Drive Wealth Management LLC Has $914,000 Stock Position in Cisco Systems, Inc. (NASDAQ:CSCO)

Drive Wealth Management LLC lessened its holdings in shares of Cisco Systems, Inc. (NASDAQ:CSCO) by 2.0% during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 17,167 shares of the network equipment provider’s stock after selling 348 shares during the period. Drive Wealth Management LLC’s holdings in Cisco Systems were worth $914,000 at the end of the most recent quarter.

Several other hedge funds also recently made changes to their positions in the business. Summit Securities Group LLC acquired a new position in Cisco Systems in the 2nd quarter valued at $25,000. West Financial Advisors LLC increased its position 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 worth $31,000 after purchasing an additional 309 shares during the period. Quarry LP raised its stake in 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. Hobbs Group Advisors LLC bought a new stake in Cisco Systems during the second quarter worth about $36,000. Finally, Iron Horse Wealth Management LLC grew its stake in Cisco Systems by 617.7% during the second quarter. Iron Horse Wealth Management LLC now owns 890 shares of the network equipment provider’s stock worth $42,000 after buying an additional 766 shares in the last quarter. 73.33% of the stock is owned by institutional investors.

Insider Activity at Cisco Systems

In other Cisco Systems news, SVP Maria Victoria Wong sold 3,379 shares of Cisco Systems stock in a transaction that occurred on Wednesday, August 28th. The stock was sold at an average price of $50.36, for a total value of $170,166.44. Following the completion of the sale, the senior vice president now directly owns 47,182 shares in the company, valued at approximately $2,376,085.52. The trade was a 6.68 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO Richard Scott Herren sold 22,309 shares of the stock in a transaction that occurred on Tuesday, August 20th. The stock was sold at an average price of $50.00, for a total value of $1,115,450.00. Following the transaction, the chief financial officer now owns 293,184 shares in the company, valued at $14,659,200. The trade was a 7.07 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 35,924 shares of company stock worth $1,798,131 over the last quarter. Company insiders own 0.01% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts have recently commented on the stock. Wells Fargo & Company boosted their target price on shares of Cisco Systems from $57.00 to $60.00 and gave the company an “equal weight” rating in a research report on Thursday. Jefferies Financial Group cut their target price on Cisco Systems from $56.00 to $53.00 and set a “buy” rating for the company in a research note on Thursday, August 15th. JPMorgan Chase & Co. upgraded Cisco Systems from a “neutral” rating to an “overweight” rating and lifted their price target for the company from $55.00 to $66.00 in a research note on Monday, November 11th. HSBC raised Cisco Systems from a “hold” rating to a “buy” rating and boosted their price target for the stock from $46.00 to $58.00 in a report on Friday, August 16th. Finally, UBS Group lifted their target price on Cisco Systems from $55.00 to $62.00 and gave the company a “neutral” rating in a research report on Thursday. Ten analysts have rated the stock with a hold rating, eleven have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $59.94.

Cisco Systems Stock Performance

NASDAQ CSCO opened at $57.46 on Monday. The company has a market capitalization of $229.31 billion, a price-to-earnings ratio of 24.66, a PEG ratio of 4.76 and a beta of 0.83. Cisco Systems, Inc. has a twelve month low of $44.50 and a twelve month high of $59.38. The stock has a fifty day simple moving average of $54.18 and a 200 day simple moving average of $49.80. The company has a quick ratio of 0.83, a current ratio of 0.88 and a debt-to-equity ratio of 0.43.

Cisco Systems (NASDAQ:CSCO) last posted its quarterly earnings data on Wednesday, November 13th. The network equipment provider reported $0.91 EPS for the quarter, topping analysts’ consensus estimates of $0.87 by $0.04. The company had revenue of $13.84 billion for the quarter, compared to analyst estimates of $13.78 billion. Cisco Systems had a return on equity of 25.70% and a net margin of 17.73%. The firm’s quarterly revenue was down 5.6% on a year-over-year basis. During the same period in the previous year, the firm earned $0.98 earnings per share. Sell-side analysts expect that Cisco Systems, Inc. will post 2.89 EPS for the current year.

Cisco Systems Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Wednesday, January 22nd. Investors of record on Friday, January 3rd will be paid a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a yield of 2.78%. The ex-dividend date of this dividend is Friday, January 3rd. Cisco Systems’s dividend payout ratio is presently 68.67%.

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.