QRG Capital Management Inc. Acquires 66,784 Shares of Cisco Systems, Inc. (NASDAQ:CSCO)

QRG Capital Management Inc. raised its stake in shares of Cisco Systems, Inc. (NASDAQ:CSCO - Free Report) by 8.5% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 857,001 shares of the network equipment provider's stock after buying an additional 66,784 shares during the quarter. Cisco Systems comprises about 0.5% of QRG Capital Management Inc.'s investment portfolio, making the stock its 29th biggest holding. QRG Capital Management Inc.'s holdings in Cisco Systems were worth $52,886,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also added to or reduced their stakes in the stock. FMR LLC grew its holdings in shares of Cisco Systems by 20.8% during the fourth quarter. FMR LLC now owns 77,216,513 shares of the network equipment provider's stock valued at $4,571,218,000 after buying an additional 13,285,052 shares during the last quarter. Norges Bank purchased a new stake in Cisco Systems during the 4th quarter valued at $3,297,905,000. Northern Trust Corp increased its holdings in shares of 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 purchasing an additional 4,832,813 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its stake in shares of Cisco Systems by 7.8% in the fourth 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 purchasing an additional 2,637,006 shares during the last quarter. Finally, Dimensional Fund Advisors LP lifted its holdings in shares of Cisco Systems by 2.4% during the fourth quarter. Dimensional Fund Advisors LP now owns 29,419,041 shares of the network equipment provider's stock valued at $1,741,597,000 after purchasing an additional 681,555 shares in the last quarter. 73.33% of the stock is owned by institutional investors.

Insider Activity

In other Cisco Systems news, CEO Charles Robbins sold 29,784 shares of the stock in a transaction on Thursday, June 5th. The shares were sold at an average price of $64.61, for a total transaction of $1,924,344.24. Following the completion of the transaction, the chief executive officer now owns 688,409 shares in the company, valued at $44,478,105.49. This trade represents a 4.15% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, EVP Deborah L. Stahlkopf sold 2,407 shares of the company's stock in a transaction dated Wednesday, June 11th. The shares were sold at an average price of $64.01, for a total transaction of $154,072.07. Following the sale, the executive vice president now owns 177,027 shares in the company, valued at $11,331,498.27. This represents a 1.34% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 72,931 shares of company stock worth $4,671,930. 0.01% of the stock is currently owned by insiders.

Analysts Set New Price Targets

CSCO has been the subject of a number of recent analyst reports. Wells Fargo & Company raised Cisco Systems from an "equal weight" rating to an "overweight" rating and boosted their target price for the stock from $72.00 to $75.00 in a research report on Thursday, May 15th. Piper Sandler boosted their price objective on shares of Cisco Systems from $60.00 to $64.00 and gave the company a "neutral" rating in a report on Thursday, May 15th. Wall Street Zen upgraded shares of Cisco Systems from a "buy" rating to a "strong-buy" rating in a report on Friday, May 16th. Barclays reaffirmed an "equal weight" rating on shares of Cisco Systems in a research report on Wednesday, May 21st. Finally, Deutsche Bank Aktiengesellschaft raised Cisco Systems from a "hold" rating to a "buy" rating and increased their price target for the company from $65.00 to $73.00 in a report on Monday. Seven investment analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and three have given a strong buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $69.11.

Cisco Systems Price Performance

NASDAQ:CSCO traded up $1.42 on Monday, reaching $65.51. 16,881,288 shares of the company's stock traded hands, compared to its average volume of 20,148,661. The firm has a market cap of $259.42 billion, a PE ratio of 28.61, a P/E/G ratio of 4.16 and a beta of 0.88. The company has a quick ratio of 0.79, a current ratio of 0.87 and a debt-to-equity ratio of 0.43. The stock has a 50-day simple moving average of $60.47 and a 200-day simple moving average of $60.58. Cisco Systems, Inc. has a 12 month low of $44.50 and a 12 month high of $66.50.

Cisco Systems (NASDAQ:CSCO - Get Free Report) last posted its quarterly earnings results on Wednesday, May 14th. The network equipment provider reported $0.96 EPS for the quarter, topping analysts' consensus estimates of $0.92 by $0.04. Cisco Systems had a return on equity of 26.08% and a net margin of 16.96%. The company had revenue of $14.15 billion for the quarter, compared to analysts' expectations of $14.05 billion. During the same period in the previous year, the firm earned $0.88 EPS. The firm's revenue was up 11.4% compared to the same quarter last year. Equities research analysts forecast that Cisco Systems, Inc. will post 3.04 earnings per share for the current year.

Cisco Systems Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, July 23rd. Stockholders of record on Thursday, July 3rd will be issued a dividend of $0.41 per share. The ex-dividend date of this dividend is Thursday, July 3rd. This represents a $1.64 annualized dividend and a dividend yield of 2.50%. Cisco Systems's dividend payout ratio (DPR) is 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.