Tortoise Investment Management LLC Decreases Stock Holdings in Cisco Systems, Inc. (NASDAQ:CSCO)

Tortoise Investment Management LLC reduced its stake in shares of Cisco Systems, Inc. (NASDAQ:CSCO) by 13.8% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 9,368 shares of the network equipment provider’s stock after selling 1,496 shares during the quarter. Tortoise Investment Management LLC’s holdings in Cisco Systems were worth $445,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Bank of New York Mellon Corp boosted its position in shares of Cisco Systems by 2.7% in the 2nd quarter. Bank of New York Mellon Corp now owns 70,317,061 shares of the network equipment provider’s stock worth $3,340,764,000 after buying an additional 1,853,598 shares in the last quarter. Norges Bank acquired a new stake in shares of Cisco Systems in the fourth quarter valued at approximately $2,528,939,000. Wellington Management Group LLP grew its holdings in Cisco Systems by 7.6% during the 4th quarter. Wellington Management Group LLP now owns 47,195,836 shares of the network equipment provider’s stock valued at $2,384,334,000 after buying an additional 3,314,330 shares during the last quarter. First Trust Advisors LP increased its position in Cisco Systems by 12.3% during the fourth quarter. First Trust Advisors LP now owns 24,941,271 shares of the network equipment provider’s stock worth $1,260,033,000 after buying an additional 2,723,260 shares in the last quarter. Finally, FIL Ltd raised its holdings in shares of Cisco Systems by 47.1% in the fourth quarter. FIL Ltd now owns 18,922,422 shares of the network equipment provider’s stock worth $955,961,000 after acquiring an additional 6,054,748 shares during the last quarter. 73.33% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other news, SVP Maria Victoria Wong sold 3,379 shares of Cisco Systems 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 sale, the senior vice president now owns 47,182 shares in the company, valued at $2,376,085.52. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other news, SVP Maria Victoria Wong sold 3,379 shares of the firm’s stock in a transaction dated Wednesday, August 28th. The stock was sold at an average price of $50.36, for a total transaction of $170,166.44. Following the completion of the sale, the senior vice president now directly owns 47,182 shares in the company, valued at $2,376,085.52. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Deborah L. Stahlkopf sold 7,462 shares of Cisco Systems stock in a transaction dated Friday, August 16th. The stock was sold at an average price of $49.41, for a total value of $368,697.42. Following the sale, the executive vice president now directly owns 165,580 shares in the company, valued at $8,181,307.80. The disclosure for this sale can be found here. Insiders sold a total of 71,944 shares of company stock worth $3,566,120 in the last 90 days. 0.02% of the stock is owned by company insiders.

Cisco Systems Price Performance

CSCO opened at $50.06 on Wednesday. Cisco Systems, Inc. has a 52-week low of $44.50 and a 52-week high of $57.82. The company has a 50 day moving average of $47.73 and a two-hundred day moving average of $47.91. The company has a market cap of $201.68 billion, a P/E ratio of 16.86, a P/E/G ratio of 3.98 and a beta of 0.85. The company has a quick ratio of 0.83, a current ratio of 0.91 and a debt-to-equity ratio of 0.43.

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

Cisco Systems Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, October 23rd. Investors of record on Wednesday, October 2nd will be given a dividend of $0.40 per share. This represents a $1.60 annualized dividend and a yield of 3.20%. The ex-dividend date is Wednesday, October 2nd. Cisco Systems’s dividend payout ratio (DPR) is presently 53.87%.

Wall Street Analyst Weigh In

A number of analysts recently commented on the company. HSBC upgraded Cisco Systems from a “hold” rating to a “buy” rating and lifted their price objective for the stock from $46.00 to $58.00 in a research report on Friday, August 16th. Barclays lowered their price target on shares of Cisco Systems from $50.00 to $49.00 and set an “equal weight” rating for the company in a report on Thursday, August 15th. Hsbc Global Res upgraded shares of Cisco Systems to a “strong-buy” rating in a research report on Friday, August 16th. Piper Sandler reaffirmed a “neutral” rating and issued a $52.00 target price on shares of Cisco Systems in a research note on Thursday, August 15th. Finally, JPMorgan Chase & Co. increased their price target on Cisco Systems from $53.00 to $55.00 and gave the stock a “hold” rating in a research note on Thursday, August 8th. Despite investors’ hopes for a rebound in Networking Equipment demand to boost Cisco’s fourth-quarter 2024 performance, the anticipation is tempered by limited indications of a significant recovery in demand. One research analyst has rated the stock with a sell rating, fourteen have issued a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $55.89.

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.