Pinebridge Investments L.P. Has $40.62 Million Holdings in Cisco Systems, Inc. (NASDAQ:CSCO)

Pinebridge Investments L.P. decreased its position in Cisco Systems, Inc. (NASDAQ:CSCO - Free Report) by 27.0% during the 4th quarter, according to the company in its most recent filing with the SEC. The fund owned 686,088 shares of the network equipment provider's stock after selling 253,628 shares during the quarter. Pinebridge Investments L.P.'s holdings in Cisco Systems were worth $40,616,000 at the end of the most recent reporting period.

Other large investors have also made changes to their positions in the company. Altrinsic Global Advisors LLC lifted its position in Cisco Systems by 0.6% during the 4th quarter. Altrinsic Global Advisors LLC now owns 509,447 shares of the network equipment provider's stock worth $30,159,000 after buying an additional 3,070 shares in the last quarter. Price T Rowe Associates Inc. MD lifted its position in Cisco Systems by 12.8% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 17,161,261 shares of the network equipment provider's stock valued at $1,015,948,000 after purchasing an additional 1,943,563 shares during the period. Quantessence Capital LLC acquired a new position in Cisco Systems during the 4th quarter valued at about $1,808,000. Alta Advisers Ltd lifted its position in Cisco Systems by 20.9% during the 4th quarter. Alta Advisers Ltd now owns 13,059 shares of the network equipment provider's stock valued at $773,000 after purchasing an additional 2,259 shares during the period. Finally, Alpine Global Management LLC acquired a new position in Cisco Systems during the 4th quarter valued at about $233,000. Institutional investors own 73.33% of the company's stock.

Insider Activity

In other news, CEO Charles Robbins sold 31,983 shares of the company's stock in a transaction dated Friday, February 14th. The shares were sold at an average price of $64.41, for a total value of $2,060,025.03. Following the sale, the chief executive officer now directly owns 736,120 shares of the company's stock, valued at approximately $47,413,489.20. This represents a 4.16 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Thimaya K. Subaiya sold 2,065 shares of the company's stock in a transaction dated Wednesday, March 12th. The shares were sold at an average price of $60.70, for a total transaction of $125,345.50. Following the completion of the sale, the executive vice president now directly owns 191,184 shares in the company, valued at approximately $11,604,868.80. The trade was a 1.07 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 66,547 shares of company stock valued at $4,275,553. 0.01% of the stock is owned by company insiders.

Analysts Set New Price Targets

A number of research analysts have issued reports on the stock. StockNews.com downgraded shares of Cisco Systems from a "strong-buy" rating to a "buy" rating in a research report on Wednesday, March 5th. Rosenblatt Securities cut their price target on shares of Cisco Systems from $80.00 to $63.00 and set a "buy" rating on the stock in a research report on Tuesday, April 22nd. Melius upgraded shares of Cisco Systems from a "hold" rating to a "buy" rating and increased their price target for the company from $66.00 to $73.00 in a research report on Monday, January 6th. Piper Sandler cut their price target on shares of Cisco Systems from $72.00 to $60.00 and set a "neutral" rating on the stock in a research report on Tuesday, April 8th. Finally, UBS Group increased their price target on shares of Cisco Systems from $62.00 to $70.00 and gave the company a "neutral" rating in a research report on Thursday, February 13th. Seven research analysts have rated the stock with a hold rating, fifteen have given a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat, Cisco Systems presently has a consensus rating of "Moderate Buy" and an average target price of $64.68.

Cisco Systems Stock Up 0.7 %

Shares of CSCO traded up $0.42 during mid-day trading on Friday, hitting $56.71. 16,493,138 shares of the company's stock were exchanged, compared to its average volume of 20,228,446. The company has a market cap of $225.61 billion, a PE ratio of 24.76, a P/E/G ratio of 4.16 and a beta of 0.86. Cisco Systems, Inc. has a 52 week low of $44.50 and a 52 week high of $66.50. The company has a 50-day simple moving average of $59.83 and a 200 day simple moving average of $59.27. The company has a debt-to-equity ratio of 0.43, a current ratio of 0.87 and a quick ratio of 0.79.

Cisco Systems (NASDAQ:CSCO - Get Free Report) last announced its quarterly earnings results on Wednesday, February 12th. The network equipment provider reported $0.77 EPS for the quarter, missing analysts' consensus estimates of $0.91 by ($0.14). Cisco Systems had a net margin of 16.96% and a return on equity of 26.08%. On average, research analysts forecast that Cisco Systems, Inc. will post 3.04 earnings per share for the current fiscal year.

Cisco Systems declared that its Board of Directors has approved a share buyback plan on Wednesday, February 12th that authorizes the company to repurchase $15.00 billion in outstanding shares. This repurchase authorization authorizes the network equipment provider to reacquire up to 6% of its stock through open market purchases. Stock repurchase plans are often an indication that the company's board believes its shares are undervalued.

Cisco Systems Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, April 23rd. Stockholders of record on Thursday, April 3rd were issued a $0.41 dividend. This represents a $1.64 dividend on an annualized basis and a dividend yield of 2.89%. This is a boost from Cisco Systems's previous quarterly dividend of $0.40. The ex-dividend date of this dividend was Thursday, April 3rd. Cisco Systems's dividend payout ratio is presently 71.62%.

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.