Somerset Trust Co Buys 1,567 Shares of Cisco Systems, Inc. (NASDAQ:CSCO)

Somerset Trust Co boosted its stake in Cisco Systems, Inc. (NASDAQ:CSCO) by 1.5% in the 4th quarter, according to its most recent filing with the SEC. The fund owned 108,274 shares of the network equipment provider’s stock after purchasing an additional 1,567 shares during the period. Cisco Systems comprises approximately 2.4% of Somerset Trust Co’s portfolio, making the stock its 6th largest position. Somerset Trust Co’s holdings in Cisco Systems were worth $6,410,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. FMR LLC increased its position in shares of Cisco Systems by 10.1% during the third quarter. FMR LLC now owns 63,931,461 shares of the network equipment provider’s stock worth $3,402,432,000 after acquiring an additional 5,885,879 shares during the period. Two Sigma Advisers LP boosted its stake in shares of Cisco Systems by 327.5% in the 3rd quarter. Two Sigma Advisers LP now owns 6,819,000 shares of the network equipment provider’s stock valued at $362,907,000 after buying an additional 5,223,800 shares during the period. Pathway Financial Advisers LLC grew its position in shares of Cisco Systems by 5,231.5% during the third quarter. Pathway Financial Advisers LLC now owns 4,935,107 shares of the network equipment provider’s stock worth $262,646,000 after buying an additional 4,842,542 shares in the last quarter. National Bank of Canada FI increased its stake in shares of Cisco Systems by 79.6% during the third quarter. National Bank of Canada FI now owns 8,971,494 shares of the network equipment provider’s stock worth $477,463,000 after buying an additional 3,975,028 shares during the period. Finally, State Street Corp raised its holdings in Cisco Systems by 1.7% in the third quarter. State Street Corp now owns 193,489,477 shares of the network equipment provider’s stock valued at $10,297,506,000 after acquiring an additional 3,241,682 shares in the last quarter. Hedge funds and other institutional investors own 73.33% of the company’s stock.

Insider Activity at Cisco Systems

In other Cisco Systems news, SVP Maria Victoria Wong sold 586 shares of the stock in a transaction on Thursday, December 12th. The stock was sold at an average price of $58.69, for a total value of $34,392.34. Following the completion of the transaction, the senior vice president now owns 50,767 shares in the company, valued at approximately $2,979,515.23. This represents a 1.14 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Kristina M. Johnson sold 7,500 shares of the firm’s stock in a transaction on Friday, December 6th. The shares were sold at an average price of $59.87, for a total value of $449,025.00. Following the completion of the sale, the director now directly owns 65,915 shares of the company’s stock, valued at approximately $3,946,331.05. This trade represents a 10.22 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 353,522 shares of company stock worth $20,349,721 over the last 90 days. Company insiders own 0.01% of the company’s stock.

Cisco Systems Trading Up 0.7 %

Shares of CSCO stock opened at $60.23 on Friday. The company has a market capitalization of $239.88 billion, a P/E ratio of 25.85, a price-to-earnings-growth ratio of 4.37 and a beta of 0.84. The company has a current ratio of 0.88, a quick ratio of 0.80 and a debt-to-equity ratio of 0.43. The business’s 50 day moving average is $58.87 and its two-hundred day moving average is $53.43. Cisco Systems, Inc. has a twelve month low of $44.50 and a twelve month high of $60.95.

Cisco Systems (NASDAQ:CSCO) last posted its quarterly earnings data on Wednesday, November 13th. The network equipment provider reported $0.91 earnings per share for the quarter, beating analysts’ consensus estimates 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 quarterly revenue was down 5.6% on a year-over-year basis. During the same period last year, the firm posted $0.98 EPS. Equities analysts forecast that Cisco Systems, Inc. will post 2.97 EPS for the current year.

Cisco Systems Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, January 22nd. Investors of record on Friday, January 3rd will be issued a dividend of $0.40 per share. The ex-dividend date is Friday, January 3rd. This represents a $1.60 annualized dividend and a yield of 2.66%. Cisco Systems’s dividend payout ratio is currently 68.67%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have commented on the stock. JPMorgan Chase & Co. raised shares of Cisco Systems from a “neutral” rating to an “overweight” rating and increased their price objective for the company from $55.00 to $66.00 in a research report on Monday, November 11th. Evercore ISI increased their target price on Cisco Systems from $55.00 to $60.00 and gave the company an “outperform” rating in a report on Friday, September 20th. Citigroup lifted their price target on Cisco Systems from $64.00 to $68.00 and gave the stock a “buy” rating in a report on Friday. Piper Sandler increased their price objective on Cisco Systems from $52.00 to $57.00 and gave the company a “neutral” rating in a report on Thursday, November 14th. Finally, Morgan Stanley boosted their target price on Cisco Systems from $62.00 to $68.00 and gave the stock an “overweight” rating in a research note on Tuesday, December 17th. Eight investment 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 an average rating of “Moderate Buy” and an average price target of $61.50.

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.