Oak Harbor Wealth Partners LLC Reduces Holdings in Cisco Systems, Inc. (NASDAQ:CSCO)

Oak Harbor Wealth Partners LLC lessened its stake in Cisco Systems, Inc. (NASDAQ:CSCO) by 50.4% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 23,018 shares of the network equipment provider’s stock after selling 23,351 shares during the period. Oak Harbor Wealth Partners LLC’s holdings in Cisco Systems were worth $1,225,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also made changes to their positions in CSCO. Swedbank AB bought a new position in shares of Cisco Systems during the 1st quarter valued at about $840,538,000. Dimensional Fund Advisors LP lifted its position in shares of Cisco Systems by 22.5% in the second quarter. Dimensional Fund Advisors LP now owns 26,409,843 shares of the network equipment provider’s stock worth $1,254,739,000 after purchasing an additional 4,843,146 shares in the last quarter. Pathway Financial Advisers LLC increased its holdings in Cisco Systems by 5,231.5% in the third quarter. Pathway Financial Advisers LLC now owns 4,935,107 shares of the network equipment provider’s stock worth $262,646,000 after buying an additional 4,842,542 shares during the last quarter. Natixis increased its holdings in Cisco Systems by 438.4% in the first quarter. Natixis now owns 4,924,988 shares of the network equipment provider’s stock worth $245,806,000 after buying an additional 4,010,228 shares during the last quarter. Finally, Price T Rowe Associates Inc. MD grew its holdings in Cisco Systems by 26.5% during the first quarter. Price T Rowe Associates Inc. MD now owns 13,858,505 shares of the network equipment provider’s stock valued at $691,678,000 after purchasing an additional 2,906,357 shares during the last quarter. Institutional investors own 73.33% of the company’s stock.

Insiders Place Their Bets

In related news, CFO Richard Scott Herren sold 22,309 shares of the firm’s stock in a transaction on Tuesday, August 20th. The shares were sold at an average price of $50.00, for a total transaction of $1,115,450.00. Following the completion of the sale, the chief financial officer now directly owns 293,184 shares of the company’s stock, valued at approximately $14,659,200. This trade represents a 7.07 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Thimaya K. Subaiya sold 1,328 shares of the firm’s stock in a transaction on Thursday, September 12th. The shares were sold at an average price of $48.92, for a total transaction of $64,965.76. Following the sale, the executive vice president now directly owns 132,910 shares of the company’s stock, valued at approximately $6,501,957.20. The trade was a 0.99 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 35,924 shares of company stock worth $1,798,131. 0.01% of the stock is owned by company insiders.

Analysts Set New Price Targets

CSCO has been the subject of several research reports. Piper Sandler raised their target price on Cisco Systems from $52.00 to $57.00 and gave the stock a “neutral” rating in a research report on Thursday. HSBC raised Cisco Systems from a “hold” rating to a “buy” rating and lifted their price target for the company from $46.00 to $58.00 in a report on Friday, August 16th. New Street Research upgraded 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. StockNews.com upgraded Cisco Systems from a “hold” rating to a “buy” rating in a research report on Thursday. Finally, Jefferies Financial Group decreased their target price 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. Eleven analysts have rated the stock with a hold rating, eleven have issued a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $59.42.

Cisco Systems Trading Down 2.1 %

Shares of Cisco Systems stock opened at $57.92 on Friday. 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 firm’s 50-day moving average price is $53.82 and its 200 day moving average price is $49.64. Cisco Systems, Inc. has a twelve month low of $44.50 and a twelve month high of $59.38. The firm has a market capitalization of $231.14 billion, a PE ratio of 24.86, a P/E/G ratio of 4.90 and a beta of 0.83.

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. Cisco Systems had a net margin of 17.73% and a return on equity of 25.62%. The firm had revenue of $13.64 billion during the quarter, compared to the consensus estimate of $13.53 billion. During the same quarter last year, the firm earned $1.01 EPS. The firm’s revenue for the quarter was down 10.3% on a year-over-year basis. On average, sell-side analysts predict that Cisco Systems, Inc. will post 2.89 EPS for the current fiscal year.

Cisco Systems Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Wednesday, January 22nd. Shareholders of record on Friday, January 3rd will be given a dividend of $0.40 per share. This represents a $1.60 annualized dividend and a yield of 2.76%. Cisco Systems’s payout ratio is currently 68.67%.

Cisco Systems Company 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.