Holderness Investments Co. Grows Holdings in Cisco Systems, Inc. (NASDAQ:CSCO)

Holderness Investments Co. grew its stake in shares of Cisco Systems, Inc. (NASDAQ:CSCO) by 0.3% during the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 85,215 shares of the network equipment provider’s stock after buying an additional 283 shares during the quarter. Cisco Systems accounts for 1.0% of Holderness Investments Co.’s investment portfolio, making the stock its 22nd biggest position. Holderness Investments Co.’s holdings in Cisco Systems were worth $4,049,000 as of its most recent filing with the SEC.

A number of other hedge funds also recently made changes to their positions in the stock. Summit Securities Group LLC purchased a new position in shares of Cisco Systems in the 2nd quarter worth about $25,000. Retirement Group LLC boosted its stake in shares of Cisco Systems by 56.8% in the 1st quarter. Retirement Group LLC now owns 726 shares of the network equipment provider’s stock valued at $36,000 after purchasing an additional 263 shares in the last quarter. Hobbs Group Advisors LLC bought a new position in shares of Cisco Systems during the 2nd quarter valued at $36,000. Redmont Wealth Advisors LLC purchased a new position in Cisco Systems in the 1st quarter worth $41,000. Finally, Iron Horse Wealth Management LLC lifted its stake in Cisco Systems by 617.7% in the second quarter. Iron Horse Wealth Management LLC now owns 890 shares of the network equipment provider’s stock worth $42,000 after purchasing an additional 766 shares during the last quarter. 73.33% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of research analysts have recently issued reports on the company. Rosenblatt Securities raised their price objective on Cisco Systems from $56.00 to $58.00 and gave the company a “neutral” rating in a research note on Thursday, August 15th. HSBC upgraded Cisco Systems from a “hold” rating to a “buy” rating and raised their price target for the stock from $46.00 to $58.00 in a research report on Friday, August 16th. Jefferies Financial Group lowered their price objective on Cisco Systems from $56.00 to $53.00 and set a “buy” rating for the company in a research report on Thursday, August 15th. Deutsche Bank Aktiengesellschaft raised 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. Finally, Piper Sandler reissued a “neutral” rating and set a $52.00 price target on shares of Cisco Systems in a research report on Thursday, August 15th. One research analyst has rated the stock with a sell rating, fourteen have assigned a hold rating, eight have issued a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, Cisco Systems has an average rating of “Hold” and an average price target of $56.11.

Cisco Systems Stock Up 1.0 %

NASDAQ:CSCO opened at $51.97 on Friday. The company has a debt-to-equity ratio of 0.43, a current ratio of 0.91 and a quick ratio of 0.83. The firm’s 50-day moving average price is $48.52 and its 200-day moving average price is $48.05. The company has a market capitalization of $209.38 billion, a PE ratio of 17.50, a P/E/G ratio of 3.87 and a beta of 0.83. Cisco Systems, Inc. has a 1-year low of $44.50 and a 1-year high of $54.58.

Cisco Systems (NASDAQ:CSCO) last announced its quarterly earnings data on Wednesday, August 14th. The network equipment provider reported $0.87 earnings per share for the quarter, topping analysts’ consensus estimates of $0.85 by $0.02. Cisco Systems had a net margin of 19.18% and a return on equity of 27.83%. The business had revenue of $13.64 billion for the quarter, compared to analysts’ expectations of $13.53 billion. During the same quarter in the prior year, the company earned $1.01 earnings per share. The business’s revenue was down 10.3% compared to the same quarter last year. On average, equities analysts predict that Cisco Systems, Inc. will post 2.9 EPS for the current fiscal year.

Cisco Systems Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Wednesday, October 23rd. Stockholders of record on Wednesday, October 2nd will be paid a $0.40 dividend. The ex-dividend date is Wednesday, October 2nd. This represents a $1.60 dividend on an annualized basis and a dividend yield of 3.08%. Cisco Systems’s dividend payout ratio is currently 53.87%.

Insider Activity

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

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.