Comerica Bank Sells 14,380 Shares of Cisco Systems, Inc. (NASDAQ:CSCO)

Comerica Bank trimmed its holdings in shares of Cisco Systems, Inc. (NASDAQ:CSCO - Free Report) by 0.9% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,662,536 shares of the network equipment provider's stock after selling 14,380 shares during the period. Comerica Bank's holdings in Cisco Systems were worth $98,422,000 at the end of the most recent quarter.

Several other large investors have also bought and sold shares of the business. FMR LLC grew its holdings in Cisco Systems by 20.8% during the fourth quarter. FMR LLC now owns 77,216,513 shares of the network equipment provider's stock valued at $4,571,218,000 after purchasing an additional 13,285,052 shares during the period. Norges Bank bought a new stake in shares of Cisco Systems in the 4th quarter valued at $3,297,905,000. Northern Trust Corp raised its stake in Cisco Systems by 11.4% during the 4th quarter. Northern Trust Corp now owns 47,238,258 shares of the network equipment provider's stock worth $2,796,505,000 after buying an additional 4,832,813 shares during the period. Dimensional Fund Advisors LP grew its stake in Cisco Systems by 2.4% in the fourth quarter. Dimensional Fund Advisors LP now owns 29,419,041 shares of the network equipment provider's stock valued at $1,741,597,000 after acquiring an additional 681,555 shares during the period. Finally, Nordea Investment Management AB increased its holdings in shares of Cisco Systems by 1.2% in the fourth quarter. Nordea Investment Management AB now owns 18,718,195 shares of the network equipment provider's stock worth $1,107,930,000 after acquiring an additional 216,632 shares in the last quarter. 73.33% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

CSCO has been the topic of several recent analyst reports. Melius Research upgraded Cisco Systems from a "hold" rating to a "strong-buy" rating in a report on Monday, January 6th. StockNews.com downgraded shares of Cisco Systems from a "strong-buy" rating to a "buy" rating in a research report on Wednesday, March 5th. Melius raised shares of Cisco Systems from a "hold" rating to a "buy" rating and upped their target price for the stock from $66.00 to $73.00 in a research note on Monday, January 6th. The Goldman Sachs Group upped their price objective on Cisco Systems from $56.00 to $63.00 and gave the stock a "neutral" rating in a research report on Thursday, February 13th. Finally, Piper Sandler dropped their target price on Cisco Systems from $72.00 to $60.00 and set a "neutral" rating on the stock in a research report on Tuesday, April 8th. Seven analysts have rated the stock with a hold rating, fifteen have issued a buy rating and two have given a strong buy rating to the company's stock. According to data from MarketBeat.com, Cisco Systems has a consensus rating of "Moderate Buy" and a consensus target price of $65.05.

Insider Activity

In other news, SVP Maria Victoria Wong sold 762 shares of the stock in a transaction that occurred on Wednesday, March 12th. The stock was sold at an average price of $60.99, for a total transaction of $46,474.38. Following the transaction, the senior vice president now owns 44,155 shares in the company, valued at approximately $2,693,013.45. This trade represents a 1.70 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Charles Robbins sold 31,983 shares of the business's stock in a transaction on Friday, February 14th. The shares were sold at an average price of $64.41, for a total value of $2,060,025.03. Following the completion of the sale, the chief executive officer now owns 736,120 shares of the company's stock, valued at $47,413,489.20. This trade represents a 4.16 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 66,547 shares of company stock valued at $4,275,553 over the last ninety days. 0.01% of the stock is currently owned by company insiders.

Cisco Systems Stock Performance

Shares of CSCO stock traded up $1.21 on Friday, reaching $59.33. The stock had a trading volume of 18,752,989 shares, compared to its average volume of 20,258,969. Cisco Systems, Inc. has a 12 month low of $44.50 and a 12 month high of $66.50. The firm has a market capitalization of $236.03 billion, a price-to-earnings ratio of 25.91, a P/E/G ratio of 4.16 and a beta of 0.86. The firm's 50-day moving average is $59.20 and its two-hundred day moving average is $59.32. The company has a quick ratio of 0.79, a current ratio of 0.87 and a debt-to-equity ratio of 0.43.

Cisco Systems (NASDAQ:CSCO - Get Free Report) last released its quarterly earnings data on Wednesday, February 12th. The network equipment provider reported $0.77 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.91 by ($0.14). Cisco Systems had a net margin of 16.96% and a return on equity of 26.08%. On average, research analysts expect that Cisco Systems, Inc. will post 3.04 EPS for the current fiscal year.

Cisco Systems Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, April 23rd. Shareholders of record on Thursday, April 3rd were given a dividend of $0.41 per share. This represents a $1.64 dividend on an annualized basis and a yield of 2.76%. This is a boost from Cisco Systems's previous quarterly dividend of $0.40. The ex-dividend date was Thursday, April 3rd. Cisco Systems's payout ratio is 71.62%.

Cisco Systems announced that its board has authorized a share buyback program on Wednesday, February 12th that permits the company to buyback $15.00 billion in shares. This buyback authorization permits the network equipment provider to reacquire up to 6% of its shares through open market purchases. Shares buyback programs are typically a sign that the company's board believes its shares are undervalued.

Cisco Systems Company Profile

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.