Canandaigua National Bank & Trust Co. Has $5.87 Million Holdings in Cisco Systems, Inc. (NASDAQ:CSCO)

Canandaigua National Bank & Trust Co. lifted its stake in Cisco Systems, Inc. (NASDAQ:CSCO) by 2.4% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 110,346 shares of the network equipment provider’s stock after acquiring an additional 2,586 shares during the period. Canandaigua National Bank & Trust Co.’s holdings in Cisco Systems were worth $5,873,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also bought and sold shares of the stock. Farmers Trust Co. grew its position in Cisco Systems by 1.6% in the 3rd quarter. Farmers Trust Co. now owns 177,147 shares of the network equipment provider’s stock worth $9,428,000 after purchasing an additional 2,737 shares during the last quarter. Czech National Bank lifted its stake in shares of Cisco Systems by 6.4% in the third quarter. Czech National Bank now owns 820,712 shares of the network equipment provider’s stock valued at $43,678,000 after buying an additional 49,100 shares during the period. JLB & Associates Inc. grew its position in Cisco Systems by 4.0% during the third quarter. JLB & Associates Inc. now owns 34,714 shares of the network equipment provider’s stock worth $1,847,000 after buying an additional 1,348 shares in the last quarter. Cascade Investment Advisors Inc. increased its stake in Cisco Systems by 0.6% during the third quarter. Cascade Investment Advisors Inc. now owns 40,248 shares of the network equipment provider’s stock valued at $2,142,000 after acquiring an additional 235 shares during the period. Finally, Massmutual Trust Co. FSB ADV increased its stake in Cisco Systems by 1.3% during the third quarter. Massmutual Trust Co. FSB ADV now owns 541,141 shares of the network equipment provider’s stock valued at $28,800,000 after acquiring an additional 6,808 shares during the period. Institutional investors own 73.33% of the company’s stock.

Cisco Systems Price Performance

Cisco Systems stock opened at $52.43 on Friday. Cisco Systems, Inc. has a 52 week low of $44.50 and a 52 week high of $54.58. The firm has a market cap of $211.23 billion, a P/E ratio of 17.65, a P/E/G ratio of 4.11 and a beta of 0.83. The company has a debt-to-equity ratio of 0.43, a quick ratio of 0.83 and a current ratio of 0.91. The business’s fifty day moving average is $49.48 and its two-hundred day moving average is $48.25.

Cisco Systems (NASDAQ:CSCO) last issued its quarterly earnings data on Wednesday, August 14th. The network equipment provider reported $0.87 EPS for the quarter, topping analysts’ consensus estimates of $0.85 by $0.02. The firm had revenue of $13.64 billion for the quarter, compared to analyst estimates of $13.53 billion. Cisco Systems had a net margin of 19.18% and a return on equity of 27.83%. The company’s revenue was down 10.3% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.01 EPS. Equities research analysts forecast that Cisco Systems, Inc. will post 2.9 earnings per share for the current fiscal year.

Cisco Systems Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 23rd. Investors of record on Wednesday, October 2nd will be given a $0.40 dividend. This represents a $1.60 annualized dividend and a yield of 3.05%. The ex-dividend date of this dividend is Wednesday, October 2nd. Cisco Systems’s dividend payout ratio (DPR) is presently 53.87%.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on CSCO. Needham & Company LLC reissued a “hold” rating on shares of Cisco Systems in a report on Thursday, August 15th. Hsbc Global Res upgraded shares of Cisco Systems to a “strong-buy” rating in a research note on Friday, August 16th. Rosenblatt Securities boosted their price target on shares of Cisco Systems from $56.00 to $58.00 and gave the company a “neutral” rating in a report on Thursday, August 15th. Piper Sandler reaffirmed a “neutral” rating and set a $52.00 price objective on shares of Cisco Systems in a report on Thursday, August 15th. Finally, Evercore ISI upped their target price on shares of Cisco Systems from $55.00 to $60.00 and gave the company an “outperform” rating in a research note on Friday, September 20th. One investment analyst has rated the stock with a sell rating, fourteen have issued a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $55.00.

Insiders Place Their Bets

In other news, SVP Maria Victoria Wong sold 3,379 shares of Cisco Systems stock in a transaction 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 approximately $2,376,085.52. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In related news, CEO Charles Robbins sold 27,143 shares of the stock in a transaction that occurred 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 $33,794,278.35. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, SVP Maria Victoria Wong sold 3,379 shares of the firm’s stock in a transaction that occurred on Wednesday, August 28th. The shares were sold at an average price of $50.36, for a total transaction of $170,166.44. Following the completion of the transaction, the senior vice president now directly owns 47,182 shares in the company, valued at $2,376,085.52. The disclosure for this sale can be found here. In the last quarter, insiders have sold 70,529 shares of company stock valued at $3,509,049. 0.02% of the stock is currently owned by corporate insiders.

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.