Cisco Systems, Inc. (NASDAQ:CSCO) Shares Sold by Argus Investors Counsel Inc.

by · The Markets Daily

Argus Investors Counsel Inc. lowered its stake in shares of Cisco Systems, Inc. (NASDAQ:CSCO – Free Report) by 21.4% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 17,085 shares of the network equipment provider’s stock after selling 4,660 shares during the quarter. Argus Investors Counsel Inc.’s holdings in Cisco Systems were worth $909,000 as of its most recent SEC filing.

Several other hedge funds have also recently modified their holdings of CSCO. Waypoint Capital Advisors LLC lifted its stake in Cisco Systems by 2.9% in the third quarter. Waypoint Capital Advisors LLC now owns 6,497 shares of the network equipment provider’s stock valued at $346,000 after buying an additional 182 shares during the last quarter. Meridian Financial Partners LLC raised its stake in shares of Cisco Systems by 3.8% during the third quarter. Meridian Financial Partners LLC now owns 5,020 shares of the network equipment provider’s stock worth $267,000 after purchasing an additional 185 shares during the last quarter. Gleason Group Inc. raised its stake in shares of Cisco Systems by 0.9% during the third quarter. Gleason Group Inc. now owns 22,683 shares of the network equipment provider’s stock worth $1,207,000 after purchasing an additional 193 shares during the last quarter. Cassia Capital Partners LLC raised its stake in shares of Cisco Systems by 1.5% during the third quarter. Cassia Capital Partners LLC now owns 13,083 shares of the network equipment provider’s stock worth $696,000 after purchasing an additional 195 shares during the last quarter. Finally, Cypress Wealth Services LLC raised its stake in shares of Cisco Systems by 1.7% during the third quarter. Cypress Wealth Services LLC now owns 12,161 shares of the network equipment provider’s stock worth $647,000 after purchasing an additional 198 shares during the last quarter. Institutional investors and hedge funds own 73.33% of the company’s stock.

Cisco Systems Price Performance

Cisco Systems stock traded up $0.08 during trading hours on Tuesday, hitting $56.67. The stock had a trading volume of 3,894,912 shares, compared to its average volume of 19,081,809. The company has a debt-to-equity ratio of 0.43, a current ratio of 0.91 and a quick ratio of 0.83. The stock has a market capitalization of $228.31 billion, a price-to-earnings ratio of 19.05, a PEG ratio of 4.22 and a beta of 0.83. Cisco Systems, Inc. has a 1-year low of $44.50 and a 1-year high of $57.06. The stock’s fifty day moving average is $51.41 and its two-hundred day moving average is $48.66.

Cisco Systems (NASDAQ:CSCO – Get Free Report) last posted its earnings results on Wednesday, August 14th. The network equipment provider reported $0.87 earnings per share for the quarter, beating the consensus estimate of $0.85 by $0.02. The company had revenue of $13.64 billion for the quarter, compared to analyst estimates of $13.53 billion. Cisco Systems had a return on equity of 27.83% and a net margin of 19.18%. Cisco Systems’s revenue was down 10.3% compared to the same quarter last year. During the same quarter in the prior year, the company earned $1.01 earnings per share. As a group, analysts predict that Cisco Systems, Inc. will post 2.9 earnings per share for the current fiscal year.

Cisco Systems Announces Dividend

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 paid a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a dividend yield of 2.82%. The ex-dividend date of this dividend is Wednesday, October 2nd. Cisco Systems’s payout ratio is currently 53.87%.

Insider Activity at Cisco Systems

In related news, CEO Charles Robbins sold 27,143 shares of the stock in a transaction on Friday, August 16th. The stock was sold at an average price of $49.45, for a total transaction of $1,342,221.35. Following the sale, the chief executive officer now owns 683,403 shares of the company’s stock, valued at $33,794,278.35. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other Cisco Systems news, EVP Thimaya K. Subaiya sold 1,328 shares of the firm’s stock in a transaction dated Thursday, September 12th. The stock was sold at an average price of $48.92, for a total value 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 position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Charles Robbins sold 27,143 shares of the firm’s stock in a transaction dated Friday, August 16th. The stock was sold at an average price of $49.45, for a total value of $1,342,221.35. Following the completion of the sale, the chief executive officer now directly owns 683,403 shares in the company, valued at approximately $33,794,278.35. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 70,529 shares of company stock valued at $3,509,049 over the last quarter. Insiders own 0.02% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts have recently commented on CSCO shares. Rosenblatt Securities upped their price target on Cisco Systems from $56.00 to $58.00 and gave the stock a “neutral” rating in a research note on Thursday, August 15th. Piper Sandler restated a “neutral” rating and set a $52.00 price target on shares of Cisco Systems in a research note on Thursday, August 15th. Barclays cut their price target on Cisco Systems from $50.00 to $49.00 and set an “equal weight” rating for the company in a research note on Thursday, August 15th. HSBC upgraded Cisco Systems from a “hold” rating to a “buy” rating and upped their price target for the stock from $46.00 to $58.00 in a research note on Friday, August 16th. Finally, Citigroup upgraded Cisco Systems from a “neutral” rating to a “buy” rating and upped their price target for the stock from $52.00 to $62.00 in a research note on Wednesday, October 16th. One investment analyst has rated the stock with a sell rating, thirteen have given a hold rating, nine have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $56.74.

Read Our Latest Analysis on Cisco Systems

Cisco Systems Profile

(Free Report)

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.

Further Reading

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