Truist Financial Corp Sells 426,916 Shares of Cisco Systems, Inc. (NASDAQ:CSCO)

Truist Financial Corp lowered its holdings in shares of Cisco Systems, Inc. (NASDAQ:CSCO) by 13.0% in the fourth quarter, HoldingsChannel reports. The firm owned 2,860,612 shares of the network equipment provider’s stock after selling 426,916 shares during the period. Truist Financial Corp’s holdings in Cisco Systems were worth $144,518,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also bought and sold shares of CSCO. Kathleen S. Wright Associates Inc. acquired a new stake in Cisco Systems during the third quarter worth approximately $27,000. Valued Wealth Advisors LLC acquired a new stake in Cisco Systems during the fourth quarter worth approximately $32,000. Morton Brown Family Wealth LLC lifted its position in Cisco Systems by 41.9% during the fourth quarter. Morton Brown Family Wealth LLC now owns 704 shares of the network equipment provider’s stock worth $36,000 after acquiring an additional 208 shares during the last quarter. Bourgeon Capital Management LLC lifted its position in Cisco Systems by 3,500.0% during the fourth quarter. Bourgeon Capital Management LLC now owns 720 shares of the network equipment provider’s stock worth $36,000 after acquiring an additional 700 shares during the last quarter. Finally, Rakuten Securities Inc. acquired a new stake in Cisco Systems during the fourth quarter worth approximately $43,000. Institutional investors own 73.33% of the company’s stock.

Analyst Ratings Changes

Several brokerages have issued reports on CSCO. Citigroup assumed coverage on shares of Cisco Systems in a research report on Friday, April 12th. They set a “neutral” rating and a $52.00 price objective for the company. Morgan Stanley assumed coverage on shares of Cisco Systems in a research report on Tuesday, April 9th. They issued an “overweight” rating and a $58.00 price target for the company. UBS Group lifted their price target on shares of Cisco Systems from $54.00 to $55.00 and gave the company a “neutral” rating in a research report on Monday, February 12th. StockNews.com downgraded shares of Cisco Systems from a “buy” rating to a “hold” rating in a research report on Thursday, February 15th. Finally, Barclays lifted their price target on shares of Cisco Systems from $46.00 to $48.00 and gave the company an “equal weight” rating in a research report on Thursday, February 15th. Two analysts have rated the stock with a sell rating, fourteen have issued a hold rating and six have given a buy rating to the company. According to data from MarketBeat.com, Cisco Systems presently has an average rating of “Hold” and an average target price of $55.53.

Cisco Systems Price Performance

Shares of NASDAQ CSCO traded down $0.24 during midday trading on Friday, reaching $47.86. 14,658,910 shares of the company were exchanged, compared to its average volume of 16,851,638. The stock’s 50-day moving average price is $48.94 and its 200-day moving average price is $50.06. The stock has a market cap of $193.79 billion, a P/E ratio of 14.55, a PEG ratio of 2.78 and a beta of 0.87. Cisco Systems, Inc. has a one year low of $45.56 and a one year high of $58.19. The company has a quick ratio of 1.26, a current ratio of 1.37 and a debt-to-equity ratio of 0.14.

Cisco Systems (NASDAQ:CSCO) last posted its earnings results on Wednesday, February 14th. The network equipment provider reported $0.87 earnings per share for the quarter, topping analysts’ consensus estimates of $0.84 by $0.03. The firm had revenue of $12.79 billion for the quarter, compared to analysts’ expectations of $12.71 billion. Cisco Systems had a net margin of 23.49% and a return on equity of 33.01%. The company’s revenue was down 5.9% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.76 earnings per share. On average, sell-side analysts anticipate that Cisco Systems, Inc. will post 3.13 earnings per share for the current fiscal year.

Cisco Systems Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, April 24th. Shareholders of record on Thursday, April 4th were paid a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a dividend yield of 3.34%. The ex-dividend date of this dividend was Wednesday, April 3rd. This is a boost from Cisco Systems’s previous quarterly dividend of $0.39. Cisco Systems’s payout ratio is presently 48.63%.

Insiders Place Their Bets

In other Cisco Systems news, EVP Deborah L. Stahlkopf sold 3,002 shares of the business’s stock in a transaction on Wednesday, March 13th. The shares were sold at an average price of $50.01, for a total transaction of $150,130.02. Following the sale, the executive vice president now owns 191,559 shares of the company’s stock, valued at $9,579,865.59. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. In related news, CFO Richard Scott Herren sold 13,942 shares of the business’s stock in a transaction on Monday, March 11th. The shares were sold at an average price of $50.00, for a total value of $697,100.00. Following the sale, the chief financial officer now owns 328,491 shares of the company’s stock, valued at $16,424,550. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, EVP Deborah L. Stahlkopf sold 3,002 shares of the business’s stock in a transaction on Wednesday, March 13th. The stock was sold at an average price of $50.01, for a total transaction of $150,130.02. Following the completion of the sale, the executive vice president now directly owns 191,559 shares in the company, valued at approximately $9,579,865.59. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 19,441 shares of company stock valued at $972,080. 0.02% of the stock is currently owned by insiders.

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.