Cisco Systems, Inc. (NASDAQ:CSCO) Position Lessened by Morton Capital Management LLC CA

Morton Capital Management LLC CA reduced its stake in shares of Cisco Systems, Inc. (NASDAQ:CSCO) by 12.1% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 30,251 shares of the network equipment provider’s stock after selling 4,153 shares during the quarter. Cisco Systems comprises approximately 0.3% of Morton Capital Management LLC CA’s holdings, making the stock its 28th largest position. Morton Capital Management LLC CA’s holdings in Cisco Systems were worth $1,610,000 at the end of the most recent reporting period.

Other large investors have also recently added to or reduced their stakes in the company. Summit Securities Group LLC bought a new stake in shares of Cisco Systems during the 2nd quarter worth about $25,000. Quarry LP lifted its stake in Cisco Systems by 222.4% during the second quarter. Quarry LP now owns 661 shares of the network equipment provider’s stock valued at $31,000 after purchasing an additional 456 shares during the last quarter. West Financial Advisors LLC boosted its holdings in Cisco Systems by 116.6% during the third quarter. West Financial Advisors LLC now owns 574 shares of the network equipment provider’s stock worth $31,000 after buying an additional 309 shares in the last quarter. Retirement Group LLC increased its holdings in shares of Cisco Systems by 56.8% in the first quarter. Retirement Group LLC now owns 726 shares of the network equipment provider’s stock valued at $36,000 after buying an additional 263 shares in the last quarter. Finally, Hobbs Group Advisors LLC acquired a new position in shares of Cisco Systems in the 2nd quarter valued at about $36,000. 73.33% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

CSCO has been the topic of several research reports. Evercore ISI upped their price objective 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. 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 report on Thursday, August 15th. Jefferies Financial Group lowered their target price on Cisco Systems from $56.00 to $53.00 and set a “buy” rating on the stock in a research note on Thursday, August 15th. Barclays reduced their price target on Cisco Systems from $50.00 to $49.00 and set an “equal weight” rating for the company in a report on Thursday, August 15th. Finally, Piper Sandler reiterated a “neutral” rating and issued a $52.00 target price on shares of Cisco Systems in a research note on Thursday, August 15th. One analyst has rated the stock with a sell rating, fourteen have issued a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, Cisco Systems currently has a consensus rating of “Hold” and an average target price of $55.00.

Insider Activity

In other news, EVP Thimaya K. Subaiya sold 1,328 shares of Cisco Systems stock in a transaction dated Thursday, September 12th. The stock was 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. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In related news, EVP Deborah L. Stahlkopf sold 7,462 shares of Cisco Systems stock in a transaction on Friday, August 16th. The shares were sold at an average price of $49.41, for a total value of $368,697.42. Following the completion of the sale, the executive vice president now owns 165,580 shares of the company’s stock, valued at approximately $8,181,307.80. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, EVP Thimaya K. Subaiya sold 1,328 shares of the company’s stock in a transaction dated Thursday, September 12th. The stock was sold at an average price of $48.92, for a total transaction of $64,965.76. Following the completion of the sale, the executive vice president now owns 132,910 shares in the company, valued at $6,501,957.20. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 70,529 shares of company stock worth $3,509,049. 0.02% of the stock is currently owned by corporate insiders.

Cisco Systems Stock Performance

CSCO opened at $53.61 on Thursday. The business’s 50-day simple moving average is $49.87 and its 200 day simple moving average is $48.34. Cisco Systems, Inc. has a 52-week low of $44.50 and a 52-week high of $54.58. 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 firm has a market capitalization of $215.98 billion, a PE ratio of 18.03, a PEG ratio of 4.11 and a beta of 0.83.

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

Cisco Systems Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, October 23rd. Shareholders of record on Wednesday, October 2nd will be issued a $0.40 dividend. This represents a $1.60 annualized dividend and a yield of 2.98%. The ex-dividend date is Wednesday, October 2nd. Cisco Systems’s dividend payout ratio is currently 53.87%.

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.