Congress Asset Management Co. Sells 1,085 Shares of Cisco Systems, Inc. (NASDAQ:CSCO)

Congress Asset Management Co. decreased its stake in shares of Cisco Systems, Inc. (NASDAQ:CSCO) by 0.4% in the third quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 254,027 shares of the network equipment provider’s stock after selling 1,085 shares during the quarter. Congress Asset Management Co.’s holdings in Cisco Systems were worth $13,519,000 at the end of the most recent quarter.

Several other institutional investors also recently bought and sold shares of the stock. Summit Securities Group LLC purchased a new stake in shares of Cisco Systems in the second quarter worth about $25,000. Quarry LP grew its holdings in shares of Cisco Systems by 222.4% in the second quarter. Quarry LP now owns 661 shares of the network equipment provider’s stock valued at $31,000 after purchasing an additional 456 shares in the last quarter. West Financial Advisors LLC raised its stake in shares of Cisco Systems by 116.6% in the third quarter. West Financial Advisors LLC now owns 574 shares of the network equipment provider’s stock valued at $31,000 after acquiring an additional 309 shares during the period. Hobbs Group Advisors LLC purchased a new position in shares of Cisco Systems during the second quarter worth approximately $36,000. Finally, Iron Horse Wealth Management LLC grew its stake in Cisco Systems by 617.7% in the second quarter. Iron Horse Wealth Management LLC now owns 890 shares of the network equipment provider’s stock worth $42,000 after purchasing an additional 766 shares in the last quarter. 73.33% of the stock is owned by hedge funds and other institutional investors.

Cisco Systems Price Performance

NASDAQ:CSCO opened at $54.77 on Friday. The stock has a market capitalization of $218.57 billion, a PE ratio of 21.56, a price-to-earnings-growth ratio of 4.22 and a beta of 0.83. Cisco Systems, Inc. has a 52 week low of $44.50 and a 52 week high of $57.06. The company has a quick ratio of 0.83, a current ratio of 0.91 and a debt-to-equity ratio of 0.43. The stock’s 50-day moving average price is $52.53 and its 200-day moving average price is $49.04.

Cisco Systems (NASDAQ:CSCO) last issued its quarterly earnings data on Wednesday, August 14th. The network equipment provider reported $0.87 EPS for the quarter, beating the consensus estimate of $0.85 by $0.02. Cisco Systems had a return on equity of 27.83% and a net margin of 19.18%. The company had revenue of $13.64 billion for the quarter, compared to analyst estimates of $13.53 billion. During the same period last year, the company earned $1.01 earnings per share. Cisco Systems’s quarterly revenue was down 10.3% compared to the same quarter last year. As a group, equities analysts expect that Cisco Systems, Inc. will post 2.9 EPS for the current fiscal year.

Cisco Systems Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Wednesday, October 23rd. Stockholders of record on Wednesday, October 2nd were given a $0.40 dividend. The ex-dividend date of this dividend was Wednesday, October 2nd. This represents a $1.60 annualized dividend and a dividend yield of 2.92%. Cisco Systems’s dividend payout ratio (DPR) is 62.99%.

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on CSCO. Rosenblatt Securities increased their target price on shares of Cisco Systems from $56.00 to $58.00 and gave the stock a “neutral” rating in a report on Thursday, August 15th. Evercore ISI upped their target price on Cisco Systems from $55.00 to $60.00 and gave the stock an “outperform” rating in a report on Friday, September 20th. Jefferies Financial Group cut their price target on Cisco Systems from $56.00 to $53.00 and set a “buy” rating on the stock in a report on Thursday, August 15th. Tigress Financial raised their price objective on Cisco Systems from $76.00 to $78.00 and gave the company a “buy” rating in a research report on Monday, October 14th. Finally, StockNews.com raised shares of Cisco Systems from a “hold” rating to a “buy” rating in a research report on Monday. Twelve analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, Cisco Systems presently has a consensus rating of “Moderate Buy” and an average target price of $56.74.

Insider Buying and Selling

In other Cisco Systems news, SVP Maria Victoria Wong sold 638 shares of the business’s stock in a transaction that occurred on Thursday, September 12th. The stock was sold at an average price of $49.09, for a total transaction of $31,319.42. Following the completion of the sale, the senior vice president now directly owns 46,017 shares in the company, valued at approximately $2,258,974.53. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, EVP Thimaya K. Subaiya sold 1,328 shares of the business’s stock in a transaction that occurred on Thursday, September 12th. The stock was sold at an average price of $48.92, for a total transaction of $64,965.76. Following the transaction, the executive vice president now directly owns 132,910 shares in the company, valued at $6,501,957.20. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, SVP Maria Victoria Wong sold 638 shares of the stock in a transaction that occurred on Thursday, September 12th. The shares were sold at an average price of $49.09, for a total value of $31,319.42. Following the completion of the sale, the senior vice president now directly owns 46,017 shares of the company’s stock, valued at approximately $2,258,974.53. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 70,529 shares of company stock worth $3,509,049 in the last 90 days. Insiders own 0.01% of the company’s stock.

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.