield of 2.70%. Cisco Systems’s dividend payout ratio (DPR) is 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.