Cisco Systems, Inc. (NASDAQ:CSCO) Shares Sold by Corebridge Financial Inc.

Corebridge Financial Inc. lessened its stake in shares of Cisco Systems, Inc. (NASDAQ:CSCO) by 4.9% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 1,341,003 shares of the network equipment provider’s stock after selling 68,851 shares during the quarter. Cisco Systems comprises about 0.4% of Corebridge Financial Inc.’s investment portfolio, making the stock its 24th biggest position. Corebridge Financial Inc.’s holdings in Cisco Systems were worth $79,387,000 as of its most recent filing with the SEC.

Other hedge funds also recently bought and sold shares of the company. Clune & Associates LTD. purchased a new stake in shares of Cisco Systems during the fourth quarter worth about $262,000. Napatree Capital LLC grew its stake in Cisco Systems by 10.2% in the 4th quarter. Napatree Capital LLC now owns 17,007 shares of the network equipment provider’s stock worth $1,007,000 after acquiring an additional 1,580 shares during the period. Meridian Wealth Advisors LLC raised its holdings in Cisco Systems by 1.7% in the 4th quarter. Meridian Wealth Advisors LLC now owns 11,593 shares of the network equipment provider’s stock valued at $686,000 after acquiring an additional 192 shares during the last quarter. Meridian Wealth Partners LLC purchased a new position in shares of Cisco Systems during the 4th quarter worth $214,000. Finally, Drexel Morgan & Co. acquired a new stake in shares of Cisco Systems during the fourth quarter worth $216,000. Hedge funds and other institutional investors own 73.33% of the company’s stock.

Cisco Systems Stock Down 0.5 %

NASDAQ CSCO opened at $60.30 on Monday. 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, Inc. has a fifty-two week low of $44.50 and a fifty-two week high of $66.50. The business has a 50 day moving average price of $61.95 and a two-hundred day moving average price of $58.17. The stock has a market cap of $239.89 billion, a PE ratio of 26.33, a P/E/G ratio of 4.16 and a beta of 0.79.

Cisco Systems (NASDAQ:CSCO) last announced its earnings results on Wednesday, February 12th. The network equipment provider reported $0.77 earnings per share for the quarter, missing the consensus estimate of $0.91 by ($0.14). Cisco Systems had a net margin of 16.96% and a return on equity of 26.08%. As a group, sell-side analysts predict that Cisco Systems, Inc. will post 3.04 EPS for the current fiscal year.

Cisco Systems announced that its Board of Directors has initiated a share repurchase plan on Wednesday, February 12th that authorizes the company to repurchase $15.00 billion in outstanding shares. This repurchase authorization authorizes the network equipment provider to reacquire up to 6% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company’s board believes its stock is undervalued.

Cisco Systems Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, April 23rd. Stockholders of record on Thursday, April 3rd will be paid a dividend of $0.41 per share. The ex-dividend date of this dividend is Thursday, April 3rd. This is an increase from Cisco Systems’s previous quarterly dividend of $0.40. This represents a $1.64 annualized dividend and a dividend yield of 2.72%. Cisco Systems’s dividend payout ratio (DPR) is currently 71.62%.

Insider Transactions at Cisco Systems

In other Cisco Systems news, CEO Charles Robbins sold 31,983 shares of Cisco Systems stock in a transaction that occurred on Friday, February 14th. The stock was sold at an average price of $64.41, for a total transaction of $2,060,025.03. Following the sale, the chief executive officer now directly owns 736,120 shares in the company, valued at $47,413,489.20. The trade was a 4.16 % 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, EVP Thimaya K. Subaiya sold 2,065 shares of the stock in a transaction that occurred on Wednesday, March 12th. The shares were sold at an average price of $60.70, for a total value of $125,345.50. Following the transaction, the executive vice president now owns 191,184 shares of the company’s stock, valued at approximately $11,604,868.80. This trade represents a 1.07 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 66,547 shares of company stock valued at $4,275,553. 0.01% of the stock is currently owned by insiders.

Analysts Set New Price Targets

Several research firms recently commented on CSCO. Barclays reiterated an “equal weight” rating on shares of Cisco Systems in a research note on Thursday, March 6th. Piper Sandler reiterated a “neutral” rating on shares of Cisco Systems in a report on Thursday, March 6th. StockNews.com downgraded shares of Cisco Systems from a “strong-buy” rating to a “buy” rating in a report on Wednesday, March 5th. JPMorgan Chase & Co. increased their price target on shares of Cisco Systems from $69.00 to $73.00 and gave the stock an “overweight” rating in a research note on Thursday, February 13th. Finally, Wells Fargo & Company reissued an “equal weight” rating on shares of Cisco Systems in a research note on Thursday, March 6th. Seven investment 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 company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $66.63.

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.