Sovereign Financial Group Inc. Purchases 1,555 Shares of Cisco Systems, Inc. (NASDAQ:CSCO)

Sovereign Financial Group Inc. lifted its position in Cisco Systems, Inc. (NASDAQ:CSCO) by 16.5% in the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 10,966 shares of the network equipment provider’s stock after buying an additional 1,555 shares during the period. Sovereign Financial Group Inc.’s holdings in Cisco Systems were worth $547,000 as of its most recent SEC filing.

Several other hedge funds have also added to or reduced their stakes in the business. Mcintyre Freedman & Flynn Investment Advisers Inc. lifted its holdings in shares of Cisco Systems by 0.3% during the 4th quarter. Mcintyre Freedman & Flynn Investment Advisers Inc. now owns 59,756 shares of the network equipment provider’s stock valued at $3,019,000 after purchasing an additional 202 shares in the last quarter. Hyman Charles D raised its holdings in Cisco Systems by 0.3% during the 4th quarter. Hyman Charles D now owns 70,727 shares of the network equipment provider’s stock worth $3,573,000 after buying an additional 203 shares during the period. Madrona Financial Services LLC boosted its holdings in shares of Cisco Systems by 2.4% in the fourth quarter. Madrona Financial Services LLC now owns 8,970 shares of the network equipment provider’s stock valued at $453,000 after buying an additional 207 shares during the period. Morton Brown Family Wealth LLC increased its position in shares of Cisco Systems by 41.9% during the fourth quarter. Morton Brown Family Wealth LLC now owns 704 shares of the network equipment provider’s stock worth $36,000 after acquiring an additional 208 shares in the last quarter. Finally, Baker Boyer National Bank raised its holdings in shares of Cisco Systems by 2.6% during the first quarter. Baker Boyer National Bank now owns 8,237 shares of the network equipment provider’s stock worth $411,000 after acquiring an additional 210 shares during the period. Institutional investors and hedge funds own 73.33% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts have issued reports on the company. Piper Sandler reiterated a “neutral” rating and set a $52.00 target price on shares of Cisco Systems in a report on Wednesday, June 5th. Bank of America upgraded Cisco Systems from a “neutral” rating to a “buy” rating and increased their price objective for the stock from $55.00 to $60.00 in a report on Monday, April 15th. StockNews.com downgraded Cisco Systems from a “buy” rating to a “hold” rating in a research report on Thursday, May 23rd. JPMorgan Chase & Co. initiated coverage on shares of Cisco Systems in a report on Monday, April 22nd. They issued a “neutral” rating and a $53.00 price objective on the stock. Finally, Citigroup initiated coverage on shares of Cisco Systems in a report on Friday, April 12th. They set a “neutral” rating and a $52.00 target price for the company. One analyst has rated the stock with a sell rating, fifteen have issued a hold rating and six have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $56.47.

Cisco Systems Trading Up 1.3 %

Shares of Cisco Systems stock opened at $47.45 on Friday. The firm’s 50-day moving average price is $47.09 and its two-hundred day moving average price is $48.82. Cisco Systems, Inc. has a 12-month low of $44.95 and a 12-month high of $58.19. The company has a quick ratio of 0.82, a current ratio of 0.89 and a debt-to-equity ratio of 0.44. The company has a market capitalization of $191.17 billion, a price-to-earnings ratio of 15.98, a PEG ratio of 2.74 and a beta of 0.85.

Cisco Systems (NASDAQ:CSCO) last released its earnings results on Wednesday, May 15th. The network equipment provider reported $0.88 earnings per share for the quarter, topping the consensus estimate of $0.70 by $0.18. Cisco Systems had a return on equity of 30.82% and a net margin of 21.88%. The firm had revenue of $12.70 billion during the quarter, compared to analysts’ expectations of $12.53 billion. During the same period in the prior year, the company earned $0.88 earnings per share. The company’s quarterly revenue was down 12.8% on a year-over-year basis. On average, analysts forecast that Cisco Systems, Inc. will post 3.14 earnings per share for the current fiscal year.

Cisco Systems Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, July 24th. Shareholders of record on Friday, July 5th will be paid a dividend of $0.40 per share. This represents a $1.60 annualized dividend and a yield of 3.37%. The ex-dividend date of this dividend is Friday, July 5th. Cisco Systems’s payout ratio is 53.87%.

Insider Activity

In other Cisco Systems news, SVP Maria Victoria Wong sold 3,378 shares of the business’s stock in a transaction on Wednesday, May 29th. The shares were sold at an average price of $45.89, for a total transaction of $155,016.42. Following the sale, the senior vice president now owns 52,953 shares of the company’s stock, valued at $2,430,013.17. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. In other news, SVP Maria Victoria Wong sold 3,378 shares of the business’s stock in a transaction dated Wednesday, May 29th. The stock was sold at an average price of $45.89, for a total transaction of $155,016.42. Following the sale, the senior vice president now directly owns 52,953 shares in the company, valued at $2,430,013.17. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CEO Charles Robbins sold 26,331 shares of the firm’s stock in a transaction that occurred on Wednesday, May 29th. The shares were sold at an average price of $46.10, for a total transaction of $1,213,859.10. Following the completion of the transaction, the chief executive officer now owns 725,363 shares of the company’s stock, valued at approximately $33,439,234.30. The disclosure for this sale can be found here. In the last three months, insiders have sold 41,106 shares of company stock worth $1,908,923. Corporate insiders own 0.02% of the company’s stock.

Cisco Systems 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.