Ocean Capital Management LLC Makes New Investment in Cisco Systems, Inc. (NASDAQ:CSCO)

Ocean Capital Management LLC purchased a new position in Cisco Systems, Inc. (NASDAQ:CSCO) during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund purchased 4,535 shares of the network equipment provider’s stock, valued at approximately $212,000.

A number of other hedge funds also recently made changes to their positions in the business. Sage Rhino Capital LLC lifted its stake in Cisco Systems by 2.8% in the 2nd quarter. Sage Rhino Capital LLC now owns 17,527 shares of the network equipment provider’s stock worth $817,000 after purchasing an additional 473 shares in the last quarter. StrongBox Wealth LLC raised its position in shares of Cisco Systems by 11.9% during the 2nd quarter. StrongBox Wealth LLC now owns 17,907 shares of the network equipment provider’s stock valued at $835,000 after buying an additional 1,911 shares in the last quarter. Lyell Wealth Management LP raised its position in shares of Cisco Systems by 6.8% during the 2nd quarter. Lyell Wealth Management LP now owns 75,653 shares of the network equipment provider’s stock valued at $3,528,000 after buying an additional 4,819 shares in the last quarter. TradeLink Capital LLC purchased a new stake in shares of Cisco Systems during the 2nd quarter valued at about $694,000. Finally, Washington Trust Bank raised its position in shares of Cisco Systems by 5.3% during the 2nd quarter. Washington Trust Bank now owns 29,652 shares of the network equipment provider’s stock valued at $1,383,000 after buying an additional 1,498 shares in the last quarter. Institutional investors and hedge funds own 71.36% of the company’s stock.

CSCO stock traded up $0.66 during mid-day trading on Friday, reaching $47.10. The company had a trading volume of 17,706,367 shares, compared to its average volume of 16,785,004. The company has a debt-to-equity ratio of 0.32, a current ratio of 1.59 and a quick ratio of 1.55. The company has a market capitalization of $198.87 billion, a PE ratio of 18.69, a price-to-earnings-growth ratio of 3.05 and a beta of 0.98. The firm has a 50 day moving average of $46.07 and a 200 day moving average of $44.16. Cisco Systems, Inc. has a 12 month low of $32.40 and a 12 month high of $56.89.

Cisco Systems (NASDAQ:CSCO) last issued its earnings results on Wednesday, May 13th. The network equipment provider reported $0.79 EPS for the quarter, topping the Zacks’ consensus estimate of $0.69 by $0.10. The business had revenue of $11.98 billion for the quarter, compared to the consensus estimate of $11.87 billion. Cisco Systems had a net margin of 21.32% and a return on equity of 36.47%. During the same period in the prior year, the firm earned $0.78 EPS. Analysts anticipate that Cisco Systems, Inc. will post 2.86 EPS for the current year.

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, July 22nd. Stockholders of record on Monday, July 6th were paid a dividend of $0.36 per share. The ex-dividend date of this dividend was Thursday, July 2nd. This represents a $1.44 dividend on an annualized basis and a dividend yield of 3.06%. Cisco Systems’s dividend payout ratio is presently 50.53%.

In other news, CAO Prat Bhatt sold 5,703 shares of the stock in a transaction that occurred on Monday, June 15th. The shares were sold at an average price of $44.87, for a total transaction of $255,893.61. Following the transaction, the chief accounting officer now directly owns 85,613 shares in the company, valued at $3,841,455.31. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. 0.03% of the stock is currently owned by company insiders.

CSCO has been the topic of several recent research reports. Barclays cut shares of Cisco Systems to a “hold” rating in a research report on Thursday, July 9th. Wolfe Research initiated coverage on shares of Cisco Systems in a research report on Friday, July 24th. They set an “outperform” rating and a $54.00 target price on the stock. Oppenheimer initiated coverage on shares of Cisco Systems in a research report on Thursday, May 28th. They set a “buy” rating and a $46.00 target price on the stock. Needham & Company LLC restated a “hold” rating on shares of Cisco Systems in a research report on Thursday, May 14th. Finally, Piper Sandler upped their target price on shares of Cisco Systems from $42.00 to $44.00 and gave the company a “neutral” rating in a research report on Thursday, May 14th. One equities research analyst has rated the stock with a sell rating, sixteen have given a hold rating and fourteen have assigned a buy rating to the company’s stock. Cisco Systems has a consensus rating of “Hold” and an average target price of $50.33.

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 worldwide. The company offers switching products; routing products that interconnect public and private wireline and mobile networks; data center products; and wireless access points for use in voice, video, and data applications.

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Institutional Ownership by Quarter for Cisco Systems (NASDAQ:CSCO)

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