Penobscot Investment Management Company Inc. Buys 3,569 Shares of Cisco Systems, Inc. (NASDAQ:CSCO)

Penobscot Investment Management Company Inc. grew its position in Cisco Systems, Inc. (NASDAQ:CSCO) by 3.2% in the fourth quarter, Holdings Channel reports. The fund owned 116,685 shares of the network equipment provider’s stock after acquiring an additional 3,569 shares during the quarter. Penobscot Investment Management Company Inc.’s holdings in Cisco Systems were worth $5,895,000 at the end of the most recent reporting period.

Several other hedge funds also recently modified their holdings of CSCO. Waddell & Associates LLC raised its holdings in Cisco Systems by 0.8% in the third quarter. Waddell & Associates LLC now owns 24,693 shares of the network equipment provider’s stock worth $1,328,000 after purchasing an additional 191 shares in the last quarter. Sax Wealth Advisors LLC grew its holdings in Cisco Systems by 3.6% in the third quarter. Sax Wealth Advisors LLC now owns 5,686 shares of the network equipment provider’s stock worth $306,000 after purchasing an additional 196 shares during the period. Winch Advisory Services LLC increased its stake in shares of Cisco Systems by 19.3% during the third quarter. Winch Advisory Services LLC now owns 1,232 shares of the network equipment provider’s stock valued at $66,000 after purchasing an additional 199 shares in the last quarter. Lodestone Wealth Management LLC lifted its holdings in shares of Cisco Systems by 0.6% during the third quarter. Lodestone Wealth Management LLC now owns 36,587 shares of the network equipment provider’s stock valued at $1,967,000 after purchasing an additional 205 shares during the last quarter. Finally, Gill Capital Partners LLC boosted its position in shares of Cisco Systems by 5.2% in the 3rd quarter. Gill Capital Partners LLC now owns 4,155 shares of the network equipment provider’s stock worth $223,000 after purchasing an additional 207 shares in the last quarter. Institutional investors and hedge funds own 73.33% of the company’s stock.

Cisco Systems Trading Down 1.5 %

Shares of NASDAQ:CSCO traded down $0.70 during trading hours on Tuesday, hitting $47.08. 5,777,577 shares of the company’s stock traded hands, compared to its average volume of 19,091,309. The firm has a market capitalization of $190.64 billion, a P/E ratio of 14.52, a price-to-earnings-growth ratio of 2.76 and a beta of 0.87. The business has a fifty day moving average price of $48.92 and a 200-day moving average price of $49.97. Cisco Systems, Inc. has a 1 year low of $45.56 and a 1 year high of $58.19. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.37 and a quick ratio of 1.26.

Cisco Systems (NASDAQ:CSCO) last announced its quarterly earnings data on Wednesday, February 14th. The network equipment provider reported $0.87 earnings per share for the quarter, beating analysts’ consensus estimates of $0.84 by $0.03. The company had revenue of $12.79 billion during the quarter, compared to analyst estimates of $12.71 billion. Cisco Systems had a net margin of 23.49% and a return on equity of 33.01%. The firm’s revenue for the quarter was down 5.9% on a year-over-year basis. During the same quarter last year, the business posted $0.76 EPS. Equities analysts expect that Cisco Systems, Inc. will post 3.13 earnings per share for the current year.

Cisco Systems Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, April 24th. Investors of record on Thursday, April 4th were paid a $0.40 dividend. The ex-dividend date was Wednesday, April 3rd. This is a positive change from Cisco Systems’s previous quarterly dividend of $0.39. This represents a $1.60 dividend on an annualized basis and a yield of 3.40%. Cisco Systems’s dividend payout ratio is 48.63%.

Analysts Set New Price Targets

CSCO has been the topic of several analyst reports. Piper Sandler boosted their target price on Cisco Systems from $47.00 to $51.00 and gave the stock a “neutral” rating in a report on Wednesday, March 20th. Bank of America upgraded shares of Cisco Systems from a “neutral” rating to a “buy” rating and boosted their price objective for the stock from $55.00 to $60.00 in a report on Monday, April 15th. Citigroup started coverage on Cisco Systems in a research note on Friday, April 12th. They set a “neutral” rating and a $52.00 target price on the stock. Morgan Stanley assumed coverage on Cisco Systems in a research note on Tuesday, April 9th. They issued an “overweight” rating and a $58.00 price target for the company. Finally, UBS Group increased their price objective on Cisco Systems from $54.00 to $55.00 and gave the company a “neutral” rating in a research report on Monday, February 12th. Two equities research analysts have rated the stock with a sell rating, fourteen have issued a hold rating and six have given a buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $55.53.

Insiders Place Their Bets

In related news, SVP Maria Victoria Wong sold 2,497 shares of the business’s stock in a transaction that occurred on Wednesday, March 13th. The shares were sold at an average price of $50.00, for a total value of $124,850.00. Following the completion of the transaction, the senior vice president now owns 58,121 shares of the company’s stock, valued at $2,906,050. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. In related news, SVP Maria Victoria Wong sold 2,497 shares of the firm’s stock in a transaction dated Wednesday, March 13th. The stock was sold at an average price of $50.00, for a total transaction of $124,850.00. Following the sale, the senior vice president now owns 58,121 shares of the company’s stock, valued at $2,906,050. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CFO Richard Scott Herren sold 13,942 shares of the firm’s stock in a transaction on Monday, March 11th. The stock was sold at an average price of $50.00, for a total value of $697,100.00. Following the completion of the sale, the chief financial officer now directly owns 328,491 shares of the company’s stock, valued at approximately $16,424,550. The disclosure for this sale can be found here. Insiders have sold a total of 19,441 shares of company stock worth $972,080 in the last three months. Corporate insiders own 0.02% of the company’s stock.

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.