Horizon Wealth Management LLC Sells 3,053 Shares of Cisco Systems, Inc. (NASDAQ:CSCO)

Horizon Wealth Management LLC trimmed its position in Cisco Systems, Inc. (NASDAQ:CSCO) by 39.9% during the first quarter, Holdings Channel reports. The firm owned 4,602 shares of the network equipment provider’s stock after selling 3,053 shares during the quarter. Horizon Wealth Management LLC’s holdings in Cisco Systems were worth $230,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds also recently modified their holdings of CSCO. Norges Bank acquired a new position in shares of Cisco Systems during the 4th quarter worth approximately $2,528,939,000. Charles Schwab Investment Management Inc. lifted its holdings in shares of Cisco Systems by 9.5% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 73,439,747 shares of the network equipment provider’s stock worth $3,672,445,000 after acquiring an additional 6,345,954 shares during the period. FIL Ltd lifted its holdings in shares of Cisco Systems by 47.1% during the 4th quarter. FIL Ltd now owns 18,922,422 shares of the network equipment provider’s stock worth $955,961,000 after acquiring an additional 6,054,748 shares during the period. Dimensional Fund Advisors LP lifted its holdings in shares of Cisco Systems by 29.0% during the 4th quarter. Dimensional Fund Advisors LP now owns 17,727,214 shares of the network equipment provider’s stock worth $895,576,000 after acquiring an additional 3,989,543 shares during the period. Finally, California Public Employees Retirement System lifted its holdings in shares of Cisco Systems by 25.0% during the 4th quarter. California Public Employees Retirement System now owns 18,750,237 shares of the network equipment provider’s stock worth $947,262,000 after acquiring an additional 3,753,165 shares during the period. 73.33% of the stock is owned by institutional investors.

Insider Transactions at Cisco Systems

In other news, SVP Maria Victoria Wong sold 762 shares of the company’s stock in a transaction dated Thursday, June 13th. The shares were sold at an average price of $45.42, for a total value of $34,610.04. Following the sale, the senior vice president now directly owns 51,788 shares of the company’s stock, valued at approximately $2,352,210.96. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In other news, SVP Maria Victoria Wong sold 762 shares of the stock in a transaction that occurred on Thursday, June 13th. The shares were sold at an average price of $45.42, for a total value of $34,610.04. Following the transaction, the senior vice president now owns 51,788 shares in the company, valued at approximately $2,352,210.96. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Charles Robbins sold 26,331 shares of the stock in a transaction that occurred on Wednesday, May 29th. The stock was sold at an average price of $46.10, for a total transaction of $1,213,859.10. Following the completion of the transaction, the chief executive officer now 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 41,106 shares of company stock valued at $1,908,923 in the last three months. 0.02% of the stock is currently owned by company insiders.

Cisco Systems Price Performance

NASDAQ:CSCO traded up $0.09 during mid-day trading on Monday, hitting $47.60. 8,764,271 shares of the stock traded hands, compared to its average volume of 19,676,133. The business’s 50-day moving average price is $47.06 and its 200 day moving average price is $48.78. The company has a market cap of $191.77 billion, a PE ratio of 16.01, a price-to-earnings-growth ratio of 2.75 and a beta of 0.85. Cisco Systems, Inc. has a 12-month low of $44.95 and a 12-month high of $58.19. The company has a quick ratio of 0.82, a current ratio of 0.89 and a debt-to-equity ratio of 0.44.

Cisco Systems (NASDAQ:CSCO) last announced its quarterly earnings data on Wednesday, May 15th. The network equipment provider reported $0.88 earnings per share 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 firm had revenue of $12.70 billion during the quarter, compared to analyst estimates of $12.53 billion. During the same period in the previous year, the business posted $0.88 EPS. The business’s quarterly revenue was down 12.8% on a year-over-year basis. On average, analysts expect that Cisco Systems, Inc. will post 3.14 EPS for the current fiscal year.

Cisco Systems Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, July 24th. Stockholders of record on Friday, July 5th will be given a $0.40 dividend. This represents a $1.60 dividend on an annualized basis and a dividend yield of 3.36%. The ex-dividend date is Friday, July 5th. Cisco Systems’s dividend payout ratio is presently 53.87%.

Wall Street Analyst Weigh In

CSCO has been the subject of a number of recent analyst reports. StockNews.com downgraded shares of Cisco Systems from a “buy” rating to a “hold” rating in a report on Thursday, May 23rd. JPMorgan Chase & Co. began coverage on shares of Cisco Systems in a research note on Monday, April 22nd. They issued a “neutral” rating and a $53.00 price objective for the company. Needham & Company LLC reissued a “hold” rating on shares of Cisco Systems in a research note on Monday, June 10th. Wells Fargo & Company raised their price target on shares of Cisco Systems from $52.00 to $57.00 and gave the company an “equal weight” rating in a research note on Thursday, May 16th. Finally, Piper Sandler restated a “neutral” rating and issued a $52.00 price target on shares of Cisco Systems in a report on Wednesday, June 5th. One equities research analyst has rated the stock with a sell rating, fifteen have issued a hold rating and six have assigned a buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $56.47.

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. 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.