Cisco Systems, Inc. (NASDAQ:CSCO) Holdings Boosted by Pinnacle Financial Partners Inc

Pinnacle Financial Partners Inc boosted its position in shares of Cisco Systems, Inc. (NASDAQ:CSCO) by 0.3% during the 4th quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 104,581 shares of the network equipment provider’s stock after purchasing an additional 345 shares during the period. Pinnacle Financial Partners Inc’s holdings in Cisco Systems were worth $6,145,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. State Street Corp boosted its stake in shares of Cisco Systems by 1.7% during the 3rd quarter. State Street Corp now owns 193,489,477 shares of the network equipment provider’s stock valued at $10,297,506,000 after buying an additional 3,241,682 shares during the period. Geode Capital Management LLC boosted its stake in shares of Cisco Systems by 1.3% during the 3rd quarter. Geode Capital Management LLC now owns 95,630,469 shares of the network equipment provider’s stock valued at $5,075,320,000 after buying an additional 1,262,017 shares during the period. Charles Schwab Investment Management Inc. boosted its stake in shares of Cisco Systems by 2.1% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 82,720,255 shares of the network equipment provider’s stock valued at $4,402,239,000 after buying an additional 1,677,383 shares during the period. FMR LLC boosted its stake in shares of Cisco Systems by 10.1% during the 3rd quarter. FMR LLC now owns 63,931,461 shares of the network equipment provider’s stock valued at $3,402,432,000 after buying an additional 5,885,879 shares during the period. Finally, Nordea Investment Management AB boosted its stake in shares of Cisco Systems by 1.2% during the 4th quarter. Nordea Investment Management AB now owns 18,718,195 shares of the network equipment provider’s stock valued at $1,107,930,000 after buying an additional 216,632 shares during the period. 73.33% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on the stock. Piper Sandler lifted their target price on shares of Cisco Systems from $57.00 to $72.00 and gave the company a “neutral” rating in a research note on Thursday, February 13th. UBS Group lifted their price objective on shares of Cisco Systems from $62.00 to $70.00 and gave the company a “neutral” rating in a research note on Thursday, February 13th. Barclays lifted their price objective on shares of Cisco Systems from $56.00 to $61.00 and gave the company an “equal weight” rating in a research note on Thursday, February 13th. Bank of America lifted their price objective on shares of Cisco Systems from $60.00 to $72.00 and gave the company a “buy” rating in a research note on Thursday, November 14th. Finally, StockNews.com lowered shares of Cisco Systems from a “strong-buy” rating to a “buy” rating in a research note on Saturday. Seven research analysts have rated the stock with a hold rating, fifteen have given a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $66.53.

Insider Transactions at Cisco Systems

In related news, SVP Maria Victoria Wong sold 4,881 shares of the company’s stock in a transaction dated Wednesday, November 27th. The shares were sold at an average price of $59.73, for a total value of $291,542.13. Following the sale, the senior vice president now owns 51,931 shares of the company’s stock, valued at $3,101,838.63. The trade was a 8.59 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CEO Charles Robbins sold 31,983 shares of the company’s stock in a transaction dated Friday, February 14th. The shares were sold at an average price of $64.41, for a total transaction of $2,060,025.03. Following the completion of the sale, the chief executive officer now directly owns 736,120 shares in the company, valued at approximately $47,413,489.20. The trade was a 4.16 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 67,921 shares of company stock worth $4,298,667. 0.01% of the stock is currently owned by company insiders.

Cisco Systems Stock Down 1.1 %

Cisco Systems stock opened at $63.98 on Friday. The firm has a market cap of $254.53 billion, a price-to-earnings ratio of 27.94, a P/E/G ratio of 4.16 and a beta of 0.84. The company has a debt-to-equity ratio of 0.43, a current ratio of 0.87 and a quick ratio of 0.79. Cisco Systems, Inc. has a fifty-two week low of $44.50 and a fifty-two week high of $66.50. The firm has a fifty day moving average price of $60.65 and a two-hundred day moving average price of $56.22.

Cisco Systems (NASDAQ:CSCO) last posted its quarterly earnings data on Wednesday, February 12th. The network equipment provider reported $0.77 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.91 by ($0.14). Cisco Systems had a return on equity of 26.08% and a net margin of 16.96%. As a group, analysts forecast that Cisco Systems, Inc. will post 3.04 earnings per share for the current year.

Cisco Systems Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, April 23rd. Stockholders of record on Thursday, April 3rd will be issued a dividend of $0.41 per share. This is an increase from Cisco Systems’s previous quarterly dividend of $0.40. The ex-dividend date of this dividend is Thursday, April 3rd. This represents a $1.64 annualized dividend and a dividend yield of 2.56%. Cisco Systems’s payout ratio is presently 69.87%.

Cisco Systems announced that its board has authorized a share buyback plan 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 buy up to 6% of its shares through open market purchases. Shares repurchase plans are usually an indication that the company’s leadership believes its stock is 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.