Redmond Asset Management LLC Acquires 10,976 Shares of Cisco Systems, Inc. (NASDAQ:CSCO)

Redmond Asset Management LLC grew its holdings in Cisco Systems, Inc. (NASDAQ:CSCO) by 22.4% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 59,877 shares of the network equipment provider’s stock after purchasing an additional 10,976 shares during the period. Cisco Systems makes up about 0.9% of Redmond Asset Management LLC’s holdings, making the stock its 29th biggest position. Redmond Asset Management LLC’s holdings in Cisco Systems were worth $3,545,000 as of its most recent SEC filing.

Other institutional investors also recently modified their holdings of the company. Oxbow Advisors LLC raised its stake in shares of Cisco Systems by 2.7% during the 4th quarter. Oxbow Advisors LLC now owns 8,898 shares of the network equipment provider’s stock valued at $527,000 after purchasing an additional 234 shares during the period. Navellier & Associates Inc. grew its holdings in Cisco Systems by 33.1% during the 4th quarter. Navellier & Associates Inc. now owns 8,100 shares of the network equipment provider’s stock valued at $480,000 after buying an additional 2,014 shares in the last quarter. Prentice Wealth Management LLC increased its position in shares of Cisco Systems by 4.3% during the fourth quarter. Prentice Wealth Management LLC now owns 12,388 shares of the network equipment provider’s stock valued at $733,000 after buying an additional 516 shares during the period. Bell Bank boosted its position in shares of Cisco Systems by 10.4% in the fourth quarter. Bell Bank now owns 202,500 shares of the network equipment provider’s stock valued at $11,988,000 after acquiring an additional 18,993 shares during the period. Finally, Indie Asset Partners LLC bought a new position in shares of Cisco Systems in the fourth quarter valued at approximately $213,000. 73.33% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several research firms have issued reports on CSCO. Wells Fargo & Company increased their target price on shares of Cisco Systems from $60.00 to $72.00 and gave the stock an “equal weight” rating in a research note on Thursday, February 13th. The Goldman Sachs Group boosted their price objective on Cisco Systems from $56.00 to $63.00 and gave the stock a “neutral” rating in a report on Thursday, February 13th. Piper Sandler lifted their target price on shares of Cisco Systems from $57.00 to $72.00 and gave the company a “neutral” rating in a research report on Thursday, February 13th. Bank of America boosted their price target on shares of Cisco Systems from $60.00 to $72.00 and gave the stock a “buy” rating in a research note on Thursday, November 14th. Finally, UBS Group raised their price objective on shares of Cisco Systems from $62.00 to $70.00 and gave the company a “neutral” rating in a research report on Thursday, February 13th. Seven investment analysts have rated the stock with a hold rating, fifteen have assigned a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $66.53.

Cisco Systems Stock Down 1.1 %

Shares of Cisco Systems stock opened at $63.98 on Friday. The company has a debt-to-equity ratio of 0.43, a quick ratio of 0.79 and a current ratio of 0.87. Cisco Systems, Inc. has a 52-week low of $44.50 and a 52-week high of $66.50. The company’s 50 day moving average price is $60.65 and its 200-day moving average price is $56.15. The stock has a market capitalization of $254.53 billion, a price-to-earnings ratio of 27.94, a P/E/G ratio of 4.17 and a beta of 0.84.

Cisco Systems (NASDAQ:CSCO) last announced its quarterly earnings results on Wednesday, February 12th. The network equipment provider reported $0.77 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.91 by ($0.14). Cisco Systems had a return on equity of 26.08% and a net margin of 16.96%. Equities research analysts forecast that Cisco Systems, Inc. will post 3.04 EPS for the current year.

Cisco Systems Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, April 23rd. Shareholders of record on Thursday, April 3rd will be given a dividend of $0.41 per share. This is a positive change from Cisco Systems’s previous quarterly dividend of $0.40. The ex-dividend date is Thursday, April 3rd. This represents a $1.64 dividend on an annualized basis and a yield of 2.56%. Cisco Systems’s dividend payout ratio is presently 71.62%.

Cisco Systems declared that its board has approved a share buyback plan on Wednesday, February 12th that permits the company to repurchase $15.00 billion in shares. This repurchase authorization permits the network equipment provider to buy up to 6% of its stock through open market purchases. Stock repurchase plans are often an indication that the company’s leadership believes its stock is undervalued.

Insiders Place Their Bets

In related news, CFO Richard Scott Herren sold 19,929 shares of the business’s stock in a transaction dated Friday, February 14th. The shares were sold at an average price of $64.41, for a total transaction of $1,283,626.89. Following the transaction, the chief financial officer now owns 335,605 shares in the company, valued at $21,616,318.05. The trade was a 5.61 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Charles Robbins sold 31,983 shares of the firm’s stock in a transaction dated Friday, February 14th. The stock was sold at an average price of $64.41, for a total transaction of $2,060,025.03. Following the completion of the sale, the chief executive officer now owns 736,120 shares of the company’s stock, valued at $47,413,489.20. This trade represents a 4.16 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 67,921 shares of company stock worth $4,298,667. 0.01% of the stock is currently owned by company insiders.

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.