Intact Investment Management Inc. Cuts Stock Position in Cisco Systems, Inc. (NASDAQ:CSCO)

Intact Investment Management Inc. decreased its position in shares of Cisco Systems, Inc. (NASDAQ:CSCO - Free Report) by 2.8% during the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 297,400 shares of the network equipment provider's stock after selling 8,600 shares during the period. Intact Investment Management Inc.'s holdings in Cisco Systems were worth $18,353,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also bought and sold shares of the company. FMR LLC lifted its stake in Cisco Systems by 20.8% in the fourth quarter. FMR LLC now owns 77,216,513 shares of the network equipment provider's stock worth $4,571,218,000 after acquiring an additional 13,285,052 shares during the period. Norges Bank acquired a new position in Cisco Systems in the 4th quarter worth approximately $3,297,905,000. Northern Trust Corp increased its holdings in Cisco Systems by 11.4% in 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. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its holdings in Cisco Systems by 7.8% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 36,471,275 shares of the network equipment provider's stock worth $2,159,099,000 after buying an additional 2,637,006 shares during the period. Finally, Dimensional Fund Advisors LP increased its holdings in Cisco Systems by 2.4% in the 4th quarter. Dimensional Fund Advisors LP now owns 29,419,041 shares of the network equipment provider's stock worth $1,741,597,000 after buying an additional 681,555 shares during the period. Institutional investors own 73.33% of the company's stock.

Cisco Systems Price Performance

CSCO stock opened at $66.32 on Friday. The company has a debt-to-equity ratio of 0.50, a quick ratio of 0.87 and a current ratio of 0.95. Cisco Systems, Inc. has a 1 year low of $44.50 and a 1 year high of $66.65. The firm has a market cap of $262.63 billion, a P/E ratio of 27.07, a price-to-earnings-growth ratio of 3.94 and a beta of 0.88. The stock has a 50-day simple moving average of $61.38 and a 200-day simple moving average of $60.78.

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

Cisco Systems Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, July 23rd. Investors of record on Thursday, July 3rd will be issued a $0.41 dividend. This represents a $1.64 dividend on an annualized basis and a yield of 2.47%. The ex-dividend date of this dividend is Thursday, July 3rd. Cisco Systems's dividend payout ratio is currently 66.94%.

Insider Activity at Cisco Systems

In other Cisco Systems news, EVP Thimaya K. Subaiya sold 8,726 shares of the stock in a transaction that occurred on Tuesday, June 17th. The stock was sold at an average price of $65.54, for a total transaction of $571,902.04. Following the transaction, the executive vice president now owns 174,669 shares of the company's stock, valued at $11,447,806.26. This trade represents a 4.76% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, EVP Deborah L. Stahlkopf sold 9,643 shares of the stock in a transaction that occurred on Friday, May 16th. The stock was sold at an average price of $63.50, for a total value of $612,330.50. Following the transaction, the executive vice president now directly owns 181,186 shares in the company, valued at approximately $11,505,311. This represents a 5.05% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 97,335 shares of company stock valued at $6,271,054. Insiders own 0.01% of the company's stock.

Analyst Upgrades and Downgrades

CSCO has been the topic of several recent research reports. Evercore ISI upped their price objective on Cisco Systems from $67.00 to $72.00 and gave the stock an "outperform" rating in a research report on Thursday, May 15th. Piper Sandler raised their price objective on Cisco Systems from $60.00 to $64.00 and gave the company a "neutral" rating in a report on Thursday, May 15th. Citigroup raised their price objective on Cisco Systems from $68.00 to $71.00 and gave the company a "buy" rating in a report on Thursday, May 15th. Morgan Stanley restated a "hold" rating on shares of Cisco Systems in a report on Wednesday, May 21st. Finally, Wells Fargo & Company raised Cisco Systems from an "equal weight" rating to an "overweight" rating and raised their price objective for the stock from $72.00 to $75.00 in a research report on Thursday, May 15th. Seven analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and three have assigned a strong buy rating to the company's stock. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average target price of $69.11.

Cisco Systems 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.

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