Mystic Asset Management Inc. Has $2.35 Million Stake in Cisco Systems, Inc. (NASDAQ:CSCO)

Mystic Asset Management Inc. increased its position in Cisco Systems, Inc. (NASDAQ:CSCO) by 369.9% in the fourth quarter, according to its most recent 13F filing with the SEC. The firm owned 39,710 shares of the network equipment provider’s stock after purchasing an additional 31,260 shares during the period. Mystic Asset Management Inc.’s holdings in Cisco Systems were worth $2,351,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in CSCO. Swedbank AB boosted its stake in Cisco Systems by 0.6% in the 3rd quarter. Swedbank AB now owns 9,029,594 shares of the network equipment provider’s stock worth $480,555,000 after purchasing an additional 52,711 shares during the period. Glass Wealth Management Co LLC lifted its position in Cisco Systems by 1.8% in the 3rd quarter. Glass Wealth Management Co LLC now owns 28,676 shares of the network equipment provider’s stock worth $1,526,000 after buying an additional 506 shares in the last quarter. Aljian Capital Management LLC purchased a new stake in Cisco Systems in the 3rd quarter worth approximately $428,000. Equity Investment Corp lifted its position in Cisco Systems by 0.5% in the 3rd quarter. Equity Investment Corp now owns 1,294,070 shares of the network equipment provider’s stock worth $68,870,000 after buying an additional 6,574 shares in the last quarter. Finally, Aviso Wealth Management lifted its position in Cisco Systems by 2.4% in the 3rd quarter. Aviso Wealth Management now owns 7,615 shares of the network equipment provider’s stock worth $405,000 after buying an additional 181 shares in the last quarter. Institutional investors and hedge funds own 73.33% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms have issued reports on CSCO. Piper Sandler reiterated a “neutral” rating on shares of Cisco Systems in a research report on Thursday, March 6th. The Goldman Sachs Group increased their target price on shares of Cisco Systems from $56.00 to $63.00 and gave the stock a “neutral” rating in a research report on Thursday, February 13th. JPMorgan Chase & Co. increased their target price on shares of Cisco Systems from $69.00 to $73.00 and gave the stock an “overweight” rating in a research report on Thursday, February 13th. Citigroup reiterated an “overweight” rating on shares of Cisco Systems in a research report on Thursday, March 6th. Finally, Wells Fargo & Company restated an “equal weight” rating on shares of Cisco Systems in a report on Thursday, March 6th. Seven equities research analysts have rated the stock with a hold rating, fifteen have given a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $66.63.

Insider Transactions at Cisco Systems

In other news, SVP Maria Victoria Wong sold 762 shares of the business’s stock in a transaction dated Wednesday, March 12th. The shares were sold at an average price of $60.99, for a total transaction of $46,474.38. Following the transaction, the senior vice president now owns 44,155 shares in the company, valued at approximately $2,693,013.45. The trade was a 1.70 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CEO Charles Robbins sold 31,983 shares of the business’s stock in a transaction dated 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 transaction, the chief executive officer now owns 736,120 shares in the company, valued at approximately $47,413,489.20. The trade was a 4.16 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 66,547 shares of company stock worth $4,275,553. 0.01% of the stock is currently owned by company insiders.

Cisco Systems Stock Up 0.6 %

Cisco Systems stock opened at $60.89 on Tuesday. The firm has a market cap of $242.24 billion, a price-to-earnings ratio of 26.59, a P/E/G ratio of 4.16 and a beta of 0.79. The company has a debt-to-equity ratio of 0.43, a current ratio of 0.87 and a quick ratio of 0.79. Cisco Systems, Inc. has a fifty-two week low of $44.50 and a fifty-two week high of $66.50. The firm has a fifty day moving average price of $61.83 and a two-hundred day moving average price of $57.88.

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

Cisco Systems Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, April 23rd. Stockholders of record on Thursday, April 3rd will be issued a dividend of $0.41 per share. This is an increase from Cisco Systems’s previous quarterly dividend of $0.40. The ex-dividend date of this dividend is Thursday, April 3rd. This represents a $1.64 annualized dividend and a dividend yield of 2.69%. Cisco Systems’s payout ratio is presently 71.62%.

Cisco Systems announced that its board has authorized a share buyback plan on Wednesday, February 12th that allows the company to repurchase $15.00 billion in outstanding shares. This repurchase authorization allows the network equipment provider to buy up to 6% of its shares through open market purchases. Shares repurchase plans are usually an indication that the company’s leadership believes its stock is undervalued.

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.