Canandaigua National Trust Co of Florida Increases Stock Position in Cisco Systems, Inc. (NASDAQ:CSCO)

Canandaigua National Trust Co of Florida raised its position in shares of Cisco Systems, Inc. (NASDAQ:CSCO) by 5.1% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 19,916 shares of the network equipment provider’s stock after acquiring an additional 958 shares during the period. Cisco Systems makes up 0.9% of Canandaigua National Trust Co of Florida’s portfolio, making the stock its 22nd biggest position. Canandaigua National Trust Co of Florida’s holdings in Cisco Systems were worth $1,179,000 at the end of the most recent quarter.

Other large investors also recently modified their holdings of the company. Lantz Financial LLC grew its stake in shares of Cisco Systems by 1.2% during the second quarter. Lantz Financial LLC now owns 60,993 shares of the network equipment provider’s stock valued at $2,898,000 after acquiring an additional 736 shares in the last quarter. Umpqua Bank boosted its stake in shares of Cisco Systems by 7.5% during the 2nd quarter. Umpqua Bank now owns 9,784 shares of the network equipment provider’s stock valued at $465,000 after buying an additional 684 shares during the last quarter. Strategic Financial Concepts LLC grew its position in shares of Cisco Systems by 3,269.4% during the second quarter. Strategic Financial Concepts LLC now owns 150,172 shares of the network equipment provider’s stock worth $68,000 after buying an additional 145,715 shares in the last quarter. MainStreet Investment Advisors LLC raised its holdings in Cisco Systems by 1.5% in the second quarter. MainStreet Investment Advisors LLC now owns 111,166 shares of the network equipment provider’s stock valued at $5,281,000 after acquiring an additional 1,695 shares in the last quarter. Finally, Gallacher Capital Management LLC bought a new position in Cisco Systems during the 2nd quarter valued at $528,000. 73.33% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of equities research analysts have recently issued reports on CSCO shares. Piper Sandler upped their target price 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. Evercore ISI upped their price objective on Cisco Systems from $55.00 to $60.00 and gave the company an “outperform” rating in a research note on Friday, September 20th. Citigroup lifted their target price on Cisco Systems from $62.00 to $64.00 and gave the stock a “buy” rating in a research report on Thursday, November 14th. Morgan Stanley upped their price target on Cisco Systems from $62.00 to $68.00 and gave the company an “overweight” rating in a research report on Tuesday, December 17th. Finally, Bank of America boosted their target price on shares of Cisco Systems from $60.00 to $72.00 and gave the company a “buy” rating in a research note on Thursday, November 14th. Nine analysts have rated the stock with a hold rating, twelve have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $60.95.

Insider Activity at Cisco Systems

In other news, EVP Thimaya K. Subaiya sold 21,230 shares of the stock in a transaction dated Wednesday, November 20th. The shares were sold at an average price of $57.07, for a total value of $1,211,596.10. Following the completion of the transaction, the executive vice president now owns 213,834 shares of the company’s stock, valued at approximately $12,203,506.38. This represents a 9.03 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Richard Scott Herren sold 86,351 shares of the stock in a transaction dated Friday, November 15th. The shares were sold at an average price of $57.49, for a total value of $4,964,318.99. Following the completion of the transaction, the chief financial officer now owns 365,314 shares of the company’s stock, valued at $21,001,901.86. This represents a 19.12 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 353,522 shares of company stock worth $20,349,721 in the last ninety days. 0.01% of the stock is owned by company insiders.

Cisco Systems Trading Down 0.2 %

NASDAQ CSCO traded down $0.09 on Monday, reaching $58.77. The company had a trading volume of 18,459,486 shares, compared to its average volume of 15,721,263. Cisco Systems, Inc. has a 52 week low of $44.50 and a 52 week high of $60.23. The company has a quick ratio of 0.80, a current ratio of 0.88 and a debt-to-equity ratio of 0.43. The stock has a market cap of $234.07 billion, a price-to-earnings ratio of 25.22, a PEG ratio of 4.37 and a beta of 0.84. The stock’s 50 day moving average is $58.31 and its 200-day moving average is $52.76.

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

Cisco Systems Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, January 22nd. Investors of record on Friday, January 3rd will be paid a $0.40 dividend. The ex-dividend date is Friday, January 3rd. This represents a $1.60 dividend on an annualized basis and a yield of 2.72%. Cisco Systems’s dividend payout ratio (DPR) is currently 68.67%.

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.