Providence Wealth Advisors LLC Decreases Stock Holdings in Cisco Systems, Inc. (NASDAQ:CSCO)

Providence Wealth Advisors LLC trimmed its position in shares of Cisco Systems, Inc. (NASDAQ:CSCO) by 2.3% in the 3rd quarter, HoldingsChannel.com reports. The institutional investor owned 23,173 shares of the network equipment provider’s stock after selling 545 shares during the period. Providence Wealth Advisors LLC’s holdings in Cisco Systems were worth $1,306,000 as of its most recent SEC filing.

Several other hedge funds have also modified their holdings of CSCO. Summit Securities Group LLC purchased a new stake in shares of Cisco Systems during the second quarter valued at about $25,000. Quarry LP lifted its position in shares of Cisco Systems by 222.4% during the second quarter. Quarry LP now owns 661 shares of the network equipment provider’s stock valued at $31,000 after buying an additional 456 shares during the last quarter. West Financial Advisors LLC lifted its position in shares of Cisco Systems by 116.6% during the third quarter. West Financial Advisors LLC now owns 574 shares of the network equipment provider’s stock valued at $31,000 after buying an additional 309 shares during the last quarter. Hobbs Group Advisors LLC acquired a new position in Cisco Systems in the 2nd quarter worth approximately $36,000. Finally, RPg Family Wealth Advisory LLC acquired a new position in Cisco Systems in the 3rd quarter worth approximately $40,000. 73.33% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Cisco Systems

In related news, CFO Richard Scott Herren sold 86,351 shares of the business’s stock in a transaction that occurred on Friday, November 15th. The stock was sold at an average price of $57.49, for a total transaction of $4,964,318.99. Following the completion of the sale, the chief financial officer now owns 365,314 shares in the company, valued at $21,001,901.86. The trade was a 19.12 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Charles Robbins sold 171,744 shares of the business’s stock in a transaction that occurred on Friday, November 15th. The shares were sold at an average price of $57.49, for a total value of $9,873,562.56. Following the completion of the sale, the chief executive officer now owns 783,786 shares of the company’s stock, valued at approximately $45,059,857.14. This represents a 17.97 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 339,479 shares of company stock valued at $19,490,991 in the last three months. 0.01% of the stock is owned by corporate insiders.

Cisco Systems Stock Down 0.5 %

Shares of CSCO opened at $59.29 on Friday. The firm has a market cap of $236.14 billion, a P/E ratio of 25.45, a price-to-earnings-growth ratio of 4.42 and a beta of 0.83. Cisco Systems, Inc. has a 12-month low of $44.50 and a 12-month high of $59.87. The company’s 50-day moving average price is $55.68 and its 200 day moving average price is $50.45. The company has a current ratio of 0.88, a quick ratio of 0.80 and a debt-to-equity ratio of 0.43.

Cisco Systems (NASDAQ:CSCO) last issued its quarterly earnings data on Wednesday, November 13th. The network equipment provider reported $0.91 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.87 by $0.04. The firm had revenue of $13.84 billion for the quarter, compared to analyst estimates of $13.78 billion. Cisco Systems had a net margin of 17.73% and a return on equity of 25.70%. Cisco Systems’s revenue was down 5.6% on a year-over-year basis. During the same period in the previous year, the firm earned $0.98 EPS. On average, sell-side analysts forecast that Cisco Systems, Inc. will post 2.97 earnings per share for the current year.

Cisco Systems Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, January 22nd. Shareholders of record on Friday, January 3rd will be given a $0.40 dividend. This represents a $1.60 annualized dividend and a yield of 2.70%. The ex-dividend date of this dividend is Friday, January 3rd. Cisco Systems’s dividend payout ratio is currently 68.67%.

Analyst Upgrades and Downgrades

CSCO has been the topic of several research reports. Evercore ISI increased their price target on shares of Cisco Systems from $55.00 to $60.00 and gave the stock an “outperform” rating in a report on Friday, September 20th. Barclays lifted their price target on shares of Cisco Systems from $49.00 to $56.00 and gave the company an “equal weight” rating in a research note on Thursday, November 14th. Piper Sandler lifted their price target on shares of Cisco Systems from $52.00 to $57.00 and gave the company a “neutral” rating in a research note on Thursday, November 14th. Hsbc Global Res raised shares of Cisco Systems to a “strong-buy” rating in a research note on Friday, August 16th. Finally, HSBC raised shares of Cisco Systems from a “hold” rating to a “buy” rating and lifted their price target for the company from $46.00 to $58.00 in a research note on Friday, August 16th. Ten analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $59.94.

About Cisco Systems

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.