Bright Futures Wealth Management LLC. Sells 28,786 Shares of Cisco Systems, Inc. (NASDAQ:CSCO)

Bright Futures Wealth Management LLC. cut its holdings in shares of Cisco Systems, Inc. (NASDAQ:CSCO) by 73.1% during the fourth quarter, Holdings Channel.com reports. The fund owned 10,605 shares of the network equipment provider’s stock after selling 28,786 shares during the period. Bright Futures Wealth Management LLC.’s holdings in Cisco Systems were worth $632,000 at the end of the most recent reporting period.

Several other large investors have also recently made changes to their positions in CSCO. Highline Wealth Partners LLC increased its holdings in shares of Cisco Systems by 76.7% in the fourth quarter. Highline Wealth Partners LLC now owns 599 shares of the network equipment provider’s stock worth $35,000 after purchasing an additional 260 shares during the last quarter. RPg Family Wealth Advisory LLC bought a new stake in shares of Cisco Systems in the third quarter worth about $40,000. Decker Retirement Planning Inc. bought a new stake in shares of Cisco Systems in the fourth quarter worth about $49,000. Capital Performance Advisors LLP bought a new stake in shares of Cisco Systems in the third quarter worth about $51,000. Finally, FSA Wealth Management LLC bought a new stake in shares of Cisco Systems in the third quarter worth about $56,000. 73.33% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several research firms recently commented on CSCO. Morgan Stanley lifted their price target on Cisco Systems from $62.00 to $68.00 and gave the stock an “overweight” rating in a research report on Tuesday, December 17th. The Goldman Sachs Group lifted their price target on Cisco Systems from $56.00 to $63.00 and gave the stock a “neutral” rating in a research report on Thursday. Citigroup lifted their price target on Cisco Systems from $68.00 to $71.00 and gave the stock a “buy” rating in a research report on Thursday. Barclays lifted their price target on Cisco Systems from $56.00 to $61.00 and gave the stock an “equal weight” rating in a research report on Thursday. Finally, Melius upgraded Cisco Systems from a “hold” rating to a “buy” rating and lifted their price target for the stock from $66.00 to $73.00 in a research report on Monday, January 6th. Seven research analysts have rated the stock with a hold rating, fourteen have given a buy rating and two have issued a strong buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $66.53.

Cisco Systems Stock Performance

Cisco Systems stock opened at $63.84 on Friday. The company has a 50 day moving average price of $59.89 and a 200-day moving average price of $55.36. 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 $66.50. The company has a market capitalization of $254.26 billion, a PE ratio of 27.40, a P/E/G ratio of 4.63 and a beta of 0.84.

Cisco Systems (NASDAQ:CSCO) last posted its quarterly earnings results on Wednesday, February 12th. The network equipment provider reported $0.77 earnings per share for the quarter, missing the consensus estimate of $0.91 by ($0.14). Cisco Systems had a net margin of 17.73% and a return on equity of 25.70%. As a group, equities analysts forecast that Cisco Systems, Inc. will post 2.97 earnings per share for the current year.

Cisco Systems Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, April 23rd. Stockholders of record on Thursday, April 3rd will be paid a dividend of $0.41 per share. This represents a $1.64 annualized dividend and a dividend yield of 2.57%. The ex-dividend date is Thursday, April 3rd. This is an increase from Cisco Systems’s previous quarterly dividend of $0.40. Cisco Systems’s payout ratio is currently 68.67%.

Cisco Systems declared that its Board of Directors has approved a share repurchase program on Wednesday, February 12th that allows the company to repurchase $15.00 billion in shares. This repurchase authorization allows the network equipment provider to reacquire up to 6% of its shares through open market purchases. Shares repurchase programs are typically a sign that the company’s leadership believes its stock is undervalued.

Insider Activity

In related news, EVP Thimaya K. Subaiya sold 21,230 shares of the business’s stock in a transaction that occurred on 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 $12,203,506.38. The trade was a 9.03 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, SVP Maria Victoria Wong sold 586 shares of the business’s stock in a transaction that occurred on Thursday, December 12th. The stock was sold at an average price of $58.69, for a total transaction of $34,392.34. Following the completion of the transaction, the senior vice president now directly owns 50,767 shares of the company’s stock, valued at $2,979,515.23. This trade represents a 1.14 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 37,239 shares of company stock valued at $2,166,612. Corporate 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.