Drive Wealth Management LLC Sells 799 Shares of Cisco Systems, Inc. (NASDAQ:CSCO)

Drive Wealth Management LLC trimmed its stake in shares of Cisco Systems, Inc. (NASDAQ:CSCO) by 4.7% in the fourth quarter, according to the company in its most recent filing with the SEC. The firm owned 16,368 shares of the network equipment provider’s stock after selling 799 shares during the quarter. Drive Wealth Management LLC’s holdings in Cisco Systems were worth $969,000 as of its most recent SEC filing.

A number of other institutional investors have also recently modified their holdings of the stock. Morse Asset Management Inc acquired a new position in shares of Cisco Systems during the 3rd quarter worth $798,000. HighVista Strategies LLC bought a new stake in shares of Cisco Systems in the 3rd quarter valued at about $1,698,000. GAMMA Investing LLC boosted its position in shares of Cisco Systems by 13.1% during the 4th quarter. GAMMA Investing LLC now owns 93,357 shares of the network equipment provider’s stock valued at $5,527,000 after purchasing an additional 10,813 shares in the last quarter. Commerzbank Aktiengesellschaft FI boosted its position in shares of Cisco Systems by 10.9% during the 3rd quarter. Commerzbank Aktiengesellschaft FI now owns 1,658,417 shares of the network equipment provider’s stock valued at $88,261,000 after purchasing an additional 162,544 shares in the last quarter. Finally, Oddo BHF Asset Management Sas bought a new stake in shares of Cisco Systems during the 3rd quarter valued at about $502,000. 73.33% of the stock is currently owned by institutional investors.

Insider Transactions at Cisco Systems

In other news, SVP Maria Victoria Wong sold 586 shares of the firm’s stock in a transaction that occurred on Thursday, December 12th. The shares were sold at an average price of $58.69, for a total value of $34,392.34. Following the completion of the transaction, the senior vice president now directly owns 50,767 shares in the company, valued at approximately $2,979,515.23. This trade represents a 1.14 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Thimaya K. Subaiya sold 3,042 shares of the firm’s stock in a transaction that occurred on Thursday, December 12th. The shares were sold at an average price of $59.19, for a total transaction of $180,055.98. Following the completion of the transaction, the executive vice president now owns 207,798 shares of the company’s stock, valued at $12,299,563.62. This trade represents a 1.44 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 353,522 shares of company stock valued at $20,349,721 over the last three months. Company insiders own 0.01% of the company’s stock.

Wall Street Analyst Weigh In

CSCO has been the topic of several research analyst reports. Barclays upped their target price on Cisco Systems from $49.00 to $56.00 and gave the company an “equal weight” rating in a research report on Thursday, November 14th. Wells Fargo & Company increased their price target on Cisco Systems from $57.00 to $60.00 and gave the stock an “equal weight” rating in a report on Thursday, November 14th. UBS Group increased their price target on Cisco Systems from $55.00 to $62.00 and gave the stock a “neutral” rating in a report on Thursday, November 14th. Melius upgraded Cisco Systems from a “hold” rating to a “buy” rating and increased their price target for the stock from $66.00 to $73.00 in a report on Monday, January 6th. Finally, JPMorgan Chase & Co. upgraded Cisco Systems from a “neutral” rating to an “overweight” rating and increased their price target for the stock from $55.00 to $66.00 in a report on Monday, November 11th. Eight analysts have rated the stock with a hold rating, twelve have issued a buy rating and two have given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $61.50.

Cisco Systems Stock Performance

Shares of CSCO opened at $62.23 on Monday. The company has a current ratio of 0.88, a quick ratio of 0.80 and a debt-to-equity ratio of 0.43. The company has a market capitalization of $247.85 billion, a price-to-earnings ratio of 26.71, a PEG ratio of 4.59 and a beta of 0.84. The stock has a 50 day moving average of $59.22 and a 200 day moving average of $54.09. Cisco Systems, Inc. has a 12 month low of $44.50 and a 12 month high of $62.31.

Cisco Systems (NASDAQ:CSCO) last released its earnings results on Wednesday, November 13th. The network equipment provider reported $0.91 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.87 by $0.04. Cisco Systems had a return on equity of 25.70% and a net margin of 17.73%. The business had revenue of $13.84 billion during the quarter, compared to the consensus estimate of $13.78 billion. During the same period last year, the business posted $0.98 earnings per share. The business’s revenue for the quarter was down 5.6% on a year-over-year basis. As a group, sell-side analysts forecast that Cisco Systems, Inc. will post 2.97 earnings per share for the current year.

Cisco Systems Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Wednesday, January 22nd. Shareholders of record on Friday, January 3rd were given a $0.40 dividend. This represents a $1.60 dividend on an annualized basis and a yield of 2.57%. The ex-dividend date of this dividend was Friday, January 3rd. Cisco Systems’s dividend payout ratio is currently 68.67%.

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.