Cigna Investments Inc. New Reduces Holdings in Cisco Systems, Inc. (NASDAQ:CSCO)

Cigna Investments Inc. New cut its holdings in Cisco Systems, Inc. (NASDAQ:CSCO) by 1.6% during the third quarter, according to its most recent Form 13F filing with the SEC. The fund owned 41,682 shares of the network equipment provider’s stock after selling 673 shares during the period. Cigna Investments Inc. New’s holdings in Cisco Systems were worth $2,218,000 at the end of the most recent reporting period.

Other hedge funds also recently added to or reduced their stakes in the company. Aspen Wealth Strategies LLC lifted its position in Cisco Systems by 22.8% in the third quarter. Aspen Wealth Strategies LLC now owns 14,917 shares of the network equipment provider’s stock valued at $794,000 after buying an additional 2,773 shares during the last quarter. Reston Wealth Management LLC acquired a new position in shares of Cisco Systems in the 3rd quarter worth approximately $115,000. IRON Financial LLC acquired a new stake in Cisco Systems in the 3rd quarter valued at approximately $856,000. Cordatus Wealth Management LLC raised its position in Cisco Systems by 1.2% in the third quarter. Cordatus Wealth Management LLC now owns 106,016 shares of the network equipment provider’s stock valued at $5,642,000 after purchasing an additional 1,231 shares during the period. Finally, United Asset Strategies Inc. boosted its position in shares of Cisco Systems by 9.9% during the third quarter. United Asset Strategies Inc. now owns 48,559 shares of the network equipment provider’s stock worth $2,584,000 after buying an additional 4,370 shares during the period. 73.33% of the stock is currently owned by hedge funds and other institutional investors.

Cisco Systems Price Performance

Shares of NASDAQ:CSCO opened at $54.77 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. Cisco Systems, Inc. has a 12 month low of $44.50 and a 12 month high of $57.06. The firm has a market capitalization of $218.57 billion, a P/E ratio of 21.56, a P/E/G ratio of 4.61 and a beta of 0.83. The company’s fifty day moving average price is $52.53 and its 200 day moving average price is $49.04.

Cisco Systems (NASDAQ:CSCO) last posted its earnings results on Wednesday, August 14th. The network equipment provider reported $0.87 earnings per share for the quarter, beating the consensus estimate of $0.85 by $0.02. The business had revenue of $13.64 billion during the quarter, compared to the consensus estimate of $13.53 billion. Cisco Systems had a return on equity of 27.83% and a net margin of 19.18%. The business’s quarterly revenue was down 10.3% on a year-over-year basis. During the same period in the previous year, the business earned $1.01 EPS. As a group, sell-side analysts predict that Cisco Systems, Inc. will post 2.89 earnings per share for the current fiscal year.

Cisco Systems Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Wednesday, October 23rd. Stockholders of record on Wednesday, October 2nd were issued a $0.40 dividend. The ex-dividend date was Wednesday, October 2nd. This represents a $1.60 dividend on an annualized basis and a dividend yield of 2.92%. Cisco Systems’s payout ratio is 62.99%.

Insider Buying and Selling

In other Cisco Systems news, CEO Charles Robbins sold 27,143 shares of Cisco Systems 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 transaction, the chief executive officer now directly owns 683,403 shares in the company, valued at approximately $33,794,278.35. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other news, SVP Maria Victoria Wong sold 3,379 shares of the firm’s stock in a transaction that occurred on Wednesday, August 28th. The stock was sold at an average price of $50.36, for a total value of $170,166.44. Following the completion of the sale, the senior vice president now directly owns 47,182 shares of the company’s stock, valued at $2,376,085.52. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Charles Robbins sold 27,143 shares of the company’s stock in a transaction on Friday, August 16th. The stock was 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 directly owns 683,403 shares in the company, valued at $33,794,278.35. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 70,529 shares of company stock worth $3,509,049 in the last 90 days. Company insiders own 0.01% of the company’s stock.

Analyst Ratings Changes

Several equities analysts recently issued reports on CSCO shares. Tigress Financial increased their target price on Cisco Systems from $76.00 to $78.00 and gave the stock a “buy” rating in a research note on Monday, October 14th. Evercore ISI increased their price target on shares of Cisco Systems from $55.00 to $60.00 and gave the stock an “outperform” rating in a research report on Friday, September 20th. Jefferies Financial Group dropped their price objective 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. New Street Research upgraded shares of Cisco Systems from a “neutral” rating to a “buy” rating and set a $57.00 target price on the stock in a report on Thursday, August 15th. Finally, JPMorgan Chase & Co. boosted their price target on shares of Cisco Systems from $53.00 to $55.00 and gave the stock a “hold” rating in a research note on Thursday, August 8th. Despite investors’ hopes for a rebound in Networking Equipment demand to boost Cisco’s fourth-quarter 2024 performance, the anticipation is tempered by limited indications of a significant recovery in demand. Twelve analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $56.74.

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.