Auto Owners Insurance Co Decreases Stock Holdings in Cisco Systems, Inc. (NASDAQ:CSCO)

Auto Owners Insurance Co lessened its stake in Cisco Systems, Inc. (NASDAQ:CSCO - Free Report) by 9.4% during the 1st quarter, according to its most recent disclosure with the SEC. The institutional investor owned 610,700 shares of the network equipment provider's stock after selling 63,640 shares during the quarter. Auto Owners Insurance Co's holdings in Cisco Systems were worth $37,744,000 at the end of the most recent reporting period.

Several other hedge funds have also recently modified their holdings of CSCO. Navigoe LLC purchased a new position in shares of Cisco Systems in the fourth quarter worth $26,000. Mpwm Advisory Solutions LLC purchased a new position in shares of Cisco Systems in the fourth quarter worth $26,000. JDM Financial Group LLC lifted its holdings in shares of Cisco Systems by 160.4% in the fourth quarter. JDM Financial Group LLC now owns 487 shares of the network equipment provider's stock worth $29,000 after buying an additional 300 shares in the last quarter. Fairway Wealth LLC lifted its holdings in shares of Cisco Systems by 224.7% in the first quarter. Fairway Wealth LLC now owns 578 shares of the network equipment provider's stock worth $36,000 after buying an additional 400 shares in the last quarter. Finally, Accredited Wealth Management LLC bought a new stake in Cisco Systems in the fourth quarter worth $37,000. Hedge funds and other institutional investors own 73.33% of the company's stock.

Analyst Upgrades and Downgrades

CSCO has been the topic of several research reports. Piper Sandler boosted their price target on shares of Cisco Systems from $60.00 to $64.00 and gave the stock a "neutral" rating in a research report on Thursday, May 15th. New Street Research restated a "neutral" rating and issued a $70.00 price target on shares of Cisco Systems in a research report on Friday, May 16th. Deutsche Bank Aktiengesellschaft upgraded shares of Cisco Systems from a "hold" rating to a "buy" rating and boosted their price target for the stock from $65.00 to $73.00 in a research report on Monday, June 16th. KeyCorp initiated coverage on shares of Cisco Systems in a research report on Thursday, June 26th. They issued an "overweight" rating and a $77.00 price target on the stock. Finally, Evercore ISI boosted their price target on shares of Cisco Systems from $67.00 to $72.00 and gave the stock an "outperform" rating in a research report on Thursday, May 15th. Seven investment analysts have rated the stock with a hold rating, seventeen have issued a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $70.35.

Insider Buying and Selling

In other Cisco Systems news, insider Jeetendra I. Patel sold 899 shares of the stock in a transaction dated Thursday, June 12th. The shares were sold at an average price of $64.27, for a total transaction of $57,778.73. Following the completion of the sale, the insider directly owned 255,377 shares of the company's stock, valued at approximately $16,413,079.79. This represents a 0.35% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CFO Richard Scott Herren sold 15,678 shares of the stock in a transaction dated Tuesday, June 17th. The shares were sold at an average price of $65.52, for a total transaction of $1,027,222.56. Following the sale, the chief financial officer directly owned 309,543 shares of the company's stock, valued at approximately $20,281,257.36. The trade was a 4.82% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 97,335 shares of company stock valued at $6,271,054 over the last quarter. 0.01% of the stock is owned by company insiders.

Cisco Systems Trading Up 0.6%

Shares of NASDAQ CSCO traded up $0.40 during mid-day trading on Friday, reaching $68.69. The company had a trading volume of 11,589,031 shares, compared to its average volume of 17,593,400. The business's 50-day moving average is $66.43 and its 200-day moving average is $62.41. The company has a current ratio of 0.95, a quick ratio of 0.87 and a debt-to-equity ratio of 0.50. The stock has a market cap of $272.01 billion, a price-to-earnings ratio of 28.04, a price-to-earnings-growth ratio of 4.09 and a beta of 0.90. Cisco Systems, Inc. has a 52 week low of $44.50 and a 52 week high of $69.78.

Cisco Systems (NASDAQ:CSCO - Get Free Report) last released its quarterly earnings data on Wednesday, May 14th. The network equipment provider reported $0.96 earnings per share for the quarter, topping analysts' consensus estimates of $0.92 by $0.04. Cisco Systems had a net margin of 17.60% and a return on equity of 26.48%. The company had revenue of $14.15 billion during the quarter, compared to analyst estimates of $14.05 billion. During the same period in the prior year, the firm earned $0.88 earnings per share. The firm's revenue for the quarter was up 11.4% compared to the same quarter last year. Equities analysts expect that Cisco Systems, Inc. will post 3.04 earnings per share for the current year.

Cisco Systems Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, July 23rd. Investors of record on Thursday, July 3rd were paid a $0.41 dividend. This represents a $1.64 dividend on an annualized basis and a yield of 2.39%. The ex-dividend date was Thursday, July 3rd. Cisco Systems's dividend payout ratio (DPR) is presently 66.94%.

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.