Cisco Systems, Inc. (NASDAQ:CSCO) Position Reduced by SouthState Corp

SouthState Corp reduced its position in shares of Cisco Systems, Inc. (NASDAQ:CSCO) by 18.0% in the third quarter, HoldingsChannel.com reports. The firm owned 101,186 shares of the network equipment provider’s stock after selling 22,233 shares during the period. SouthState Corp’s holdings in Cisco Systems were worth $5,385,000 at the end of the most recent reporting period.

Other hedge funds also recently modified their holdings of the company. Aviso Wealth Management raised its stake in shares of Cisco Systems by 2.4% in the 3rd quarter. Aviso Wealth Management now owns 7,615 shares of the network equipment provider’s stock valued at $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% during the third quarter. Waypoint Capital Advisors LLC now owns 6,497 shares of the network equipment provider’s stock worth $346,000 after buying an additional 182 shares in the last quarter. Andina Capital Management LLC raised its position in Cisco Systems by 3.6% in the 3rd quarter. Andina Capital Management LLC now owns 5,249 shares of the network equipment provider’s stock valued at $279,000 after buying an additional 182 shares during the last quarter. Meridian Financial Partners LLC lifted its stake 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 acquiring an additional 185 shares in the last quarter. Finally, Gleason Group Inc. boosted its position in Cisco Systems by 0.9% during the 3rd quarter. Gleason Group Inc. now owns 22,683 shares of the network equipment provider’s stock worth $1,207,000 after acquiring an additional 193 shares during the last quarter. 73.33% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Cisco Systems

In related news, EVP Thimaya K. Subaiya sold 8,270 shares of the firm’s stock in a transaction dated Wednesday, August 21st. The stock was sold at an average price of $50.33, for a total value of $416,229.10. Following the sale, the executive vice president now directly owns 135,544 shares of the company’s stock, valued at $6,821,929.52. This trade represents a 5.75 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, SVP Maria Victoria Wong sold 3,379 shares of the business’s stock in a transaction dated Wednesday, August 28th. The stock was sold at an average price of $50.36, for a total value of $170,166.44. Following the transaction, the senior vice president now directly owns 47,182 shares of the company’s stock, valued at approximately $2,376,085.52. The trade was a 6.68 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 13,615 shares of company stock valued at $682,681. Company insiders own 0.01% of the company’s stock.

Cisco Systems Stock Performance

NASDAQ CSCO opened at $57.31 on Tuesday. The firm has a 50-day moving average price of $54.35 and a two-hundred day moving average price of $49.88. Cisco Systems, Inc. has a 12-month low of $44.50 and a 12-month high of $59.38. The company has a market capitalization of $228.71 billion, a P/E ratio of 24.60, a P/E/G ratio of 4.67 and a beta of 0.83. 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 (NASDAQ:CSCO) last issued its quarterly earnings results on Wednesday, November 13th. The network equipment provider reported $0.91 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.87 by $0.04. The business had revenue of $13.84 billion for the quarter, compared to the consensus estimate of $13.78 billion. Cisco Systems had a return on equity of 25.70% and a net margin of 17.73%. The firm’s quarterly revenue was down 5.6% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.98 earnings per share. Analysts anticipate that Cisco Systems, Inc. will post 2.89 earnings per share for the current year.

Cisco Systems Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, January 22nd. Shareholders of record on Friday, January 3rd will be issued a $0.40 dividend. This represents a $1.60 annualized dividend and a yield of 2.79%. The ex-dividend date is Friday, January 3rd. Cisco Systems’s dividend payout ratio is currently 68.67%.

Analysts Set New Price Targets

CSCO has been the topic of a number of research reports. Rosenblatt Securities boosted their price objective on shares of Cisco Systems from $56.00 to $58.00 and gave the stock a “neutral” rating in a research report on Thursday, August 15th. UBS Group increased their price objective on shares of Cisco Systems from $55.00 to $62.00 and gave the stock a “neutral” rating in a research note on Thursday, November 14th. Deutsche Bank Aktiengesellschaft lifted their target price on Cisco Systems from $52.00 to $53.00 and gave the company a “hold” rating in a research report on Thursday, August 15th. Hsbc Global Res raised Cisco Systems to a “strong-buy” rating in a research report on Friday, August 16th. Finally, Wells Fargo & Company boosted their price target on Cisco Systems from $57.00 to $60.00 and gave the stock an “equal weight” rating in a research report on Thursday, November 14th. Ten equities research analysts have rated the stock with a hold rating, eleven have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, Cisco Systems currently has an average rating of “Moderate Buy” and a consensus price target of $59.94.

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.