Perkins Coie Trust Co Sells 1,927 Shares of Cisco Systems, Inc. (NASDAQ:CSCO)

Perkins Coie Trust Co trimmed its holdings in shares of Cisco Systems, Inc. (NASDAQ:CSCO) by 2.4% in the third quarter, according to its most recent filing with the SEC. The firm owned 77,228 shares of the network equipment provider’s stock after selling 1,927 shares during the period. Perkins Coie Trust Co’s holdings in Cisco Systems were worth $4,110,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Summit Securities Group LLC bought a new position in shares of Cisco Systems during the 2nd quarter worth about $25,000. Quarry LP lifted its holdings in shares of Cisco Systems by 222.4% during the 2nd quarter. Quarry LP now owns 661 shares of the network equipment provider’s stock worth $31,000 after acquiring an additional 456 shares during the period. Retirement Group LLC lifted its holdings in shares of Cisco Systems by 56.8% during the 1st quarter. Retirement Group LLC now owns 726 shares of the network equipment provider’s stock worth $36,000 after acquiring an additional 263 shares during the period. Hobbs Group Advisors LLC bought a new position in shares of Cisco Systems during the 2nd quarter worth about $36,000. Finally, Redmont Wealth Advisors LLC bought a new position in Cisco Systems during the 1st quarter valued at about $41,000. 73.33% of the stock is owned by institutional investors.

Cisco Systems Trading Up 0.8 %

Cisco Systems stock traded up $0.42 during midday trading on Wednesday, hitting $53.15. 878,201 shares of the stock were exchanged, compared to its average volume of 19,194,779. The company has a fifty day simple moving average of $49.76 and a two-hundred day simple moving average of $48.30. Cisco Systems, Inc. has a 52 week low of $44.50 and a 52 week high of $54.58. The stock has a market capitalization of $214.13 billion, a PE ratio of 17.75, a P/E/G ratio of 4.11 and a beta of 0.83. The company has a quick ratio of 0.83, a current ratio of 0.91 and a debt-to-equity ratio of 0.43.

Cisco Systems (NASDAQ:CSCO) last released its quarterly earnings data on Wednesday, August 14th. The network equipment provider reported $0.87 earnings per share for the quarter, topping the consensus estimate 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 analyst estimates of $13.53 billion. During the same quarter last year, the firm earned $1.01 EPS. Cisco Systems’s quarterly revenue was down 10.3% compared to the same quarter last year. Equities research analysts anticipate that Cisco Systems, Inc. will post 2.9 EPS for the current fiscal year.

Cisco Systems Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, October 23rd. Shareholders of record on Wednesday, October 2nd will be paid a $0.40 dividend. This represents a $1.60 dividend on an annualized basis and a yield of 3.01%. The ex-dividend date of this dividend is Wednesday, October 2nd. Cisco Systems’s payout ratio is currently 53.87%.

Wall Street Analysts Forecast Growth

CSCO has been the subject of several analyst reports. Piper Sandler reissued a “neutral” rating and set a $52.00 price target on shares of Cisco Systems in a report on Thursday, August 15th. Rosenblatt Securities lifted their price target on shares of Cisco Systems from $56.00 to $58.00 and gave the company a “neutral” rating in a report on Thursday, August 15th. Evercore ISI raised their price objective on shares of Cisco Systems from $55.00 to $60.00 and gave the company an “outperform” rating in a research report on Friday, September 20th. Barclays lowered their price objective on shares of 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. Finally, Deutsche Bank Aktiengesellschaft raised their price objective on shares of Cisco Systems from $52.00 to $53.00 and gave the company a “hold” rating in a research report on Thursday, August 15th. One investment analyst has rated the stock with a sell rating, fourteen have issued a hold rating, seven have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $55.00.

Insider Buying and Selling at Cisco Systems

In other Cisco Systems news, CEO Charles Robbins sold 27,143 shares of Cisco Systems stock in a transaction that occurred 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 transaction, the chief executive officer now owns 683,403 shares of the company’s stock, valued at approximately $33,794,278.35. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. In other news, SVP Maria Victoria Wong sold 3,379 shares of the business’s stock in a transaction on Wednesday, August 28th. The shares were sold at an average price of $50.36, for a total value of $170,166.44. Following the sale, the senior vice president now owns 47,182 shares of the company’s stock, valued at $2,376,085.52. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CEO Charles Robbins sold 27,143 shares of the business’s stock in a transaction 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. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 70,529 shares of company stock valued at $3,509,049. 0.02% of the stock is currently owned by corporate 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.