Avantax Planning Partners Inc. raised its holdings in shares of Cisco Systems, Inc. (NASDAQ:CSCO – Get Rating) by 66.1% in the 1st quarter, according to its most recent 13F filing with the SEC. The fund owned 57,039 shares of the network equipment provider’s stock after acquiring an additional 22,704 shares during the period. Avantax Planning Partners Inc.’s holdings in Cisco Systems were worth $3,181,000 at the end of the most recent reporting period.
Several other institutional investors and hedge funds also recently made changes to their positions in the business. Norges Bank acquired a new position in shares of Cisco Systems during the 4th quarter worth about $2,492,430,000. BlackRock Inc. boosted its position in shares of Cisco Systems by 3.5% during the 4th quarter. BlackRock Inc. now owns 350,404,388 shares of the network equipment provider’s stock worth $22,205,126,000 after acquiring an additional 11,804,677 shares in the last quarter. California Public Employees Retirement System boosted its position in Cisco Systems by 37.6% in the fourth quarter. California Public Employees Retirement System now owns 23,253,771 shares of the network equipment provider’s stock valued at $1,473,591,000 after buying an additional 6,349,689 shares in the last quarter. State Street Corp boosted its position in Cisco Systems by 3.2% in the fourth quarter. State Street Corp now owns 186,125,154 shares of the network equipment provider’s stock valued at $11,794,751,000 after buying an additional 5,730,165 shares in the last quarter. Finally, ProShare Advisors LLC lifted its holdings in shares of Cisco Systems by 53.7% during the fourth quarter. ProShare Advisors LLC now owns 8,406,104 shares of the network equipment provider’s stock worth $532,693,000 after purchasing an additional 2,936,764 shares during the period. Institutional investors own 73.18% of the company’s stock.
Analysts Set New Price Targets
A number of equities analysts recently weighed in on the stock. Morgan Stanley lowered their target price on shares of Cisco Systems from $59.00 to $46.00 and set an “equal weight” rating for the company in a research note on Thursday, May 19th. Evercore ISI cut their price target on shares of Cisco Systems from $62.00 to $50.00 and set an “outperform” rating on the stock in a report on Thursday, May 19th. Rosenblatt Securities began coverage on shares of Cisco Systems in a report on Tuesday, July 12th. They set a “neutral” rating and a $48.00 price target on the stock. Piper Sandler cut their price target on shares of Cisco Systems from $57.00 to $43.00 and set a “neutral” rating on the stock in a report on Thursday, May 19th. Finally, Bank of America cut their price target on shares of Cisco Systems from $62.00 to $52.00 and set a “buy” rating on the stock in a report on Thursday, May 19th. One research analyst has rated the stock with a sell rating, fourteen have issued a hold rating and twelve have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $54.23.
Cisco Systems Stock Down 0.8 %
Cisco Systems (NASDAQ:CSCO – Get Rating) last issued its quarterly earnings results on Wednesday, May 18th. The network equipment provider reported $0.78 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.77 by $0.01. The company had revenue of $12.84 billion during the quarter, compared to analyst estimates of $13.33 billion. Cisco Systems had a net margin of 23.28% and a return on equity of 31.22%. During the same period last year, the business earned $0.75 EPS. Equities research analysts predict that Cisco Systems, Inc. will post 3 earnings per share for the current year.
Cisco Systems Announces Dividend
The company also recently disclosed a quarterly dividend, which was paid on Wednesday, July 27th. Shareholders of record on Wednesday, July 6th were paid a dividend of $0.38 per share. The ex-dividend date of this dividend was Tuesday, July 5th. This represents a $1.52 dividend on an annualized basis and a yield of 3.38%. Cisco Systems’s dividend payout ratio is currently 53.33%.
Insider Buying and Selling at Cisco Systems
In other news, CEO Charles Robbins sold 12,717 shares of the firm’s stock in a transaction dated Wednesday, May 25th. The shares were sold at an average price of $43.79, for a total transaction of $556,877.43. Following the sale, the chief executive officer now owns 651,577 shares of the company’s stock, valued at approximately $28,532,556.83. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other Cisco Systems news, SVP Prat Bhatt sold 3,700 shares of Cisco Systems stock in a transaction that occurred on Monday, May 23rd. The shares were sold at an average price of $43.34, for a total transaction of $160,358.00. Following the transaction, the senior vice president now owns 80,784 shares of the company’s stock, valued at $3,501,178.56. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Charles Robbins sold 12,717 shares of Cisco Systems stock in a transaction that occurred on Wednesday, May 25th. The shares were sold at an average price of $43.79, for a total transaction of $556,877.43. Following the transaction, the chief executive officer now directly owns 651,577 shares in the company, valued at approximately $28,532,556.83. The disclosure for this sale can be found here. In the last ninety days, insiders sold 25,326 shares of company stock worth $1,103,159. 0.02% of the stock is owned by corporate 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. It provides infrastructure platforms, including networking technologies of switching, routing, wireless, and data center products that are designed to work together to deliver networking capabilities, and transport and/or store data.
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