Cisco Systems, Inc. (NASDAQ:CSCO) Shares Sold by Mackenzie Financial Corp

Mackenzie Financial Corp trimmed its holdings in Cisco Systems, Inc. (NASDAQ:CSCO - Free Report) by 2.3% in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 1,314,721 shares of the network equipment provider's stock after selling 30,517 shares during the quarter. Mackenzie Financial Corp's holdings in Cisco Systems were worth $77,831,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. FPC Investment Advisory Inc. acquired a new position in Cisco Systems in the fourth quarter valued at approximately $26,000. Navigoe LLC acquired a new stake in shares of Cisco Systems in the fourth quarter valued at approximately $26,000. Mpwm Advisory Solutions LLC acquired a new stake in shares of Cisco Systems in the fourth quarter valued at approximately $26,000. JDM Financial Group LLC boosted 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 valued at $29,000 after acquiring an additional 300 shares during the period. Finally, Runnymede Capital Advisors Inc. acquired a new stake in shares of Cisco Systems in the fourth quarter valued at approximately $30,000. 73.33% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

CSCO has been the subject of several research analyst reports. DZ Bank raised Cisco Systems from a "hold" rating to a "buy" rating in a report on Tuesday, February 18th. Rosenblatt Securities increased their price objective on Cisco Systems from $63.00 to $74.00 and gave the company a "buy" rating in a report on Thursday, May 15th. Morgan Stanley reissued a "hold" rating on shares of Cisco Systems in a report on Wednesday. Piper Sandler increased their price target on Cisco Systems from $60.00 to $64.00 and gave the stock a "neutral" rating in a report on Thursday, May 15th. Finally, The Goldman Sachs Group increased their price target on Cisco Systems from $56.00 to $63.00 and gave the stock a "neutral" rating in a report on Thursday, February 13th. Eight investment analysts have rated the stock with a hold rating, twelve have issued a buy rating and three have issued a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $68.00.

Insider Activity

In related news, insider Jeetendra I. Patel sold 9,961 shares of Cisco Systems stock in a transaction dated Friday, May 16th. The stock was sold at an average price of $63.97, for a total transaction of $637,205.17. Following the completion of the sale, the insider now owns 257,162 shares in the company, valued at approximately $16,450,653.14. This trade represents a 3.73% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, EVP Thimaya K. Subaiya sold 2,065 shares of Cisco Systems stock in a transaction dated Wednesday, March 12th. The stock was sold at an average price of $60.70, for a total value of $125,345.50. Following the sale, the executive vice president now owns 191,184 shares of the company's stock, valued at approximately $11,604,868.80. This represents a 1.07% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 22,431 shares of company stock worth $1,421,356 over the last 90 days. 0.01% of the stock is currently owned by corporate insiders.

Cisco Systems Trading Down 0.4%

NASDAQ:CSCO opened at $63.11 on Friday. The stock has a fifty day moving average price of $59.05 and a two-hundred day moving average price of $59.94. The stock has a market capitalization of $249.92 billion, a price-to-earnings ratio of 27.56, a PEG ratio of 4.16 and a beta of 0.89. The company has a debt-to-equity ratio of 0.43, a quick ratio of 0.79 and a current ratio of 0.87. Cisco Systems, Inc. has a 1 year low of $44.50 and a 1 year high of $66.50.

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 (EPS) for the quarter, topping the consensus estimate of $0.92 by $0.04. Cisco Systems had a return on equity of 26.08% and a net margin of 16.96%. The firm had revenue of $14.15 billion during the quarter, compared to analysts' expectations of $14.05 billion. During the same quarter in the prior year, the business posted $0.88 earnings per share. Cisco Systems's revenue was up 11.4% compared to the same quarter last year. As a group, sell-side analysts anticipate that Cisco Systems, Inc. will post 3.04 earnings per share for the current fiscal year.

Cisco Systems Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Wednesday, July 23rd. Stockholders of record on Thursday, July 3rd will be given a $0.41 dividend. This represents a $1.64 dividend on an annualized basis and a dividend yield of 2.60%. The ex-dividend date is Thursday, July 3rd. Cisco Systems's dividend payout ratio is currently 66.94%.

Cisco Systems announced that its board has approved a share repurchase program on Wednesday, February 12th that authorizes the company to buyback $15.00 billion in shares. This buyback authorization authorizes the network equipment provider to buy up to 6% of its stock through open market purchases. Stock buyback programs are generally an indication that the company's management believes its stock is undervalued.

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.

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