Cisco Systems, Inc. (NASDAQ:CSCO) Shares Sold by State of Michigan Retirement System

State of Michigan Retirement System decreased its holdings in shares of Cisco Systems, Inc. (NASDAQ:CSCO) by 0.1% during the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 1,311,062 shares of the network equipment provider’s stock after selling 1,400 shares during the quarter. State of Michigan Retirement System’s holdings in Cisco Systems were worth $80,906,000 as of its most recent SEC filing.

Several other hedge funds have also made changes to their positions in the business. FMR LLC boosted its holdings in shares of Cisco Systems by 20.8% during the fourth quarter. FMR LLC now owns 77,216,513 shares of the network equipment provider’s stock worth $4,571,218,000 after purchasing an additional 13,285,052 shares during the last quarter. Norges Bank acquired a new position in Cisco Systems in the fourth quarter valued at $3,297,905,000. Northern Trust Corp boosted its holdings in Cisco Systems by 11.4% in the fourth quarter. Northern Trust Corp now owns 47,238,258 shares of the network equipment provider’s stock valued at $2,796,505,000 after acquiring an additional 4,832,813 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its holdings in Cisco Systems by 7.8% in the fourth 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 valued at $2,159,099,000 after acquiring an additional 2,637,006 shares during the last quarter. Finally, Dimensional Fund Advisors LP raised its position in Cisco Systems by 2.4% in the fourth quarter. Dimensional Fund Advisors LP now owns 29,419,041 shares of the network equipment provider’s stock valued at $1,741,597,000 after purchasing an additional 681,555 shares during the period. Institutional investors and hedge funds own 73.33% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms have commented on CSCO. Deutsche Bank Aktiengesellschaft raised Cisco Systems from a “hold” rating to a “buy” rating and raised their price objective for the company from $65.00 to $73.00 in a research report on Monday, June 16th. New Street Research reissued a “neutral” rating and issued a $70.00 price objective on shares of Cisco Systems in a research report on Friday, May 16th. Wall Street Zen raised Cisco Systems from a “buy” rating to a “strong-buy” rating in a research report on Friday, May 16th. Barclays reaffirmed an “equal weight” rating on shares of Cisco Systems in a research report on Wednesday, May 21st. Finally, Piper Sandler lifted their target price on Cisco Systems from $60.00 to $64.00 and gave the stock a “neutral” rating in a research report on Thursday, May 15th. Eight equities research analysts have rated the stock with a hold rating, fourteen have issued a buy rating and three have assigned a strong buy rating to the stock. According to MarketBeat, Cisco Systems presently has an average rating of “Moderate Buy” and a consensus price target of $69.53.

Insider Transactions at Cisco Systems

In other Cisco Systems news, EVP Deborah L. Stahlkopf sold 2,407 shares of the company’s stock in a transaction that occurred on Wednesday, June 11th. The stock was sold at an average price of $64.01, for a total value of $154,072.07. Following the completion of the sale, the executive vice president directly owned 177,027 shares in the company, valued at $11,331,498.27. This represents a 1.34% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, EVP Thimaya K. Subaiya sold 8,726 shares of the company’s stock in a transaction that occurred on Tuesday, June 17th. The stock was sold at an average price of $65.54, for a total value of $571,902.04. Following the completion of the sale, the executive vice president owned 174,669 shares of the company’s stock, valued at $11,447,806.26. This trade represents a 4.76% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 97,335 shares of company stock valued at $6,271,054 over the last three months. 0.01% of the stock is owned by company insiders.

Cisco Systems Stock Performance

Shares of CSCO stock opened at $68.76 on Friday. The company has a quick ratio of 0.87, a current ratio of 0.95 and a debt-to-equity ratio of 0.50. The business has a 50 day moving average of $64.84 and a two-hundred day moving average of $61.75. Cisco Systems, Inc. has a 52 week low of $44.50 and a 52 week high of $69.78. The company has a market cap of $272.29 billion, a P/E ratio of 28.07, a PEG ratio of 4.14 and a beta of 0.90.

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

Cisco Systems Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, July 23rd. Shareholders of record on Thursday, July 3rd will be given a $0.41 dividend. The ex-dividend date of this dividend is Thursday, July 3rd. This represents a $1.64 dividend on an annualized basis and a yield of 2.39%. Cisco Systems’s dividend payout ratio (DPR) is 66.94%.

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.