Canandaigua National Bank & Trust Co. Sells 1,399 Shares of Cisco Systems, Inc. (NASDAQ:CSCO)

Canandaigua National Bank & Trust Co. lowered its stake in shares of Cisco Systems, Inc. (NASDAQ:CSCO) by 1.3% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 108,947 shares of the network equipment provider’s stock after selling 1,399 shares during the quarter. Canandaigua National Bank & Trust Co.’s holdings in Cisco Systems were worth $6,450,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also modified their holdings of CSCO. FMR LLC lifted its holdings in shares of 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 purchasing an additional 5,885,879 shares during the last quarter. Two Sigma Advisers LP raised its stake in Cisco Systems by 327.5% in the third 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 last quarter. Dimensional Fund Advisors LP boosted its holdings in Cisco Systems by 22.5% in the second quarter. Dimensional Fund Advisors LP now owns 26,409,843 shares of the network equipment provider’s stock worth $1,254,739,000 after acquiring an additional 4,843,146 shares in the last quarter. Pathway Financial Advisers LLC grew its stake 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 acquiring an additional 4,842,542 shares during the last quarter. Finally, National Bank of Canada FI increased its holdings 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 valued at $477,463,000 after acquiring an additional 3,975,028 shares in the last quarter. 73.33% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several analysts have weighed in on the stock. Wells Fargo & Company boosted their target price on shares of Cisco Systems from $57.00 to $60.00 and gave the stock an “equal weight” rating in a research report on Thursday, November 14th. StockNews.com upgraded Cisco Systems from a “hold” rating to a “buy” rating in a research note on Thursday, November 14th. Citigroup boosted their price target on Cisco Systems from $62.00 to $64.00 and gave the company a “buy” rating in a research note on Thursday, November 14th. Morgan Stanley lifted their target price on Cisco Systems from $62.00 to $68.00 and gave the stock an “overweight” rating in a report on Tuesday, December 17th. Finally, Piper Sandler boosted 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. Nine analysts have rated the stock with a hold rating, twelve have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, Cisco Systems has an average rating of “Moderate Buy” and a consensus target price of $60.95.

Cisco Systems Price Performance

CSCO traded down $0.09 during trading on Monday, reaching $58.77. The company’s stock had a trading volume of 18,459,486 shares, compared to its average volume of 15,721,263. 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 firm has a fifty day simple moving average of $58.31 and a two-hundred day simple moving average of $52.76. The company 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. Cisco Systems, Inc. has a 1 year low of $44.50 and a 1 year high of $60.23.

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

Cisco Systems Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Wednesday, January 22nd. Stockholders 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 dividend yield of 2.72%. The ex-dividend date of this dividend is Friday, January 3rd. Cisco Systems’s payout ratio is presently 68.67%.

Insider Buying and Selling

In other news, CFO Richard Scott Herren sold 86,351 shares of the firm’s stock in a transaction on Friday, November 15th. The stock was sold at an average price of $57.49, for a total transaction of $4,964,318.99. Following the completion of the transaction, the chief financial officer now directly owns 365,314 shares in the company, valued at $21,001,901.86. This trade represents a 19.12 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO Charles Robbins sold 171,744 shares of the stock in a transaction that occurred on Friday, November 15th. The stock was sold at an average price of $57.49, for a total transaction of $9,873,562.56. Following the sale, the chief executive officer now owns 783,786 shares in the company, valued at approximately $45,059,857.14. This trade represents a 17.97 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 353,522 shares of company stock worth $20,349,721. Company insiders own 0.01% 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.