Strait & Sound Wealth Management LLC Sells 9,760 Shares of Cisco Systems, Inc. (NASDAQ:CSCO)

Strait & Sound Wealth Management LLC decreased its position in shares of Cisco Systems, Inc. (NASDAQ:CSCO) by 52.1% during the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 8,972 shares of the network equipment provider’s stock after selling 9,760 shares during the period. Strait & Sound Wealth Management LLC’s holdings in Cisco Systems were worth $477,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also made changes to their positions in the company. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp grew its holdings in Cisco Systems by 59.3% during the 2nd quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 775,559 shares of the network equipment provider’s stock valued at $36,847,000 after purchasing an additional 288,775 shares during the last quarter. Morse Asset Management Inc bought a new position in shares of Cisco Systems during the third quarter valued at approximately $798,000. Citizens Financial Group Inc. RI raised its holdings in shares of Cisco Systems by 24.4% in the second quarter. Citizens Financial Group Inc. RI now owns 264,647 shares of the network equipment provider’s stock worth $12,573,000 after buying an additional 51,924 shares during the period. HighVista Strategies LLC bought a new stake in shares of Cisco Systems during the 3rd quarter worth approximately $1,698,000. Finally, Commerzbank Aktiengesellschaft FI boosted its holdings in 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 acquiring an additional 162,544 shares during the period. Hedge funds and other institutional investors own 73.33% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on CSCO. HSBC raised shares of Cisco Systems from a “hold” rating to a “buy” rating and boosted their target price for the company from $46.00 to $58.00 in a research note on Friday, August 16th. Jefferies Financial Group dropped their target price on shares of Cisco Systems from $56.00 to $53.00 and set a “buy” rating on the stock in a research note on Thursday, August 15th. StockNews.com raised shares of Cisco Systems from a “hold” rating to a “buy” rating in a research note on Thursday, November 14th. Tigress Financial increased their price objective on Cisco Systems from $76.00 to $78.00 and gave the stock a “buy” rating in a research note on Monday, October 14th. Finally, UBS Group lifted their target price on Cisco Systems from $55.00 to $62.00 and gave the company a “neutral” rating in a research report on Thursday, November 14th. Ten analysts have rated the stock with a hold rating, eleven have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $59.94.

Insider Activity

In related news, SVP Maria Victoria Wong sold 638 shares of the company’s stock in a transaction on Thursday, September 12th. The stock was sold at an average price of $49.09, for a total value of $31,319.42. Following the transaction, the senior vice president now directly owns 46,017 shares of the company’s stock, valued at $2,258,974.53. This represents a 1.37 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Charles Robbins sold 171,744 shares of Cisco Systems stock in a transaction dated Friday, November 15th. The stock was sold at an average price of $57.49, for a total value of $9,873,562.56. Following the sale, the chief executive officer now directly owns 783,786 shares of the company’s stock, valued at approximately $45,059,857.14. This represents a 17.97 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 351,860 shares of company stock worth $20,231,558 over the last 90 days. 0.01% of the stock is currently owned by corporate insiders.

Cisco Systems Trading Down 1.6 %

NASDAQ CSCO opened at $58.95 on Tuesday. The firm has a market cap of $234.78 billion, a PE ratio of 25.30, a price-to-earnings-growth ratio of 4.46 and a beta of 0.85. Cisco Systems, Inc. has a 52 week low of $44.50 and a 52 week high of $60.23. The company has a quick ratio of 0.80, a current ratio of 0.88 and a debt-to-equity ratio of 0.43. The company has a 50 day moving average price of $56.65 and a 200 day moving average price of $51.05.

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

Cisco Systems Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, January 22nd. Stockholders of record on Friday, January 3rd will be paid a dividend of $0.40 per share. The ex-dividend date of this dividend is Friday, January 3rd. This represents a $1.60 dividend on an annualized basis and a dividend yield of 2.71%. Cisco Systems’s payout ratio is 68.67%.

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.