TD Asset Management Inc Acquires 588,617 Shares of Cisco Systems, Inc. (NASDAQ:CSCO)

Key Points

• TD Asset Management Inc increased its holdings in Cisco Systems by 23.2%, owning approximately 3.1 million shares valued at nearly $192.9 million by the end of the first quarter.
• Insider sales included Jeetendra I. Patel selling 9,961 shares for about $637,205 and CFO Richard Scott Herren selling 15,678 shares for over $1 million, indicating a decrease in their ownership stakes.
• Brokerages have given Cisco Systems a consensus rating of "Moderate Buy" with a target price averaging $70.35, reflecting optimism among analysts regarding the company's growth potential.

TD Asset Management Inc raised its position in shares of Cisco Systems, Inc. (NASDAQ:CSCO - Free Report) by 23.2% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 3,126,177 shares of the network equipment provider's stock after purchasing an additional 588,617 shares during the quarter. TD Asset Management Inc owned 0.08% of Cisco Systems worth $192,916,000 as of its most recent SEC filing.

Other large investors have also added to or reduced their stakes in the company. Navigoe LLC purchased a new position in Cisco Systems during the fourth quarter valued at approximately $26,000. Mpwm Advisory Solutions LLC purchased a new position in shares of Cisco Systems in the fourth quarter worth $26,000. JDM Financial Group LLC lifted its holdings in shares of Cisco Systems by 160.4% in the fourth quarter. JDM Financial Group LLC now owns 487 shares of the network equipment provider's stock worth $29,000 after buying an additional 300 shares in the last quarter. Fairway Wealth LLC lifted its holdings in shares of Cisco Systems by 224.7% in the first quarter. Fairway Wealth LLC now owns 578 shares of the network equipment provider's stock worth $36,000 after buying an additional 400 shares in the last quarter. Finally, Accredited Wealth Management LLC purchased a new position in shares of Cisco Systems in the fourth quarter worth $37,000. Hedge funds and other institutional investors own 73.33% of the company's stock.

Cisco Systems Trading Up 0.6%

Shares of NASDAQ CSCO traded up $0.40 during mid-day trading on Wednesday, reaching $68.36. The company had a trading volume of 5,371,678 shares, compared to its average volume of 21,164,893. The business's 50-day moving average is $66.60 and its 200-day moving average is $62.56. 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 stock has a market cap of $270.69 billion, a price-to-earnings ratio of 27.90, a price-to-earnings-growth ratio of 4.06 and a beta of 0.90. Cisco Systems, Inc. has a 52 week low of $44.50 and a 52 week high of $69.78.

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. The firm had revenue of $14.15 billion for the quarter, compared to analysts' expectations of $14.05 billion. Cisco Systems had a net margin of 17.60% and a return on equity of 26.48%. The business's revenue for the quarter was up 11.4% on a year-over-year basis. During the same period in the prior year, the business posted $0.88 earnings per share. Equities analysts expect that Cisco Systems, Inc. will post 3.04 earnings per share for the current year.

Cisco Systems Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Wednesday, July 23rd. Stockholders of record on Thursday, July 3rd were issued a $0.41 dividend. This represents a $1.64 dividend on an annualized basis and a dividend yield of 2.40%. The ex-dividend date was Thursday, July 3rd. Cisco Systems's payout ratio is presently 66.94%.

Insider Transactions at Cisco Systems

In other news, EVP Oliver Tuszik sold 15,000 shares of the company's stock in a transaction dated Wednesday, May 28th. The shares were sold at an average price of $63.53, for a total value of $952,950.00. Following the transaction, the executive vice president directly owned 131,676 shares in the company, valued at approximately $8,365,376.28. This represents a 10.23% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CFO Richard Scott Herren sold 15,678 shares of the stock in a transaction dated Tuesday, June 17th. The stock was sold at an average price of $65.52, for a total transaction of $1,027,222.56. Following the transaction, the chief financial officer owned 309,543 shares in the company, valued at approximately $20,281,257.36. The trade was a 4.82% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 97,335 shares of company stock valued at $6,271,054. Company insiders own 0.01% of the company's stock.

Wall Street Analysts Forecast Growth

CSCO has been the topic of several research analyst reports. Wolfe Research initiated coverage on shares of Cisco Systems in a report on Tuesday, July 8th. They issued a "peer perform" rating on the stock. Rosenblatt Securities boosted their target price on shares of Cisco Systems from $63.00 to $74.00 and gave the stock a "buy" rating in a report on Thursday, May 15th. Barclays reissued an "equal weight" rating on shares of Cisco Systems in a report on Wednesday, May 21st. Wall Street Zen downgraded shares of Cisco Systems from a "strong-buy" rating to a "buy" rating in a report on Saturday, July 12th. Finally, Piper Sandler upped their price target on shares of Cisco Systems from $60.00 to $64.00 and gave the company a "neutral" rating in a research note on Thursday, May 15th. Eight 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 company's stock. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average price target of $70.35.

About Cisco Systems

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.