Corebridge Financial Inc. Cuts Stock Holdings in Cisco Systems, Inc. (NASDAQ:CSCO)

Corebridge Financial Inc. cut its stake in Cisco Systems, Inc. (NASDAQ:CSCO) by 4.9% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 1,341,003 shares of the network equipment provider’s stock after selling 68,851 shares during the period. Cisco Systems comprises about 0.4% of Corebridge Financial Inc.’s holdings, making the stock its 24th largest holding. Corebridge Financial Inc.’s holdings in Cisco Systems were worth $79,387,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also recently bought and sold shares of the stock. FPC Investment Advisory Inc. acquired a new stake in shares of Cisco Systems in the 4th quarter valued at $26,000. Runnymede Capital Advisors Inc. acquired a new stake in Cisco Systems in the fourth quarter valued at $30,000. Campbell Capital Management Inc. purchased a new stake in Cisco Systems during the 4th quarter worth about $31,000. Highline Wealth Partners LLC boosted its position in shares of Cisco Systems by 76.7% during the 4th quarter. Highline Wealth Partners LLC now owns 599 shares of the network equipment provider’s stock worth $35,000 after acquiring an additional 260 shares in the last quarter. Finally, Synergy Investment Management LLC purchased a new position in shares of Cisco Systems in the 4th quarter valued at about $36,000. 73.33% of the stock is owned by institutional investors and hedge funds.

Cisco Systems Stock Down 0.5 %

CSCO stock opened at $60.30 on Monday. The stock has a market capitalization of $239.89 billion, a PE ratio of 26.33, a price-to-earnings-growth ratio of 4.16 and a beta of 0.79. The company has a fifty day moving average of $61.95 and a 200-day moving average of $58.17. The company has a debt-to-equity ratio of 0.43, a quick ratio of 0.79 and a current ratio of 0.87. Cisco Systems, Inc. has a one year low of $44.50 and a one year high of $66.50.

Cisco Systems (NASDAQ:CSCO) last announced its quarterly earnings data on Wednesday, February 12th. The network equipment provider reported $0.77 EPS for the quarter, missing analysts’ consensus estimates of $0.91 by ($0.14). Cisco Systems had a net margin of 16.96% and a return on equity of 26.08%. As a group, analysts expect that Cisco Systems, Inc. will post 3.04 EPS for the current year.

Cisco Systems Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, April 23rd. Investors of record on Thursday, April 3rd will be issued a dividend of $0.41 per share. This represents a $1.64 dividend on an annualized basis and a yield of 2.72%. The ex-dividend date of this dividend is Thursday, April 3rd. This is a positive change from Cisco Systems’s previous quarterly dividend of $0.40. Cisco Systems’s dividend payout ratio is currently 71.62%.

Cisco Systems declared that its Board of Directors has initiated a stock repurchase program on Wednesday, February 12th that permits the company to buyback $15.00 billion in shares. This buyback authorization permits the network equipment provider to purchase up to 6% of its shares through open market purchases. Shares buyback programs are typically an indication that the company’s board believes its stock is undervalued.

Analyst Ratings Changes

Several equities research analysts recently weighed in on CSCO shares. JPMorgan Chase & Co. boosted their target price on Cisco Systems from $69.00 to $73.00 and gave the stock an “overweight” rating in a research note on Thursday, February 13th. Piper Sandler restated a “neutral” rating on shares of Cisco Systems in a report on Thursday, March 6th. Melius Research upgraded shares of Cisco Systems from a “hold” rating to a “strong-buy” rating in a research note on Monday, January 6th. Melius upgraded shares of Cisco Systems from a “hold” rating to a “buy” rating and upped their price objective for the company from $66.00 to $73.00 in a research note on Monday, January 6th. Finally, The Goldman Sachs Group lifted their target price on Cisco Systems from $56.00 to $63.00 and gave the stock a “neutral” rating in a research report on Thursday, February 13th. Seven research analysts have rated the stock with a hold rating, fifteen have issued a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $66.63.

Insiders Place Their Bets

In other Cisco Systems news, CFO Richard Scott Herren sold 19,929 shares of the company’s stock in a transaction dated Friday, February 14th. The shares were sold at an average price of $64.41, for a total transaction of $1,283,626.89. Following the transaction, the chief financial officer now directly owns 335,605 shares in the company, valued at approximately $21,616,318.05. This represents a 5.61 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, SVP Maria Victoria Wong sold 762 shares of Cisco Systems stock in a transaction that occurred on Wednesday, March 12th. The shares were sold at an average price of $60.99, for a total transaction of $46,474.38. Following the sale, the senior vice president now owns 44,155 shares of the company’s stock, valued at approximately $2,693,013.45. The trade was a 1.70 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 66,547 shares of company stock worth $4,275,553. 0.01% of the stock is owned by corporate insiders.

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.