Howland Capital Management 13F: Cuts CSCO Stake by $1.2M
Key Points
- Howland Capital Management cut its Cisco Systems, Inc. stake by 24.1%, trimming 11,391 shares to end the quarter with 35,770 shares valued at about $3.85 million.
- Cisco Systems, Inc. trades near $106.49, sitting above its 200-day moving average and about 18.3% below its 52-week high of $130.37.
- The company reports trailing twelve-month revenue of $63.32 billion with a net margin of 21.0% and offers an annual dividend yield of 1.6%.
Since the filing, $CSCO is up 1.5% to date (from the $104.89 close on Oct 22, 2026).
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Howland Capital Management reduced its stake in Cisco Systems, Inc. CSCO by 24.1%, according to a Form 13F filing with the SEC on October 22, 2026. The firm sold 11,391 shares during the period, leaving it with 35,770 shares. The remaining position carried a reported value of $3,849,926 at the end of the quarter. Cisco shares closed at $104.89 on the filing date.
CSCO
Cisco Systems, Inc.
Howland Capital Management vs. the S&P 500
Hypothetical returns from Howland Capital Management's disclosed trades, not real profit or advice. How we model this.
What Changed in Howland Capital Management's Cisco Systems, Inc. Position
The fund held 47,161 shares of the networking and tech giant prior to the adjustment. By trimming the holding by 11,391 shares, Howland Capital lowered its exposure to the communication equipment provider. The remaining 35,770 shares reflect a continued, though smaller, investment in the enterprise tech firm.
Cisco Systems, Inc. Stock Down 0.7%
The stock recently traded around $106.49 as of October 24, 2026, putting it up about 1.5% since the filing date. Shares sit 6.3% above their 200-day moving average of $100.16, though they remain 3.5% below the 50-day moving average of $110.37. The share price is down 18.3% from its 52-week high of $130.37 and well above its 52-week low of $70.06. Cisco carries a market capitalization of $413.54 billion, a trailing P/E ratio of 31.5, and a forward P/E of 18.7.
Recent Earnings
Cisco generated $63.32 billion in trailing revenue with earnings of $3.33 per share over the same period. The company posted a net profit margin of 21.0% and a return on equity of 27.3%. Investors look ahead to the next earnings report scheduled for November 12, 2026.
Earnings drift grade
Outlook vs expectations on the last report — not price action.
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Forward outlook
11 analysts raised price targets.
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EPS & revenue
EPS met estimates. Revenue beat estimates by 2.7%.
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Profit surprise
EBITDA missed by 24 percent. Operating income missed by 58 percent.
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Pre-earnings setup
Expectations were about average.
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Analyst signal
1 upgrade, 11 target raises.
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Earnings quality
Gross margin down 1.9 points. Operating margin up 2.4 points. Positive free cash flow.
Earnings Call Summary
Cisco delivered record 15.8 billion dollar revenue in the quarter, up 10 percent year over year, with networking revenue surging 21 percent driven by AI infrastructure demand and campus switching upgrades. The company shipped its millionth Silicon One chip, unveiled its new 102.4 terabit G300 processor, and expects strong AI orders exceeding 5 billion dollars for the year, though security revenue declined 4 percent due to Splunk transition to cloud subscriptions. Strong product order growth of 18 percent, especially from hyperscalers up 65 percent, shows broad momentum despite gross margin compression from memory cost inflation.
Guidance Cisco guided for full-year revenue of about 61.5 billion dollars and earnings per share of 4.15 dollars, putting the company on track for its strongest year. The company also raised its AI infrastructure order target to over 5 billion dollars for fiscal 2026, expecting to recognize more than 3 billion dollars in AI revenue.
Fine but not compelling. Acceptable results that likely do not create a meaningful forward reset.
Dividend
The company pays an annual dividend of $1.68 per share, giving the stock a dividend yield of 1.6%. That payout is supported by a dividend payout ratio of 49.9% of earnings.
Insider Buying and Selling at Cisco Systems, Inc.
Company insiders executed several sales ahead of the filing. Officer Nichlas A Fink sold 2,274 shares on September 8, 2026, at $109.36 per share for a total of $248,685. Chief Financial Officer Mark Patterson sold 1,795 shares on September 11, 2026, at $108.87 per share for $195,422. Officer Thimaya K Subaiya sold 312 shares on September 14, 2026, at $110.18 per share totaling $34,376. Officer Oliver Tuszik also sold 680 shares on September 14, 2026, at $110.18 per share for $74,922.
Analysts Set New Price Targets
Wall Street firms adjusted their views on the stock over the prior two months. On August 13, 2026, UBS maintained a Buy rating and raised its target from $132.00 to $138.00. HSBC downgraded the stock to Hold on August 14, 2026, cutting its target from $137.00 to $120.00. Deutsche Bank initiated coverage with a Buy rating and a $135.00 target on September 1, 2026. Piper Sandler maintained a Neutral rating on September 22, 2026, lowering its target from $132.00 to $125.00. Bernstein initiated coverage with a Market Perform rating and a $110.00 target on September 30, 2026. Across 25 analyst opinions, the stock holds a consensus Buy recommendation with a mean price target of $136.16.
About Cisco Systems, Inc.
Headquartered in San Jose, California, Cisco designs and sells internet hardware, software, and security infrastructure to businesses worldwide. Its technology powers enterprise networking, data centers, and cloud security systems across the globe.
Bottom Line
Howland Capital Management's decision to trim its position comes as Cisco trades well above its 52-week low but below analyst targets. Investors will look to the upcoming November 12 earnings release for fresh details on revenue growth and margin trends.
Related Filing Alerts
Source: Howland Capital Management's 13F filing on $CSCO (Oct 22, 2026). 13F filings show holdings as of the end of the reporting quarter and may not reflect the fund's current position. Written by software, not financial advice. How we make alerts