Summit Wealth Group LLC Lowers Stock Holdings in Cisco Systems, Inc. (NASDAQ:CSCO)

Summit Wealth Group LLC lowered its holdings in shares of Cisco Systems, Inc. (NASDAQ:CSCO) by 10.2% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 3,875 shares of the network equipment provider’s stock after selling 440 shares during the quarter. Summit Wealth Group LLC’s holdings in Cisco Systems were worth $229,000 at the end of the most recent reporting period.

Other hedge funds also recently bought and sold shares of the company. Morse Asset Management Inc purchased a new position in Cisco Systems during the third quarter worth approximately $798,000. HighVista Strategies LLC acquired a new stake in shares of Cisco Systems in the third quarter worth approximately $1,698,000. GAMMA Investing LLC boosted its stake in shares of Cisco Systems by 13.1% in the fourth quarter. GAMMA Investing LLC now owns 93,357 shares of the network equipment provider’s stock worth $5,527,000 after acquiring an additional 10,813 shares during the last quarter. Oddo BHF Asset Management Sas acquired a new stake in shares of Cisco Systems in the third quarter worth approximately $502,000. Finally, Quintet Private Bank Europe S.A. boosted its stake in shares of Cisco Systems by 17.0% in the third quarter. Quintet Private Bank Europe S.A. now owns 635,667 shares of the network equipment provider’s stock worth $33,830,000 after acquiring an additional 92,179 shares during the last quarter. Hedge funds and other institutional investors own 73.33% of the company’s stock.

Cisco Systems Price Performance

NASDAQ:CSCO opened at $64.27 on Wednesday. Cisco Systems, Inc. has a 52 week low of $44.50 and a 52 week high of $66.50. The company has a quick ratio of 0.79, a current ratio of 0.87 and a debt-to-equity ratio of 0.43. The company has a market capitalization of $255.68 billion, a P/E ratio of 28.07, a P/E/G ratio of 4.16 and a beta of 0.84. The stock’s fifty day moving average is $60.87 and its two-hundred day moving average is $56.56.

Cisco Systems (NASDAQ:CSCO) last posted its earnings results 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 net margin of 16.96% and a return on equity of 26.08%. Equities analysts expect that Cisco Systems, Inc. will post 3.04 EPS for the current year.

Cisco Systems announced that its Board of Directors has authorized a stock buyback program on Wednesday, February 12th that authorizes the company to buyback $15.00 billion in outstanding shares. This buyback authorization authorizes the network equipment provider to buy up to 6% of its stock through open market purchases. Stock buyback programs are often an indication that the company’s board of directors believes its shares are undervalued.

Cisco Systems Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, April 23rd. Investors of record on Thursday, April 3rd will be issued a $0.41 dividend. This represents a $1.64 annualized dividend and a dividend yield of 2.55%. The ex-dividend date is Thursday, April 3rd. This is an increase from Cisco Systems’s previous quarterly dividend of $0.40. Cisco Systems’s payout ratio is currently 71.62%.

Insider Activity at Cisco Systems

In other Cisco Systems news, EVP Deborah L. Stahlkopf sold 11,808 shares of the company’s stock in a transaction dated Friday, February 21st. The stock was sold at an average price of $64.37, for a total transaction of $760,080.96. Following the sale, the executive vice president now owns 200,191 shares in the company, valued at $12,886,294.67. This represents a 5.57 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Charles Robbins sold 31,983 shares of the company’s stock in a transaction dated Friday, February 14th. The stock was sold at an average price of $64.41, for a total value of $2,060,025.03. Following the sale, the chief executive officer now owns 736,120 shares in the company, valued at approximately $47,413,489.20. This trade represents a 4.16 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 74,848 shares of company stock worth $4,767,206. 0.01% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

A number of analysts have recently issued reports on CSCO shares. Bank of America lifted their price target on Cisco Systems from $60.00 to $72.00 and gave the stock a “buy” rating in a research note on Thursday, November 14th. The Goldman Sachs Group lifted their price target on Cisco Systems from $56.00 to $63.00 and gave the stock a “neutral” rating in a research note on Thursday, February 13th. Barclays lifted their price target on Cisco Systems from $56.00 to $61.00 and gave the stock an “equal weight” rating in a research note on Thursday, February 13th. BNP Paribas raised Cisco Systems from a “neutral” rating to an “outperform” rating and set a $72.00 price target on the stock in a research note on Tuesday, January 28th. Finally, StockNews.com lowered Cisco Systems from a “strong-buy” rating to a “buy” rating in a research note on Saturday. Seven analysts have rated the stock with a hold rating, fifteen have given a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat.com, Cisco Systems has an average rating of “Moderate Buy” and a consensus price target of $66.53.

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.