Cisco Systems, Inc. (NASDAQ:CSCO) Shares Sold by Sawgrass Asset Management LLC

Sawgrass Asset Management LLC reduced its stake in Cisco Systems, Inc. (NASDAQ:CSCO) by 42.1% during the 1st quarter, according to the company in its most recent filing with the SEC. The fund owned 140,228 shares of the network equipment provider’s stock after selling 101,871 shares during the quarter. Sawgrass Asset Management LLC’s holdings in Cisco Systems were worth $8,653,000 at the end of the most recent reporting period.

Several other large investors have also recently made changes to their positions in the stock. FMR LLC lifted its holdings in shares of Cisco Systems by 20.8% in 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 during the last quarter. Norges Bank acquired a new stake in Cisco Systems during the 4th quarter worth approximately $3,297,905,000. Northern Trust Corp lifted its holdings in Cisco Systems by 11.4% during 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 buying an additional 4,832,813 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its holdings in Cisco Systems by 7.8% during the 4th 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 buying an additional 2,637,006 shares in the last quarter. Finally, Dimensional Fund Advisors LP lifted its holdings in Cisco Systems by 2.4% during the 4th quarter. Dimensional Fund Advisors LP now owns 29,419,041 shares of the network equipment provider’s stock worth $1,741,597,000 after buying an additional 681,555 shares in the last quarter. 73.33% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of research firms have issued reports on CSCO. Deutsche Bank Aktiengesellschaft upgraded shares of Cisco Systems from a “hold” rating to a “buy” rating and increased their target price for the stock from $65.00 to $73.00 in a report on Monday, June 16th. Morgan Stanley reiterated a “hold” rating on shares of Cisco Systems in a report on Wednesday, May 21st. Wells Fargo & Company raised shares of Cisco Systems from an “equal weight” rating to an “overweight” rating and increased their price objective for the company from $72.00 to $75.00 in a research report on Thursday, May 15th. Piper Sandler increased their price objective on shares of Cisco Systems from $60.00 to $64.00 and gave the company a “neutral” rating in a research report on Thursday, May 15th. Finally, JPMorgan Chase & Co. increased their price objective on shares of Cisco Systems from $70.00 to $73.00 and gave the company an “overweight” rating in a research report on Thursday, May 15th. Seven analysts have rated the stock with a hold rating, thirteen have given a buy rating and three have issued a strong buy rating to the company. Based on data from MarketBeat, Cisco Systems has a consensus rating of “Moderate Buy” and a consensus target price of $69.11.

Insider Transactions at Cisco Systems

In other news, EVP Thimaya K. Subaiya sold 8,726 shares of the business’s stock in a transaction dated Tuesday, June 17th. The shares were sold at an average price of $65.54, for a total transaction of $571,902.04. Following the transaction, the executive vice president now directly owns 174,669 shares in the company, valued at $11,447,806.26. The trade was a 4.76% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, EVP Deborah L. Stahlkopf sold 9,643 shares of the business’s stock in a transaction dated Friday, May 16th. The stock was sold at an average price of $63.50, for a total transaction of $612,330.50. Following the transaction, the executive vice president now owns 181,186 shares in the company, valued at approximately $11,505,311. This trade represents a 5.05% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 97,335 shares of company stock worth $6,271,054 over the last ninety days. 0.01% of the stock is currently owned by company insiders.

Cisco Systems Trading Up 0.7%

NASDAQ CSCO opened at $66.32 on Monday. The company has a debt-to-equity ratio of 0.50, a quick ratio of 0.87 and a current ratio of 0.95. The firm has a market cap of $262.63 billion, a PE ratio of 27.07, a P/E/G ratio of 3.97 and a beta of 0.88. Cisco Systems, Inc. has a one year low of $44.50 and a one year high of $66.65. The firm’s fifty day moving average is $61.38 and its two-hundred day moving average is $60.80.

Cisco Systems (NASDAQ:CSCO) last posted its quarterly earnings data on Wednesday, May 14th. The network equipment provider reported $0.96 EPS for the quarter, beating analysts’ consensus estimates of $0.92 by $0.04. The company had revenue of $14.15 billion for the quarter, compared to analyst estimates of $14.05 billion. Cisco Systems had a net margin of 17.60% and a return on equity of 26.48%. Cisco Systems’s quarterly revenue was up 11.4% on a year-over-year basis. During the same period in the previous year, the business posted $0.88 earnings per share. Analysts expect that Cisco Systems, Inc. will post 3.04 earnings per share for the current year.

Cisco Systems Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, July 23rd. Stockholders of record on Thursday, July 3rd will be paid a dividend of $0.41 per share. The ex-dividend date of this dividend is Thursday, July 3rd. This represents a $1.64 dividend on an annualized basis and a dividend yield of 2.47%. Cisco Systems’s dividend payout ratio (DPR) is 66.94%.

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.