Cahaba Wealth Management Inc. Makes New $561,000 Investment in Cisco Systems, Inc. (NASDAQ:CSCO)

Cahaba Wealth Management Inc. acquired a new stake in shares of Cisco Systems, Inc. (NASDAQ:CSCO) during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm acquired 11,802 shares of the network equipment provider’s stock, valued at approximately $561,000.

Several other hedge funds have also recently modified their holdings of CSCO. Bank of New York Mellon Corp lifted its stake in Cisco Systems by 2.7% in the 2nd quarter. Bank of New York Mellon Corp now owns 70,317,061 shares of the network equipment provider’s stock worth $3,340,764,000 after purchasing an additional 1,853,598 shares in the last quarter. Norges Bank purchased a new stake in shares of Cisco Systems in the fourth quarter worth about $2,528,939,000. Wellington Management Group LLP boosted its stake in Cisco Systems by 7.6% during the fourth quarter. Wellington Management Group LLP now owns 47,195,836 shares of the network equipment provider’s stock valued at $2,384,334,000 after buying an additional 3,314,330 shares during the last quarter. First Trust Advisors LP boosted its stake in Cisco Systems by 12.3% during the fourth quarter. First Trust Advisors LP now owns 24,941,271 shares of the network equipment provider’s stock valued at $1,260,033,000 after buying an additional 2,723,260 shares during the last quarter. Finally, FIL Ltd grew its holdings in Cisco Systems by 47.1% during the 4th quarter. FIL Ltd now owns 18,922,422 shares of the network equipment provider’s stock valued at $955,961,000 after buying an additional 6,054,748 shares in the last quarter. Hedge funds and other institutional investors own 73.33% of the company’s stock.

Analysts Set New Price Targets

CSCO has been the topic of several recent research reports. HSBC upgraded shares of Cisco Systems from a “hold” rating to a “buy” rating and upped their target price for the company from $46.00 to $58.00 in a research report on Friday, August 16th. Hsbc Global Res upgraded Cisco Systems to a “strong-buy” rating in a report on Friday, August 16th. Wells Fargo & Company increased their price objective on shares of Cisco Systems from $52.00 to $57.00 and gave the company an “equal weight” rating in a research note on Thursday, May 16th. Piper Sandler reaffirmed a “neutral” rating and set a $52.00 price objective on shares of Cisco Systems in a research report on Thursday, August 15th. Finally, Jefferies Financial Group reduced their target price on shares of Cisco Systems from $56.00 to $53.00 and set a “buy” rating for the company in a report on Thursday, August 15th. One investment analyst has rated the stock with a sell rating, fourteen have given a hold rating, seven have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $55.89.

Cisco Systems Price Performance

Shares of CSCO opened at $48.50 on Friday. The firm has a market capitalization of $195.40 billion, a PE ratio of 16.33, a price-to-earnings-growth ratio of 3.98 and a beta of 0.83. The company has a debt-to-equity ratio of 0.43, a current ratio of 0.91 and a quick ratio of 0.83. The company’s fifty day moving average price is $47.84 and its 200-day moving average price is $47.94. Cisco Systems, Inc. has a 1-year low of $44.50 and a 1-year high of $57.09.

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

Cisco Systems Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 23rd. Shareholders of record on Wednesday, October 2nd will be paid a dividend of $0.40 per share. This represents a $1.60 annualized dividend and a yield of 3.30%. The ex-dividend date is Wednesday, October 2nd. Cisco Systems’s payout ratio is 53.87%.

Insider Activity

In related news, CEO Charles Robbins sold 27,143 shares of the firm’s stock in a transaction on Friday, August 16th. The shares were sold at an average price of $49.45, for a total transaction of $1,342,221.35. Following the completion of the transaction, the chief executive officer now owns 683,403 shares of the company’s stock, valued at $33,794,278.35. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In other Cisco Systems news, EVP Deborah L. Stahlkopf sold 2,619 shares of the company’s stock in a transaction that occurred on Thursday, June 13th. The stock was sold at an average price of $45.34, for a total value of $118,745.46. Following the sale, the executive vice president now owns 176,384 shares in the company, valued at approximately $7,997,250.56. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CEO Charles Robbins sold 27,143 shares of Cisco Systems stock in a transaction that occurred on Friday, August 16th. The shares were sold at an average price of $49.45, for a total transaction of $1,342,221.35. Following the transaction, the chief executive officer now directly owns 683,403 shares of the company’s stock, valued at $33,794,278.35. The disclosure for this sale can be found here. Insiders have sold 71,944 shares of company stock valued at $3,566,120 in the last ninety days. Insiders own 0.02% of the company’s stock.

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.