149,787 Shares in Cisco Systems, Inc. (NASDAQ:CSCO) Bought by Bleakley Financial Group LLC

Financial News Live · May 1, 2023 15:43

Bleakley Financial Group LLC bought a new stake in Cisco Systems, Inc. (NASDAQ:CSCO – Get Rating) in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor bought 149,787 shares of the network equipment provider's stock, valued at approximately $7,136,000.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in the stock. United Bank acquired a new stake in shares of Cisco Systems in the 1st quarter worth approximately $645,000. Mirae Asset Global Investments Co. Ltd. increased its position in shares of Cisco Systems by 32.5% in the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 4,243,073 shares of the network equipment provider's stock valued at $236,593,000 after buying an additional 1,040,607 shares in the last quarter. Roundview Capital LLC raised its stake in shares of Cisco Systems by 13.1% during the 1st quarter. Roundview Capital LLC now owns 10,540 shares of the network equipment provider's stock worth $588,000 after buying an additional 1,221 shares during the last quarter. Merit Financial Group LLC grew its stake in Cisco Systems by 21.5% in the 1st quarter. Merit Financial Group LLC now owns 11,763 shares of the network equipment provider's stock valued at $656,000 after acquiring an additional 2,079 shares during the last quarter. Finally, Mackenzie Financial Corp increased its holdings in Cisco Systems by 8.1% during the 1st quarter. Mackenzie Financial Corp now owns 2,429,518 shares of the network equipment provider's stock valued at $135,470,000 after acquiring an additional 182,857 shares in the last quarter. Hedge funds and other institutional investors own 71.10% of the company's stock.

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Analyst Upgrades and Downgrades

Several analysts have recently issued reports on CSCO shares. Piper Sandler upped their price objective on Cisco Systems from $49.00 to $53.00 and gave the company a "neutral" rating in a research report on Thursday, February 16th. Morgan Stanley raised their price objective on Cisco Systems from $52.00 to $55.00 and gave the stock an "equal weight" rating in a report on Thursday, February 16th. Cowen upped their target price on Cisco Systems from $61.00 to $64.00 and gave the company an "outperform" rating in a research note on Thursday, February 16th. UBS Group lifted their price target on Cisco Systems from $48.00 to $51.00 and gave the company a "neutral" rating in a report on Thursday, February 16th. Finally, Loop Capital raised their target price on shares of Cisco Systems from $65.00 to $66.00 and gave the stock a "buy" rating in a research report on Thursday, February 16th. One investment analyst has rated the stock with a sell rating, nine have issued a hold rating and thirteen have assigned a buy rating to the stock. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus target price of $56.38.

Cisco Systems Price Performance

CSCO opened at $47.21 on Monday. Cisco Systems, Inc. has a twelve month low of $38.60 and a twelve month high of $52.56. The firm has a market cap of $193.36 billion, a price-to-earnings ratio of 17.31, a PEG ratio of 2.15 and a beta of 1.00. The company has a current ratio of 1.41, a quick ratio of 1.30 and a debt-to-equity ratio of 0.18. The company has a fifty day simple moving average of $49.57 and a 200 day simple moving average of $47.90.

Cisco Systems (NASDAQ:CSCO – Get Rating) last announced its earnings results on Wednesday, February 15th. The network equipment provider reported $0.88 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.76 by $0.12. The business had revenue of $13.59 billion for the quarter, compared to analyst estimates of $13.41 billion. Cisco Systems had a return on equity of 31.19% and a net margin of 21.26%. The company's revenue for the quarter was up 6.9% compared to the same quarter last year. During the same period in the previous year, the company earned $0.77 earnings per share. Equities research analysts expect that Cisco Systems, Inc. will post 3.33 EPS for the current fiscal year.

Cisco Systems Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, April 26th. Investors of record on Wednesday, April 5th were paid a $0.39 dividend. This represents a $1.56 dividend on an annualized basis and a dividend yield of 3.30%. The ex-dividend date was Tuesday, April 4th. This is a positive change from Cisco Systems's previous quarterly dividend of $0.38. Cisco Systems's payout ratio is 57.14%.

Insider Activity at Cisco Systems

In other Cisco Systems news, SVP Prat Bhatt sold 608 shares of the firm's stock in a transaction on Tuesday, March 14th. The shares were sold at an average price of $48.74, for a total transaction of $29,633.92. Following the completion of the transaction, the senior vice president now directly owns 50,162 shares of the company's stock, valued at approximately $2,444,895.88. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. In other news, SVP Prat Bhatt sold 608 shares of Cisco Systems stock in a transaction that occurred on Tuesday, March 14th. The stock was sold at an average price of $48.74, for a total value of $29,633.92. Following the completion of the transaction, the senior vice president now owns 50,162 shares in the company, valued at approximately $2,444,895.88. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, EVP Deborah L. Stahlkopf sold 23,701 shares of the business's stock in a transaction on Friday, February 17th. The shares were sold at an average price of $50.90, for a total transaction of $1,206,380.90. Following the sale, the executive vice president now owns 184,853 shares of the company's stock, valued at approximately $9,409,017.70. The disclosure for this sale can be found here. Insiders have sold 47,568 shares of company stock valued at $2,376,624 over the last ninety days. Corporate insiders own 0.02% of the company's stock.

About Cisco Systems

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Cisco Systems, Inc engages in the design, manufacture, and sale of Internet Protocol-based networking products and services related to the communications and information technology industry. The firm operates through the following geographical segments: the Americas, EMEA, and APJC. Its products include the following categories: Switches, Routers, Wireless, Network Management Interfaces and Modules, Optical Networking, Access Points, Outdoor and Industrial Access Points, Next-Generation Firewalls, Advanced Malware Protection, VPN Security Clients, Email, and Web Security.