Legacy Capital Group California Inc. Acquires 1,081 Shares of Cisco Systems, Inc. (NASDAQ:CSCO)

Legacy Capital Group California Inc. grew its holdings in Cisco Systems, Inc. (NASDAQ:CSCO) by 5.4% during the 3rd quarter, Holdings Channel reports. The fund owned 21,260 shares of the network equipment provider’s stock after buying an additional 1,081 shares during the period. Legacy Capital Group California Inc.’s holdings in Cisco Systems were worth $1,131,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also modified their holdings of the company. Bank of New York Mellon Corp lifted its position in shares of Cisco Systems by 2.7% during the 2nd quarter. Bank of New York Mellon Corp now owns 70,317,061 shares of the network equipment provider’s stock valued at $3,340,764,000 after buying an additional 1,853,598 shares in the last quarter. Legal & General Group Plc boosted its stake in Cisco Systems by 3.3% in the 2nd quarter. Legal & General Group Plc now owns 47,593,944 shares of the network equipment provider’s stock worth $2,261,185,000 after purchasing an additional 1,530,468 shares during the period. Dimensional Fund Advisors LP grew its holdings in 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 valued at $1,254,739,000 after buying an additional 4,843,146 shares in the last quarter. Swedbank AB purchased a new position in shares of Cisco Systems in the first quarter worth $840,538,000. Finally, Price T Rowe Associates Inc. MD boosted its position in shares of Cisco Systems by 26.5% during the first quarter. Price T Rowe Associates Inc. MD now owns 13,858,505 shares of the network equipment provider’s stock worth $691,678,000 after acquiring an additional 2,906,357 shares during the last quarter. Hedge funds and other institutional investors own 73.33% of the company’s stock.

Wall Street Analysts Forecast Growth

CSCO has been the topic of several research analyst reports. Piper Sandler reiterated a “neutral” rating and issued a $52.00 price target on shares of Cisco Systems in a research note on Thursday, August 15th. New Street Research raised Cisco Systems from a “neutral” rating to a “buy” rating and set a $57.00 price target for the company in a research note on Thursday, August 15th. Citigroup raised shares of Cisco Systems from a “neutral” rating to a “buy” rating and raised their target price for the company from $52.00 to $62.00 in a report on Wednesday, October 16th. Tigress Financial increased their price objective on shares of Cisco Systems from $76.00 to $78.00 and gave the company a “buy” rating in a research report on Monday, October 14th. Finally, Deutsche Bank Aktiengesellschaft boosted their target price on shares of Cisco Systems from $52.00 to $53.00 and gave the stock a “hold” rating in a report on Thursday, August 15th. One analyst has rated the stock with a sell rating, thirteen have issued a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $56.74.

Insiders Place Their Bets

In related news, CEO Charles Robbins sold 27,143 shares of Cisco Systems stock in a transaction on Friday, August 16th. The shares were sold at an average price of $49.45, for a total value of $1,342,221.35. Following the sale, the chief executive officer now owns 683,403 shares of the company’s stock, valued at approximately $33,794,278.35. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Cisco Systems news, CEO Charles Robbins sold 27,143 shares of the business’s stock in a transaction that occurred on Friday, August 16th. The stock was sold at an average price of $49.45, for a total transaction of $1,342,221.35. Following the completion of the sale, the chief executive officer now directly owns 683,403 shares in the company, valued at approximately $33,794,278.35. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, SVP Maria Victoria Wong sold 638 shares of Cisco Systems stock in a transaction that occurred on Thursday, September 12th. The stock was sold at an average price of $49.09, for a total value of $31,319.42. Following the completion of the sale, the senior vice president now directly owns 46,017 shares in the company, valued at $2,258,974.53. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 70,529 shares of company stock worth $3,509,049. 0.02% of the stock is owned by corporate insiders.

Cisco Systems Trading Down 0.6 %

Cisco Systems stock opened at $55.96 on Friday. The stock has a market cap of $225.45 billion, a PE ratio of 18.84, a price-to-earnings-growth ratio of 4.22 and a beta of 0.83. Cisco Systems, Inc. has a one year low of $44.50 and a one year high of $57.06. The company has a debt-to-equity ratio of 0.43, a quick ratio of 0.83 and a current ratio of 0.91. The stock has a 50-day moving average of $51.85 and a two-hundred day moving average of $48.77.

Cisco Systems (NASDAQ:CSCO) last issued its earnings results on Wednesday, August 14th. The network equipment provider reported $0.87 EPS for the quarter, beating analysts’ consensus estimates of $0.85 by $0.02. Cisco Systems had a return on equity of 27.83% and a net margin of 19.18%. The firm had revenue of $13.64 billion for the quarter, compared to analyst estimates of $13.53 billion. During the same quarter in the prior year, the firm earned $1.01 earnings per share. Cisco Systems’s revenue for the quarter was down 10.3% on a year-over-year basis. On average, research analysts anticipate that Cisco Systems, Inc. will post 2.9 EPS for the current fiscal year.

Cisco Systems Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, October 23rd. Investors of record on Wednesday, October 2nd were given a dividend of $0.40 per share. The ex-dividend date of this dividend was Wednesday, October 2nd. This represents a $1.60 annualized dividend and a yield of 2.86%. Cisco Systems’s dividend payout ratio is presently 53.87%.

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.