Connor Clark & Lunn Investment Management Ltd. Purchases 72,504 Shares of Cisco Systems, Inc. (NASDAQ:CSCO)

Key Points

• Connor Clark & Lunn Investment Management Ltd. increased its stake in Cisco Systems by 16.8%, acquiring an additional 72,504 shares in the first quarter, bringing its total holdings to 504,967 shares valued at $31.16 million.
• Insider transactions included sales by EVP Deborah L. Stahlkopf and EVP Oliver Tuszik, who sold 9,643 and 15,000 shares respectively, indicating a decrease in their ownership of the stock by 5.05% and 10.23%.
• Research analysts have mixed ratings on Cisco, with a consensus of “Moderate Buy” and an average price target of $70.55, highlighting recent upgrades from firms like Wells Fargo.

Connor Clark & Lunn Investment Management Ltd. grew its holdings in Cisco Systems, Inc. (NASDAQ:CSCO - Free Report) by 16.8% during the 1st quarter, according to the company in its most recent disclosure with the SEC. The fund owned 504,967 shares of the network equipment provider's stock after purchasing an additional 72,504 shares during the quarter. Connor Clark & Lunn Investment Management Ltd.'s holdings in Cisco Systems were worth $31,162,000 as of its most recent filing with the SEC.

Several other large investors have also recently added to or reduced their stakes in CSCO. Brighton Jones LLC lifted its holdings in Cisco Systems by 49.5% during the 4th quarter. Brighton Jones LLC now owns 74,187 shares of the network equipment provider's stock worth $4,392,000 after buying an additional 24,562 shares in the last quarter. Revolve Wealth Partners LLC lifted its holdings in Cisco Systems by 37.0% during the 4th quarter. Revolve Wealth Partners LLC now owns 9,156 shares of the network equipment provider's stock worth $542,000 after buying an additional 2,474 shares in the last quarter. Glass Jacobson Investment Advisors llc lifted its holdings in Cisco Systems by 8.7% during the 4th quarter. Glass Jacobson Investment Advisors llc now owns 2,070 shares of the network equipment provider's stock worth $123,000 after buying an additional 166 shares in the last quarter. Sterling Capital Management LLC lifted its holdings in Cisco Systems by 151.8% during the 4th quarter. Sterling Capital Management LLC now owns 118,014 shares of the network equipment provider's stock worth $6,986,000 after buying an additional 71,155 shares in the last quarter. Finally, Petros Family Wealth LLC acquired a new position in Cisco Systems during the 4th quarter worth $1,703,000. Institutional investors and hedge funds own 73.33% of the company's stock.

Insider Activity

In other news, EVP Thimaya K. Subaiya sold 8,726 shares of the stock in a transaction on Tuesday, June 17th. The stock was sold at an average price of $65.54, for a total value of $571,902.04. Following the completion of the transaction, the executive vice president directly owned 174,669 shares in the company, valued at approximately $11,447,806.26. This represents a 4.76% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Jeetendra I. Patel sold 899 shares of the stock in a transaction on Thursday, June 12th. The shares were sold at an average price of $64.27, for a total value of $57,778.73. Following the completion of the transaction, the insider owned 255,377 shares of the company's stock, valued at $16,413,079.79. The trade was a 0.35% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 97,335 shares of company stock valued at $6,271,054. Corporate insiders own 0.01% of the company's stock.

Wall Street Analysts Forecast Growth

Several research firms have issued reports on CSCO. Rosenblatt Securities upped their price objective on Cisco Systems from $63.00 to $74.00 and gave the stock a "buy" rating in a report on Thursday, May 15th. Evercore ISI reissued an "in-line" rating and issued a $72.00 price target on shares of Cisco Systems in a research note on Monday, July 28th. Piper Sandler increased their price target on Cisco Systems from $60.00 to $64.00 and gave the company a "neutral" rating in a research note on Thursday, May 15th. Wolfe Research started coverage on Cisco Systems in a research note on Tuesday, July 8th. They issued a "peer perform" rating on the stock. Finally, JPMorgan Chase & Co. increased their price target on Cisco Systems from $73.00 to $78.00 and gave the company an "overweight" rating in a research note on Thursday, July 17th. Eight research analysts have rated the stock with a hold rating, sixteen have issued a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $70.55.

Cisco Systems Stock Up 1.0%

Shares of NASDAQ CSCO traded up $0.71 during mid-day trading on Tuesday, hitting $71.38. The company had a trading volume of 21,677,845 shares, compared to its average volume of 21,299,121. The firm has a 50-day simple moving average of $67.63 and a two-hundred day simple moving average of $63.11. 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 company has a market capitalization of $282.66 billion, a PE ratio of 29.13, a price-to-earnings-growth ratio of 3.98 and a beta of 0.91. Cisco Systems, Inc. has a one year low of $44.89 and a one year high of $72.55.

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

Cisco Systems Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, July 23rd. Shareholders of record on Thursday, July 3rd were paid a dividend of $0.41 per share. The ex-dividend date was Thursday, July 3rd. This represents a $1.64 annualized dividend and a yield of 2.3%. Cisco Systems's dividend payout ratio 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.