Sovereign s Capital Management LLC bought a new stake in shares of Cisco Systems, Inc. (NASDAQ:CSCO - Free Report) during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor bought 35,767 shares of the network equipment provider's stock, valued at approximately $2,117,000.
A number of other hedge funds have also recently modified their holdings of the business. Norges Bank bought a new position in Cisco Systems during the 4th quarter worth about $3,297,905,000. FMR LLC grew its holdings in Cisco Systems by 20.8% during the 4th 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 in the last quarter. Raymond James Financial Inc. bought a new stake in Cisco Systems during the 4th quarter valued at $560,722,000. Alyeska Investment Group L.P. bought a new stake in Cisco Systems during the 4th quarter valued at $413,491,000. Finally, Caisse DE Depot ET Placement DU Quebec boosted its position in Cisco Systems by 187.9% during the 4th quarter. Caisse DE Depot ET Placement DU Quebec now owns 7,478,872 shares of the network equipment provider's stock valued at $442,749,000 after acquiring an additional 4,880,747 shares in the last quarter. Institutional investors own 73.33% of the company's stock.
Cisco Systems Stock Performance
Shares of NASDAQ CSCO traded down $0.50 during trading on Tuesday, reaching $63.42. 14,991,525 shares of the company traded hands, compared to its average volume of 20,368,936. The firm's fifty day simple moving average is $58.89 and its 200 day simple moving average is $59.81. The stock has a market cap of $252.30 billion, a P/E ratio of 27.69, a PEG ratio of 4.16 and a beta of 0.89. Cisco Systems, Inc. has a 12-month low of $44.50 and a 12-month high of $66.50. The company has a current ratio of 0.87, a quick ratio of 0.79 and a debt-to-equity ratio of 0.43.
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 for the quarter, beating analysts' consensus estimates of $0.92 by $0.04. The business had revenue of $14.15 billion during the quarter, compared to analyst estimates of $14.05 billion. Cisco Systems had a return on equity of 26.08% and a net margin of 16.96%. The company's revenue was up 11.4% on a year-over-year basis. During the same quarter last year, the business posted $0.88 EPS. As a group, research analysts anticipate that Cisco Systems, Inc. will post 3.04 earnings per share for the current fiscal year.
Cisco Systems announced that its board has initiated a stock buyback program on Wednesday, February 12th that permits the company to repurchase $15.00 billion in outstanding shares. This repurchase authorization permits the network equipment provider to repurchase up to 6% of its stock through open market purchases. Stock repurchase programs are often an indication that the company's management believes its stock is undervalued.
Cisco Systems Dividend Announcement
The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, July 23rd. Shareholders of record on Thursday, July 3rd will be paid a dividend of $0.41 per share. The ex-dividend date is Thursday, July 3rd. This represents a $1.64 dividend on an annualized basis and a dividend yield of 2.59%. Cisco Systems's payout ratio is currently 66.94%.
Insider Buying and Selling at Cisco Systems
In other news, EVP Deborah L. Stahlkopf sold 11,808 shares of the firm's stock in a transaction dated Friday, February 21st. The stock was sold at an average price of $64.37, for a total transaction of $760,080.96. Following the sale, the executive vice president now directly owns 200,191 shares in the company, valued at $12,886,294.67. This trade represents a 5.57% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, SVP Maria Victoria Wong sold 762 shares of the firm's stock in a transaction dated Wednesday, March 12th. The shares were sold at an average price of $60.99, for a total value of $46,474.38. Following the sale, the senior vice president now owns 44,155 shares in the company, valued at $2,693,013.45. This trade represents a 1.70% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 34,239 shares of company stock worth $2,181,437. Insiders own 0.01% of the company's stock.
Analyst Upgrades and Downgrades
Several brokerages have issued reports on CSCO. Barclays increased their target price on Cisco Systems from $61.00 to $66.00 and gave the company an "equal weight" rating in a research report on Thursday, May 15th. BNP Paribas raised Cisco Systems from a "neutral" rating to an "outperform" rating and set a $72.00 target price on the stock in a research report on Tuesday, January 28th. Piper Sandler increased their target price on Cisco Systems from $60.00 to $64.00 and gave the company a "neutral" rating in a research report on Thursday, May 15th. The Goldman Sachs Group increased their target price on Cisco Systems from $56.00 to $63.00 and gave the company a "neutral" rating in a research report on Thursday, February 13th. Finally, UBS Group boosted their target price on Cisco Systems from $62.00 to $70.00 and gave the stock a "neutral" rating in a research note on Thursday, February 13th. Seven investment analysts have rated the stock with a hold rating, thirteen have issued a buy rating and three have assigned a strong buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average price target of $68.00.
Check Out Our Latest Stock Report on CSCO
Cisco Systems Profile
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Free Report)
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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