Mackenzie Financial Corp Increases Position in Cisco Systems, Inc. (NASDAQ:CSCO)

Key Points

• Mackenzie Financial Corp increased its stake in Cisco Systems by 99.1% during the first quarter, owning 2,617,106 shares valued at approximately $161.5 million.
• Cisco recently reported earnings of $0.96 per share for its latest quarter, exceeding estimates and showing an 11.4% year-over-year revenue growth to $14.15 billion.
• Institutional investors now own 73.33% of Cisco's stock, indicative of strong confidence in the company among large financial entities.

Mackenzie Financial Corp lifted its holdings in shares of Cisco Systems, Inc. (NASDAQ:CSCO - Free Report) by 99.1% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 2,617,106 shares of the network equipment provider's stock after acquiring an additional 1,302,385 shares during the quarter. Mackenzie Financial Corp owned 0.07% of Cisco Systems worth $161,502,000 at the end of the most recent quarter.

A number of other hedge funds have also bought and sold shares of the business. Navigoe LLC bought a new position in Cisco Systems during the fourth quarter valued at about $26,000. Mpwm Advisory Solutions LLC bought a new stake in Cisco Systems in the fourth quarter worth about $26,000. JDM Financial Group LLC boosted its stake in 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 last quarter. Fairway Wealth LLC boosted its stake in Cisco Systems by 224.7% in the first quarter. Fairway Wealth LLC now owns 578 shares of the network equipment provider's stock valued at $36,000 after acquiring an additional 400 shares during the last quarter. Finally, Investment Management Corp VA ADV grew its position in shares of Cisco Systems by 145.3% during the 1st quarter. Investment Management Corp VA ADV now owns 596 shares of the network equipment provider's stock valued at $37,000 after acquiring an additional 353 shares during the period. 73.33% of the stock is currently owned by institutional investors.

Cisco Systems Stock Performance

Cisco Systems stock opened at $68.69 on Monday. Cisco Systems, Inc. has a 1-year low of $44.50 and a 1-year high of $69.78. 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 firm has a market capitalization of $272.01 billion, a PE ratio of 28.04, a price-to-earnings-growth ratio of 4.11 and a beta of 0.90. The firm's 50 day simple moving average is $66.43 and its 200 day simple moving average is $62.46.

Cisco Systems (NASDAQ:CSCO - Get Free Report) last released its quarterly 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 net margin of 17.60% and a return on equity of 26.48%. The firm had revenue of $14.15 billion for the quarter, compared to analysts' expectations of $14.05 billion. During the same quarter in the prior year, the firm posted $0.88 earnings per share. The business's quarterly revenue was up 11.4% on a year-over-year basis. As a group, analysts expect that Cisco Systems, Inc. will post 3.04 earnings per share for the current fiscal year.

Cisco Systems Dividend Announcement

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 $0.41 dividend. The ex-dividend date was Thursday, July 3rd. This represents a $1.64 dividend on an annualized basis and a yield of 2.39%. Cisco Systems's dividend payout ratio is currently 66.94%.

Wall Street Analyst Weigh In

CSCO has been the topic of a number of research reports. Wells Fargo & Company raised shares of Cisco Systems from an "equal weight" rating to an "overweight" rating and lifted their price target for the stock from $72.00 to $75.00 in a report on Thursday, May 15th. Citigroup raised their target price on Cisco Systems from $68.00 to $71.00 and gave the stock a "buy" rating in a research report on Thursday, May 15th. Deutsche Bank Aktiengesellschaft upgraded Cisco Systems from a "hold" rating to a "buy" rating and boosted their target price for the company from $65.00 to $73.00 in a research note on Monday, June 16th. JPMorgan Chase & Co. increased their price target on Cisco Systems from $73.00 to $78.00 and gave the stock an "overweight" rating in a research note on Thursday, July 17th. Finally, CICC Research began coverage on Cisco Systems in a report on Monday, July 14th. They issued an "outperform" rating and a $78.00 price objective for the company. Seven equities research analysts have rated the stock with a hold rating, seventeen have issued a buy rating and two have given a strong buy rating to the company's stock. According to data from MarketBeat, Cisco Systems currently has an average rating of "Moderate Buy" and an average price target of $70.35.

Insider Transactions at Cisco Systems

In related news, insider Jeetendra I. Patel sold 899 shares of the firm's stock in a transaction that occurred 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 sale, the insider directly owned 255,377 shares of the company's stock, valued at $16,413,079.79. This trade represents a 0.35% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, SVP Maria Victoria Wong sold 762 shares of the business's stock in a transaction that occurred on Wednesday, June 11th. The stock was sold at an average price of $64.07, for a total transaction of $48,821.34. Following the completion of the transaction, the senior vice president directly owned 36,937 shares of the company's stock, valued at approximately $2,366,553.59. This represents a 2.02% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 97,335 shares of company stock worth $6,271,054. 0.01% of the stock is owned by insiders.

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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