Cisco Systems, Inc. (NASDAQ:CSCO) Shares Sold by Truist Financial Corp

Truist Financial Corp lessened its holdings in Cisco Systems, Inc. (NASDAQ:CSCO) by 8.5% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 2,402,011 shares of the network equipment provider’s stock after selling 223,917 shares during the quarter. Truist Financial Corp owned about 0.06% of Cisco Systems worth $114,120,000 at the end of the most recent reporting period.

Other institutional investors also recently bought and sold shares of the company. Summit Securities Group LLC purchased a new stake in shares of Cisco Systems in the second quarter worth about $25,000. Quarry LP boosted its position in Cisco Systems by 222.4% in the 2nd quarter. Quarry LP now owns 661 shares of the network equipment provider’s stock worth $31,000 after purchasing an additional 456 shares in the last quarter. Retirement Group LLC grew its stake in shares of Cisco Systems by 56.8% during the 1st quarter. Retirement Group LLC now owns 726 shares of the network equipment provider’s stock worth $36,000 after purchasing an additional 263 shares during the period. Hobbs Group Advisors LLC purchased a new position in shares of Cisco Systems during the 2nd quarter valued at approximately $36,000. Finally, Redmont Wealth Advisors LLC purchased a new stake in Cisco Systems during the first quarter worth $41,000. 73.33% of the stock is owned by hedge funds and other institutional investors.

Cisco Systems Price Performance

Shares of CSCO stock opened at $52.74 on Wednesday. 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 company has a market capitalization of $212.48 billion, a PE ratio of 17.76, a price-to-earnings-growth ratio of 4.11 and a beta of 0.83. The firm’s 50-day moving average is $49.26 and its two-hundred day moving average is $48.19. Cisco Systems, Inc. has a 12 month low of $44.50 and a 12 month high of $54.58.

Cisco Systems (NASDAQ:CSCO) last posted its earnings results on Wednesday, August 14th. The network equipment provider reported $0.87 EPS for the quarter, beating analysts’ consensus estimates of $0.85 by $0.02. The company had revenue of $13.64 billion for the quarter, compared to the consensus estimate of $13.53 billion. Cisco Systems had a return on equity of 27.83% and a net margin of 19.18%. The company’s revenue for the quarter was down 10.3% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.01 earnings per share. Analysts predict 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. Shareholders of record on Wednesday, October 2nd will be given a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a dividend yield of 3.03%. The ex-dividend date of this dividend is Wednesday, October 2nd. Cisco Systems’s dividend payout ratio is presently 53.87%.

Insider Activity

In related news, EVP Thimaya K. Subaiya sold 8,270 shares of the stock in a transaction that occurred on Wednesday, August 21st. The shares were sold at an average price of $50.33, for a total transaction of $416,229.10. Following the completion of the transaction, the executive vice president now owns 135,544 shares of the company’s stock, valued at approximately $6,821,929.52. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other Cisco Systems news, EVP Thimaya K. Subaiya sold 1,328 shares of the business’s stock in a transaction dated Thursday, September 12th. The shares were 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 in the company, valued at $6,501,957.20. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Thimaya K. Subaiya sold 8,270 shares of the firm’s stock in a transaction that occurred on Wednesday, August 21st. The shares were sold at an average price of $50.33, for a total transaction of $416,229.10. Following the completion of the transaction, the executive vice president now directly owns 135,544 shares of the company’s stock, valued at approximately $6,821,929.52. The disclosure for this sale can be found here. In the last three months, insiders have sold 70,529 shares of company stock valued at $3,509,049. Company insiders own 0.02% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on CSCO. Hsbc Global Res raised shares of Cisco Systems to a “strong-buy” rating in a report on Friday, August 16th. HSBC raised 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 report on Friday, August 16th. Barclays cut their price objective on Cisco Systems from $50.00 to $49.00 and set an “equal weight” rating for the company in a research report on Thursday, August 15th. Evercore ISI increased their target price on Cisco Systems from $55.00 to $60.00 and gave the company an “outperform” rating in a research report on Friday, September 20th. Finally, Piper Sandler reissued a “neutral” rating and issued a $52.00 price target on shares of Cisco Systems in a report on Thursday, August 15th. One equities research analyst has rated the stock with a sell rating, fourteen have given a hold rating, seven have issued a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, Cisco Systems has an average rating of “Hold” and a consensus target price of $55.00.

About Cisco Systems

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.