Palisade Asset Management LLC Buys 9,989 Shares of Cisco Systems, Inc. (NASDAQ:CSCO)

Palisade Asset Management LLC increased its stake in Cisco Systems, Inc. (NASDAQ:CSCO) by 2.7% in the 4th quarter, HoldingsChannel.com reports. The firm owned 383,597 shares of the network equipment provider’s stock after acquiring an additional 9,989 shares during the period. Cisco Systems comprises 2.1% of Palisade Asset Management LLC’s investment portfolio, making the stock its 10th biggest position. Palisade Asset Management LLC’s holdings in Cisco Systems were worth $19,379,000 at the end of the most recent quarter.

Other hedge funds have also recently bought and sold shares of the company. Valued Wealth Advisors LLC bought a new position in shares of Cisco Systems in the fourth quarter valued at $32,000. DiNuzzo Private Wealth Inc. bought a new position in Cisco Systems during the fourth quarter worth about $33,000. Morton Brown Family Wealth LLC boosted its stake in shares of Cisco Systems by 41.9% during the 4th 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 period. Bourgeon Capital Management LLC raised its stake in Cisco Systems by 3,500.0% in the 4th quarter. Bourgeon Capital Management LLC now owns 720 shares of the network equipment provider’s stock valued at $36,000 after acquiring an additional 700 shares during the period. Finally, Rakuten Securities Inc. acquired a new stake in Cisco Systems during the 4th quarter valued at $43,000. 73.33% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several brokerages have weighed in on CSCO. JPMorgan Chase & Co. started coverage on shares of Cisco Systems in a research note on Monday, April 22nd. They issued a “neutral” rating and a $53.00 price objective for the company. Piper Sandler boosted their target price on shares of Cisco Systems from $47.00 to $51.00 and gave the company a “neutral” rating in a research report on Wednesday, March 20th. Needham & Company LLC reiterated a “hold” rating on shares of Cisco Systems in a research report on Tuesday, April 9th. StockNews.com upgraded shares of Cisco Systems from a “hold” rating to a “buy” rating in a research report on Thursday, May 2nd. Finally, Citigroup assumed coverage on Cisco Systems in a research report on Friday, April 12th. They set a “neutral” rating and a $52.00 price objective on the stock. Two equities research analysts have rated the stock with a sell rating, thirteen have given a hold rating and seven have assigned a buy rating to the company’s stock. According to MarketBeat, Cisco Systems presently has a consensus rating of “Hold” and a consensus target price of $55.53.

Cisco Systems Stock Performance

Shares of Cisco Systems stock traded up $0.75 on Wednesday, reaching $48.03. 10,227,426 shares of the company traded hands, compared to its average volume of 18,961,699. The company has a 50 day moving average of $48.75 and a 200 day moving average of $49.69. Cisco Systems, Inc. has a 52 week low of $45.70 and a 52 week high of $58.19. The firm has a market capitalization of $194.48 billion, a PE ratio of 14.37, a PEG ratio of 2.72 and a beta of 0.87. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.37 and a quick ratio of 1.26.

Cisco Systems (NASDAQ:CSCO) last posted its earnings results on Wednesday, February 14th. The network equipment provider reported $0.87 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.84 by $0.03. Cisco Systems had a net margin of 23.49% and a return on equity of 33.01%. The business had revenue of $12.79 billion for the quarter, compared to analysts’ expectations of $12.71 billion. During the same period in the prior year, the company posted $0.76 EPS. The business’s revenue for the quarter was down 5.9% compared to the same quarter last year. Equities analysts forecast that Cisco Systems, Inc. will post 3.13 earnings per share for the current year.

Cisco Systems Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, April 24th. Stockholders of record on Thursday, April 4th were paid a dividend of $0.40 per share. This represents a $1.60 annualized dividend and a dividend yield of 3.33%. This is an increase from Cisco Systems’s previous quarterly dividend of $0.39. The ex-dividend date of this dividend was Wednesday, April 3rd. Cisco Systems’s dividend payout ratio is 48.63%.

Insider Activity

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 stock was sold at an average price of $50.01, for a total value of $150,130.02. Following the sale, the executive vice president now directly owns 191,559 shares of the company’s stock, valued at $9,579,865.59. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In other news, EVP Deborah L. Stahlkopf sold 3,002 shares of the company’s stock in a transaction dated Wednesday, March 13th. The shares were 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 owns 191,559 shares of the company’s stock, valued at approximately $9,579,865.59. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, SVP Maria Victoria Wong sold 2,497 shares of the firm’s stock in a transaction on Wednesday, March 13th. The shares were sold at an average price of $50.00, for a total transaction of $124,850.00. Following the sale, the senior vice president now owns 58,121 shares in the company, valued at $2,906,050. The disclosure for this sale can be found here. Over the last three months, insiders have sold 19,441 shares of company stock valued at $972,080. Company insiders own 0.02% of the company’s stock.

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.