Tallon Kerry Patrick Invests $603,000 in Cisco Systems, Inc. (NASDAQ:CSCO)

Tallon Kerry Patrick purchased a new position in shares of Cisco Systems, Inc. (NASDAQ:CSCO) in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor purchased 10,200 shares of the network equipment provider’s stock, valued at approximately $603,000.

A number of other hedge funds have also modified their holdings of the business. State Street Corp grew its holdings in shares of Cisco Systems by 1.7% during the 3rd quarter. State Street Corp now owns 193,489,477 shares of the network equipment provider’s stock worth $10,297,506,000 after purchasing an additional 3,241,682 shares during the period. Geode Capital Management LLC boosted its holdings in Cisco Systems by 1.3% during the 3rd quarter. Geode Capital Management LLC now owns 95,630,469 shares of the network equipment provider’s stock valued at $5,075,320,000 after acquiring an additional 1,262,017 shares during the period. Charles Schwab Investment Management Inc. boosted its holdings in Cisco Systems by 2.1% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 82,720,255 shares of the network equipment provider’s stock valued at $4,402,239,000 after acquiring an additional 1,677,383 shares during the period. FMR LLC boosted its holdings in Cisco Systems by 10.1% during the 3rd quarter. FMR LLC now owns 63,931,461 shares of the network equipment provider’s stock valued at $3,402,432,000 after acquiring an additional 5,885,879 shares during the period. Finally, Legal & General Group Plc boosted its holdings in Cisco Systems by 3.3% during the 2nd quarter. Legal & General Group Plc now owns 47,593,944 shares of the network equipment provider’s stock valued at $2,261,185,000 after acquiring an additional 1,530,468 shares during the period. 73.33% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other Cisco Systems news, EVP Thimaya K. Subaiya sold 3,042 shares of Cisco Systems stock in a transaction that occurred on Thursday, December 12th. The stock was sold at an average price of $59.19, for a total transaction of $180,055.98. Following the transaction, the executive vice president now owns 207,798 shares of the company’s stock, valued at $12,299,563.62. The trade was a 1.44 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CFO Richard Scott Herren sold 86,351 shares of Cisco Systems stock in a transaction that occurred on Friday, November 15th. The stock was sold at an average price of $57.49, for a total value of $4,964,318.99. Following the transaction, the chief financial officer now directly owns 365,314 shares in the company, valued at approximately $21,001,901.86. This trade represents a 19.12 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 353,522 shares of company stock valued at $20,349,721 over the last quarter. Company insiders own 0.01% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on CSCO shares. Morgan Stanley raised their target price on Cisco Systems from $62.00 to $68.00 and gave the company an “overweight” rating in a report on Tuesday, December 17th. StockNews.com upgraded Cisco Systems from a “hold” rating to a “buy” rating in a report on Thursday, November 14th. UBS Group raised their target price on Cisco Systems from $55.00 to $62.00 and gave the company a “neutral” rating in a report on Thursday, November 14th. JPMorgan Chase & Co. upgraded Cisco Systems from a “neutral” rating to an “overweight” rating and raised their target price for the company from $55.00 to $66.00 in a report on Monday, November 11th. Finally, Piper Sandler increased their price target on Cisco Systems from $52.00 to $57.00 and gave the company a “neutral” rating in a research report on Thursday, November 14th. Eight equities research analysts have rated the stock with a hold rating, twelve have given a buy rating and two have given a strong buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $61.28.

Cisco Systems Price Performance

Shares of NASDAQ CSCO opened at $59.82 on Friday. The company has a debt-to-equity ratio of 0.43, a quick ratio of 0.80 and a current ratio of 0.88. Cisco Systems, Inc. has a fifty-two week low of $44.50 and a fifty-two week high of $60.45. The firm has a market capitalization of $238.24 billion, a PE ratio of 25.67, a price-to-earnings-growth ratio of 4.37 and a beta of 0.84. The stock’s 50-day simple moving average is $58.83 and its 200-day simple moving average is $53.39.

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

Cisco Systems Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Wednesday, January 22nd. Shareholders of record on Friday, January 3rd will be given a dividend of $0.40 per share. This represents a $1.60 annualized dividend and a yield of 2.67%. The ex-dividend date is Friday, January 3rd. Cisco Systems’s dividend payout ratio (DPR) is 68.67%.

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.