Summit Financial Wealth Advisors LLC Trims Stock Position in Cisco Systems, Inc. (NASDAQ:CSCO)

Summit Financial Wealth Advisors LLC lowered its position in shares of Cisco Systems, Inc. (NASDAQ:CSCO) by 0.3% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 166,161 shares of the network equipment provider’s stock after selling 444 shares during the period. Cisco Systems comprises about 2.0% of Summit Financial Wealth Advisors LLC’s holdings, making the stock its 15th largest position. Summit Financial Wealth Advisors LLC’s holdings in Cisco Systems were worth $10,142,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also made changes to their positions in the company. Pflug Koory LLC boosted its holdings in shares of Cisco Systems by 0.5% in the fourth quarter. Pflug Koory LLC now owns 33,026 shares of the network equipment provider’s stock valued at $1,955,000 after acquiring an additional 165 shares during the period. Fairhaven Wealth Management LLC grew its position in Cisco Systems by 2.3% during the 4th quarter. Fairhaven Wealth Management LLC now owns 7,581 shares of the network equipment provider’s stock worth $449,000 after purchasing an additional 167 shares during the last quarter. BlackDiamond Wealth Management LLC increased its stake in Cisco Systems by 3.1% in the fourth quarter. BlackDiamond Wealth Management LLC now owns 5,656 shares of the network equipment provider’s stock valued at $335,000 after purchasing an additional 168 shares during the period. Maple Capital Management Inc. boosted its stake in shares of Cisco Systems by 1.4% during the fourth quarter. Maple Capital Management Inc. now owns 11,984 shares of the network equipment provider’s stock worth $709,000 after buying an additional 170 shares during the period. Finally, Pathway Financial Advisors LLC grew its holdings in shares of Cisco Systems by 3.1% during the fourth quarter. Pathway Financial Advisors LLC now owns 5,791 shares of the network equipment provider’s stock worth $343,000 after buying an additional 172 shares during the last quarter. 73.33% of the stock is owned by hedge funds and other institutional investors.

Cisco Systems Trading Down 1.0 %

Shares of CSCO stock traded down $0.58 during trading hours on Thursday, hitting $57.55. 5,282,631 shares of the company were exchanged, compared to its average volume of 19,969,973. Cisco Systems, Inc. has a 1 year low of $44.50 and a 1 year high of $66.50. The firm has a fifty day moving average of $61.47 and a 200 day moving average of $58.95. The firm has a market cap of $228.95 billion, a PE ratio of 25.13, a PEG ratio of 4.16 and a beta of 0.86. The company has a quick ratio of 0.79, a current ratio of 0.87 and a debt-to-equity ratio of 0.43.

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

Cisco Systems announced that its Board of Directors has authorized a share repurchase plan on Wednesday, February 12th that allows the company to buyback $15.00 billion in shares. This buyback authorization allows the network equipment provider to buy up to 6% of its shares through open market purchases. Shares buyback plans are often an indication that the company’s leadership believes its shares are undervalued.

Cisco Systems Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, April 23rd. Shareholders of record on Thursday, April 3rd will be issued a $0.41 dividend. This represents a $1.64 dividend on an annualized basis and a yield of 2.85%. The ex-dividend date is Thursday, April 3rd. This is a boost from Cisco Systems’s previous quarterly dividend of $0.40. Cisco Systems’s dividend payout ratio is currently 71.62%.

Insider Buying and Selling at Cisco Systems

In other Cisco Systems news, SVP Maria Victoria Wong sold 762 shares of Cisco Systems stock in a transaction that occurred on Wednesday, March 12th. The stock was sold at an average price of $60.99, for a total transaction of $46,474.38. Following the sale, the senior vice president now directly owns 44,155 shares in the company, valued at $2,693,013.45. The trade was a 1.70 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Richard Scott Herren sold 19,929 shares of the business’s stock in a transaction dated Friday, February 14th. The stock was sold at an average price of $64.41, for a total transaction 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 $21,616,318.05. The trade was a 5.61 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 66,547 shares of company stock valued at $4,275,553 over the last 90 days. 0.01% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

CSCO has been the subject of a number of recent research reports. JPMorgan Chase & Co. increased their price objective on Cisco Systems from $69.00 to $73.00 and gave the stock an “overweight” rating in a research report on Thursday, February 13th. Morgan Stanley raised their target price on shares of Cisco Systems from $62.00 to $68.00 and gave the stock an “overweight” rating in a research note on Tuesday, December 17th. Wells Fargo & Company reissued an “equal weight” rating on shares of Cisco Systems in a report on Thursday, March 6th. Rosenblatt Securities raised Cisco Systems from a “neutral” rating to a “buy” rating and increased their target price for the stock from $66.00 to $80.00 in a research note on Thursday, February 13th. Finally, The Goldman Sachs Group lifted their price target on Cisco Systems from $56.00 to $63.00 and gave the company a “neutral” rating in a research note on Thursday, February 13th. Seven research analysts have rated the stock with a hold rating, fifteen have assigned a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat.com, Cisco Systems presently has an average rating of “Moderate Buy” and a consensus price target of $66.00.

Cisco Systems Company 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.