Abacus Planning Group Inc. raised its position in shares of Cisco Systems, Inc. (NASDAQ:CSCO – Get Rating) by 1.9% in the 1st quarter, HoldingsChannel.com reports. The institutional investor owned 16,465 shares of the network equipment provider’s stock after purchasing an additional 311 shares during the quarter. Abacus Planning Group Inc.’s holdings in Cisco Systems were worth $918,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the business. Norges Bank bought a new stake in shares of Cisco Systems in the 4th quarter valued at approximately $2,492,430,000. BlackRock Inc. lifted its stake in shares of Cisco Systems by 3.5% in the 4th quarter. BlackRock Inc. now owns 350,404,388 shares of the network equipment provider’s stock valued at $22,205,126,000 after purchasing an additional 11,804,677 shares during the last quarter. California Public Employees Retirement System lifted its stake in shares of Cisco Systems by 37.6% in the 4th 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 purchasing an additional 6,349,689 shares during the last quarter. State Street Corp lifted its stake in shares of Cisco Systems by 3.2% in the 4th quarter. State Street Corp now owns 186,125,154 shares of the network equipment provider’s stock valued at $11,794,751,000 after purchasing an additional 5,730,165 shares during the last quarter. Finally, ProShare Advisors LLC lifted its stake in shares of Cisco Systems by 53.7% during the 4th quarter. ProShare Advisors LLC now owns 8,406,104 shares of the network equipment provider’s stock worth $532,693,000 after acquiring an additional 2,936,764 shares during the last quarter. Institutional investors and hedge funds own 73.18% of the company’s stock.
In other news, COO Maria Martinez sold 4,674 shares of the stock in a transaction on Monday, June 13th. The stock was sold at an average price of $43.33, for a total transaction of $202,524.42. Following the completion of the transaction, the chief operating officer now directly owns 286,033 shares in the company, valued at approximately $12,393,809.89. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CEO Charles Robbins sold 12,717 shares of the stock in a transaction on Wednesday, May 25th. The stock was sold at an average price of $43.79, for a total value of $556,877.43. Following the transaction, the chief executive officer now owns 651,577 shares of the company’s stock, valued at $28,532,556.83. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 25,326 shares of company stock valued at $1,103,159. Company insiders own 0.02% of the company’s stock.
Cisco Systems (NASDAQ:CSCO – Get Rating) last issued its earnings results on Wednesday, May 18th. The network equipment provider reported $0.87 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.86 by $0.01. Cisco Systems had a return on equity of 31.22% and a net margin of 23.28%. During the same period in the previous year, the company posted $0.75 earnings per share. As a group, sell-side analysts predict that Cisco Systems, Inc. will post 2.99 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Wednesday, July 27th. Shareholders of record on Wednesday, July 6th will be issued a $0.38 dividend. This represents a $1.52 annualized dividend and a yield of 3.49%. The ex-dividend date is Tuesday, July 5th. Cisco Systems’s payout ratio is currently 53.33%.
A number of equities research analysts recently issued reports on the company. Credit Suisse Group decreased their price target on Cisco Systems from $72.00 to $60.00 and set an “outperform” rating for the company in a research note on Thursday, May 19th. Jefferies Financial Group lowered their target price on Cisco Systems from $65.00 to $52.00 and set a “buy” rating for the company in a report on Thursday, May 19th. Piper Sandler decreased their price objective on Cisco Systems from $57.00 to $43.00 and set a “neutral” rating for the company in a report on Thursday, May 19th. The Goldman Sachs Group cut their target price on Cisco Systems from $64.00 to $46.00 and set a “neutral” rating on the stock in a research note on Friday, May 20th. Finally, Oppenheimer cut their target price on Cisco Systems from $60.00 to $50.00 and set an “outperform” rating on the stock in a research note on Thursday, May 19th. One research analyst has rated the stock with a sell rating, eleven have issued a hold rating and fourteen have given a buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $55.05.
Cisco Systems Company Profile (Get Rating)
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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