Commonwealth Financial Services LLC Sells 2,356 Shares of Cisco Systems, Inc. (NASDAQ:CSCO)

Commonwealth Financial Services LLC reduced its stake in shares of Cisco Systems, Inc. (NASDAQ:CSCO) by 10.0% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 21,153 shares of the network equipment provider’s stock after selling 2,356 shares during the quarter. Commonwealth Financial Services LLC’s holdings in Cisco Systems were worth $974,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently modified their holdings of the company. Summit Securities Group LLC acquired a new position in Cisco Systems during the second quarter valued at approximately $25,000. Retirement Group LLC boosted its position in shares of Cisco Systems by 56.8% during the first quarter. Retirement Group LLC now owns 726 shares of the network equipment provider’s stock worth $36,000 after purchasing an additional 263 shares in the last quarter. Hobbs Group Advisors LLC acquired a new position in shares of Cisco Systems in the 2nd quarter valued at $36,000. Redmont Wealth Advisors LLC bought a new stake in shares of Cisco Systems in the 1st quarter valued at $41,000. Finally, Iron Horse Wealth Management LLC raised its stake in Cisco Systems by 617.7% during the 2nd quarter. Iron Horse Wealth Management LLC now owns 890 shares of the network equipment provider’s stock worth $42,000 after buying an additional 766 shares during the period. 73.33% of the stock is owned by institutional investors.

Insider Buying and Selling at Cisco Systems

In other news, CEO Charles Robbins sold 27,143 shares of Cisco Systems 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 transaction, the chief executive officer now directly owns 683,403 shares in the company, valued at approximately $33,794,278.35. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, EVP Deborah L. Stahlkopf sold 7,462 shares of the firm’s stock in a transaction dated Friday, August 16th. The shares were sold at an average price of $49.41, for a total transaction of $368,697.42. Following the completion of the sale, the executive vice president now owns 165,580 shares in the company, valued at approximately $8,181,307.80. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, CEO Charles Robbins sold 27,143 shares of the company’s 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 completion of the transaction, the chief executive officer now owns 683,403 shares in the company, valued at approximately $33,794,278.35. The disclosure for this sale can be found here. Insiders have sold 70,529 shares of company stock worth $3,509,049 over the last 90 days. Company insiders own 0.02% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts have issued reports on CSCO shares. Piper Sandler reissued a “neutral” rating and issued a $52.00 target price on shares of Cisco Systems in a research note on Thursday, August 15th. Barclays decreased their price objective on Cisco Systems from $50.00 to $49.00 and set an “equal weight” rating for the company in a research report on Thursday, August 15th. Rosenblatt Securities raised their target price on shares of Cisco Systems from $56.00 to $58.00 and gave the stock a “neutral” rating in a report on Thursday, August 15th. Jefferies Financial Group reduced their price target on shares of Cisco Systems from $56.00 to $53.00 and set a “buy” rating for the company in a report on Thursday, August 15th. Finally, New Street Research raised shares of Cisco Systems from a “neutral” rating to a “buy” rating and set a $57.00 price objective for the company in a research report on Thursday, August 15th. One analyst has rated the stock with a sell rating, fourteen have assigned a hold rating, seven have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, Cisco Systems has an average rating of “Hold” and an average price target of $55.00.

Cisco Systems Trading Up 1.0 %

NASDAQ CSCO opened at $51.97 on Monday. Cisco Systems, Inc. has a 12 month low of $44.50 and a 12 month high of $54.58. The company has a current ratio of 0.91, a quick ratio of 0.83 and a debt-to-equity ratio of 0.43. The stock has a 50 day moving average of $48.52 and a 200-day moving average of $48.04. The company has a market cap of $209.38 billion, a PE ratio of 17.50, a PEG ratio of 3.87 and a beta of 0.83.

Cisco Systems (NASDAQ:CSCO) last announced its quarterly 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. The firm had revenue of $13.64 billion during the quarter, compared to analysts’ expectations of $13.53 billion. Cisco Systems had a net margin of 19.18% and a return on equity of 27.83%. The company’s revenue for the quarter was down 10.3% compared to the same quarter last year. During the same quarter last year, the company posted $1.01 earnings per share. On average, equities research analysts anticipate that Cisco Systems, Inc. will post 2.9 EPS for the current fiscal year.

Cisco Systems Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, October 23rd. Shareholders of record on Wednesday, October 2nd will be given a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a yield of 3.08%. The ex-dividend date is Wednesday, October 2nd. Cisco Systems’s dividend payout ratio (DPR) is presently 53.87%.

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.