Somerville Kurt F Sells 4,565 Shares of Cisco Systems, Inc. (NASDAQ:CSCO)

Somerville Kurt F cut its stake in Cisco Systems, Inc. (NASDAQ:CSCO) by 41.8% during the fourth quarter, HoldingsChannel reports. The fund owned 6,351 shares of the network equipment provider’s stock after selling 4,565 shares during the quarter. Somerville Kurt F’s holdings in Cisco Systems were worth $376,000 as of its most recent SEC filing.

Other hedge funds have also modified their holdings of the company. Unison Advisors LLC lifted its stake in shares of Cisco Systems by 0.7% during the fourth quarter. Unison Advisors LLC now owns 66,101 shares of the network equipment provider’s stock worth $3,913,000 after buying an additional 479 shares during the period. Wescott Financial Advisory Group LLC purchased a new position in Cisco Systems during the fourth quarter valued at approximately $240,000. Conquis Financial LLC acquired a new position in shares of Cisco Systems in the 4th quarter valued at $47,000. Foundry Partners LLC boosted its stake in shares of Cisco Systems by 13.4% during the 4th quarter. Foundry Partners LLC now owns 339,103 shares of the network equipment provider’s stock worth $20,075,000 after acquiring an additional 40,128 shares in the last quarter. Finally, Resolute Advisors LLC acquired a new stake in Cisco Systems in the fourth quarter valued at approximately $224,000. 73.33% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

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 value of $1,283,626.89. Following the completion of the sale, the chief financial officer now directly owns 335,605 shares of the company’s stock, valued at approximately $21,616,318.05. This represents a 5.61 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Thimaya K. Subaiya sold 2,065 shares of the stock in a transaction that occurred on Wednesday, March 12th. The shares were sold at an average price of $60.70, for a total transaction of $125,345.50. Following the sale, the executive vice president now directly owns 191,184 shares of the company’s stock, valued at approximately $11,604,868.80. This represents a 1.07 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 66,547 shares of company stock valued at $4,275,553. Company insiders own 0.01% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms have commented on CSCO. The Goldman Sachs Group boosted their price objective on Cisco Systems from $56.00 to $63.00 and gave the stock a “neutral” rating in a research note on Thursday, February 13th. Piper Sandler reaffirmed a “neutral” rating on shares of Cisco Systems in a research report on Thursday, March 6th. BNP Paribas raised shares of Cisco Systems from a “neutral” rating to an “outperform” rating and set a $72.00 target price on the stock in a research report on Tuesday, January 28th. DZ Bank raised Cisco Systems from a “hold” rating to a “buy” rating in a research note on Tuesday, February 18th. Finally, StockNews.com downgraded shares of Cisco Systems from a “strong-buy” rating to a “buy” rating in a research note on Wednesday, March 5th. Seven equities research analysts have rated the stock with a hold rating, fifteen have given a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat, Cisco Systems presently has a consensus rating of “Moderate Buy” and an average target price of $66.63.

Cisco Systems Price Performance

Shares of CSCO stock opened at $57.31 on Friday. Cisco Systems, Inc. has a twelve month low of $44.50 and a twelve month high of $66.50. The firm has a fifty day simple moving average of $62.06 and a 200-day simple moving average of $58.78. The company has a current ratio of 0.87, a quick ratio of 0.79 and a debt-to-equity ratio of 0.43. The company has a market capitalization of $228.00 billion, a PE ratio of 25.03, a price-to-earnings-growth ratio of 4.16 and a beta of 0.79.

Cisco Systems (NASDAQ:CSCO) last posted its quarterly earnings results on Wednesday, February 12th. The network equipment provider reported $0.77 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.91 by ($0.14). Cisco Systems had a net margin of 16.96% and a return on equity of 26.08%. Equities research analysts anticipate that Cisco Systems, Inc. will post 3.04 earnings per share for the current fiscal year.

Cisco Systems announced that its board has initiated a share repurchase program on Wednesday, February 12th that authorizes the company to repurchase $15.00 billion in shares. This repurchase authorization authorizes the network equipment provider to buy up to 6% of its stock through open market purchases. Stock repurchase programs are often an indication that the company’s leadership believes its shares are undervalued.

Cisco Systems Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, April 23rd. Shareholders of record on Thursday, April 3rd will be given a dividend of $0.41 per share. This represents a $1.64 dividend on an annualized basis and a yield of 2.86%. The ex-dividend date is Thursday, April 3rd. This is a positive change from Cisco Systems’s previous quarterly dividend of $0.40. Cisco Systems’s payout ratio is 71.62%.

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.