Sonora Investment Management Group LLC Has $21.72 Million Stock Position in Cisco Systems, Inc. (NASDAQ:CSCO)

Sonora Investment Management Group LLC increased its holdings in Cisco Systems, Inc. (NASDAQ:CSCO) by 1.9% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 351,986 shares of the network equipment provider’s stock after acquiring an additional 6,501 shares during the period. Cisco Systems comprises 1.7% of Sonora Investment Management Group LLC’s investment portfolio, making the stock its 15th biggest holding. Sonora Investment Management Group LLC’s holdings in Cisco Systems were worth $21,721,000 as of its most recent SEC filing.

Other large investors have also added to or reduced their stakes in the company. Glass Jacobson Investment Advisors llc boosted its position in shares of Cisco Systems by 8.7% during the fourth quarter. Glass Jacobson Investment Advisors llc now owns 2,070 shares of the network equipment provider’s stock valued at $123,000 after buying an additional 166 shares during the last quarter. Fairhaven Wealth Management LLC lifted its stake in Cisco Systems by 2.3% during the 4th quarter. Fairhaven Wealth Management LLC now owns 7,581 shares of the network equipment provider’s stock valued at $449,000 after acquiring an additional 167 shares in the last quarter. BlackDiamond Wealth Management LLC boosted its holdings in Cisco Systems by 3.1% during the 4th quarter. BlackDiamond Wealth Management LLC now owns 5,656 shares of the network equipment provider’s stock worth $335,000 after acquiring an additional 168 shares during the last quarter. Legacy Financial Group Inc. grew its stake in shares of Cisco Systems by 3.4% in the 4th quarter. Legacy Financial Group Inc. now owns 5,100 shares of the network equipment provider’s stock worth $302,000 after acquiring an additional 169 shares in the last quarter. Finally, Maple Capital Management Inc. raised its holdings in shares of Cisco Systems by 1.4% in the fourth quarter. Maple Capital Management Inc. now owns 11,984 shares of the network equipment provider’s stock valued at $709,000 after purchasing an additional 170 shares during the last quarter. Institutional investors own 73.33% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms recently weighed in on CSCO. Piper Sandler boosted their price target on shares of Cisco Systems from $60.00 to $64.00 and gave the stock a “neutral” rating in a report on Thursday, May 15th. Rosenblatt Securities boosted their target price on Cisco Systems from $63.00 to $74.00 and gave the stock a “buy” rating in a research note on Thursday, May 15th. New Street Research reaffirmed a “neutral” rating and set a $70.00 price target on shares of Cisco Systems in a research report on Friday, May 16th. DZ Bank raised Cisco Systems from a “hold” rating to a “buy” rating in a research report on Tuesday, February 18th. Finally, The Goldman Sachs Group upped their price objective on Cisco Systems from $56.00 to $63.00 and gave the company a “neutral” rating in a research note on Thursday, February 13th. Eight research analysts have rated the stock with a hold rating, twelve have given a buy rating and three have issued a strong buy rating to the stock. According to data from MarketBeat, Cisco Systems presently has a consensus rating of “Moderate Buy” and an average price target of $68.00.

Insider Activity at Cisco Systems

In other news, CEO Charles Robbins sold 29,784 shares of the stock in a transaction dated Thursday, June 5th. The stock was sold at an average price of $64.61, for a total transaction of $1,924,344.24. Following the transaction, the chief executive officer now directly owns 688,409 shares in the company, valued at approximately $44,478,105.49. This represents a 4.15% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Jeetendra I. Patel sold 9,961 shares of the business’s stock in a transaction that occurred on Friday, May 16th. The stock was sold at an average price of $63.97, for a total value of $637,205.17. Following the completion of the sale, the insider now owns 257,162 shares of the company’s stock, valued at $16,450,653.14. The trade was a 3.73% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 71,400 shares of company stock valued at $4,564,439 over the last 90 days. 0.01% of the stock is owned by insiders.

Cisco Systems Stock Performance

Cisco Systems stock opened at $65.90 on Tuesday. The firm has a market capitalization of $260.96 billion, a PE ratio of 28.78, a price-to-earnings-growth ratio of 4.16 and a beta of 0.88. Cisco Systems, Inc. has a 1-year low of $44.50 and a 1-year high of $66.50. The firm’s 50 day simple moving average is $59.69 and its 200 day simple moving average is $60.43. The company has a current ratio of 0.87, a quick ratio of 0.79 and a debt-to-equity ratio of 0.43.

Cisco Systems (NASDAQ:CSCO) last issued its quarterly earnings data on Wednesday, May 14th. The network equipment provider reported $0.96 EPS for the quarter, topping the consensus estimate of $0.92 by $0.04. The company had revenue of $14.15 billion during the quarter, compared to analyst estimates of $14.05 billion. Cisco Systems had a return on equity of 26.08% and a net margin of 16.96%. Cisco Systems’s revenue was up 11.4% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.88 earnings per share. As a group, analysts expect that Cisco Systems, Inc. will post 3.04 earnings per share for the current fiscal year.

Cisco Systems Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, July 23rd. Investors 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 annualized dividend and a yield of 2.49%. Cisco Systems’s dividend payout ratio (DPR) is presently 66.94%.

Cisco Systems declared that its Board of Directors has approved a share repurchase program on Wednesday, February 12th that allows the company to repurchase $15.00 billion in outstanding shares. This repurchase authorization allows the network equipment provider to reacquire up to 6% of its stock through open market purchases. Stock repurchase programs are generally an indication that the company’s leadership believes its shares are undervalued.

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.