Valley Wealth Managers Inc. Buys 6,650 Shares of Cisco Systems, Inc. (NASDAQ:CSCO)

Valley Wealth Managers Inc. lifted its stake in Cisco Systems, Inc. (NASDAQ:CSCO) by 1.6% during the third quarter, HoldingsChannel reports. The firm owned 425,624 shares of the network equipment provider’s stock after purchasing an additional 6,650 shares during the period. Cisco Systems accounts for about 1.7% of Valley Wealth Managers Inc.’s holdings, making the stock its 15th largest position. Valley Wealth Managers Inc.’s holdings in Cisco Systems were worth $22,652,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also recently made changes to their positions in the stock. Bank of New York Mellon Corp grew its holdings in shares of Cisco Systems by 2.7% in the second quarter. Bank of New York Mellon Corp now owns 70,317,061 shares of the network equipment provider’s stock worth $3,340,764,000 after purchasing an additional 1,853,598 shares during the last quarter. Legal & General Group Plc grew its holdings in shares of Cisco Systems by 3.3% in the second quarter. Legal & General Group Plc now owns 47,593,944 shares of the network equipment provider’s stock worth $2,261,185,000 after purchasing an additional 1,530,468 shares during the last quarter. Dimensional Fund Advisors LP lifted its stake 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 during the period. Swedbank AB purchased a new stake in Cisco Systems in the first quarter worth about $840,538,000. Finally, Price T Rowe Associates Inc. MD lifted its stake in Cisco Systems by 26.5% in the first quarter. Price T Rowe Associates Inc. MD now owns 13,858,505 shares of the network equipment provider’s stock worth $691,678,000 after acquiring an additional 2,906,357 shares during the period. 73.33% of the stock is currently owned by institutional investors.

Cisco Systems Stock Performance

Shares of NASDAQ CSCO traded down $0.09 during midday trading on Friday, reaching $57.83. 2,719,123 shares of the stock were exchanged, compared to its average volume of 19,027,750. The firm has a 50-day simple moving average of $54.00 and a two-hundred day simple moving average of $49.69. Cisco Systems, Inc. has a twelve month low of $44.50 and a twelve month high of $59.38. The firm has a market cap of $230.78 billion, a price-to-earnings ratio of 24.82, a PEG ratio of 4.90 and a beta of 0.83. The company has a quick ratio of 0.83, a current ratio of 0.91 and a debt-to-equity ratio of 0.43.

Cisco Systems (NASDAQ:CSCO) last announced its quarterly earnings data on Wednesday, August 14th. The network equipment provider reported $0.87 earnings per share for the quarter, beating analysts’ consensus estimates of $0.85 by $0.02. Cisco Systems had a return on equity of 25.62% and a net margin of 17.73%. The company had revenue of $13.64 billion for the quarter, compared to analyst estimates of $13.53 billion. During the same quarter last year, the firm posted $1.01 EPS. The firm’s revenue for the quarter was down 10.3% on a year-over-year basis. As a group, analysts anticipate that Cisco Systems, Inc. will post 2.89 EPS for the current fiscal year.

Cisco Systems Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, January 22nd. Stockholders of record on Friday, January 3rd will be issued a dividend of $0.40 per share. This represents a $1.60 annualized dividend and a dividend yield of 2.77%. Cisco Systems’s dividend payout ratio is presently 68.67%.

Insider Buying and Selling at Cisco Systems

In related news, CFO Richard Scott Herren sold 22,309 shares of the company’s stock in a transaction on Tuesday, August 20th. The stock was sold at an average price of $50.00, for a total transaction of $1,115,450.00. Following the transaction, the chief financial officer now owns 293,184 shares of the company’s stock, valued at $14,659,200. This represents a 7.07 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, SVP Maria Victoria Wong sold 3,379 shares of the company’s stock in a transaction on Wednesday, August 28th. The shares were sold at an average price of $50.36, for a total value of $170,166.44. Following the completion of the sale, the senior vice president now directly owns 47,182 shares in the company, valued at $2,376,085.52. This trade represents a 6.68 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 35,924 shares of company stock valued at $1,798,131 in the last three months. 0.01% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

A number of analysts recently weighed in on the stock. New Street Research raised shares of Cisco Systems from a “neutral” rating to a “buy” rating and set a $57.00 price objective for the company in a research note on Thursday, August 15th. Barclays upped their price objective on shares of Cisco Systems from $49.00 to $56.00 and gave the stock an “equal weight” rating in a research note on Thursday. Morgan Stanley increased their price target on shares of Cisco Systems from $58.00 to $62.00 and gave the company an “overweight” rating in a research report on Thursday. HSBC raised shares of Cisco Systems from a “hold” rating to a “buy” rating and increased their price target for the company from $46.00 to $58.00 in a research report on Friday, August 16th. Finally, Wells Fargo & Company increased their price target on shares of Cisco Systems from $57.00 to $60.00 and gave the company an “equal weight” rating in a research report on Thursday. Eleven research analysts have rated the stock with a hold rating, eleven have issued a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, Cisco Systems currently has an average rating of “Moderate Buy” and an average target price of $59.42.

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.