Primecap Management Co. CA Sells 195,000 Shares of Cisco Systems, Inc. (NASDAQ:CSCO)

Primecap Management Co. CA trimmed its holdings in Cisco Systems, Inc. (NASDAQ:CSCO) by 2.8% in the fourth quarter, HoldingsChannel.com reports. The institutional investor owned 6,849,690 shares of the network equipment provider’s stock after selling 195,000 shares during the quarter. Primecap Management Co. CA’s holdings in Cisco Systems were worth $346,046,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also added to or reduced their stakes in CSCO. Norges Bank acquired a new position in shares of Cisco Systems during the fourth quarter worth approximately $2,528,939,000. Charles Schwab Investment Management Inc. lifted its holdings in Cisco Systems by 9.5% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 73,439,747 shares of the network equipment provider’s stock worth $3,672,445,000 after buying an additional 6,345,954 shares in the last quarter. Dimensional Fund Advisors LP boosted its position in Cisco Systems by 29.0% in the 4th quarter. Dimensional Fund Advisors LP now owns 17,727,214 shares of the network equipment provider’s stock valued at $895,576,000 after buying an additional 3,989,543 shares during the last quarter. California Public Employees Retirement System increased its stake in shares of Cisco Systems by 25.0% in the 4th quarter. California Public Employees Retirement System now owns 18,750,237 shares of the network equipment provider’s stock valued at $947,262,000 after buying an additional 3,753,165 shares during the period. Finally, J.P. Morgan Private Wealth Advisors LLC bought a new stake in shares of Cisco Systems during the third quarter worth $179,207,000. Institutional investors and hedge funds own 73.33% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts recently issued reports on the company. Deutsche Bank Aktiengesellschaft raised their price target on Cisco Systems from $51.00 to $52.00 and gave the company a “hold” rating in a report on Tuesday, April 9th. Piper Sandler reaffirmed a “neutral” rating and issued a $52.00 target price (up previously from $51.00) on shares of Cisco Systems in a research note on Thursday, May 16th. StockNews.com downgraded shares of Cisco Systems from a “buy” rating to a “hold” rating in a research note on Thursday. Wells Fargo & Company raised their price objective on shares of Cisco Systems from $52.00 to $57.00 and gave the company an “equal weight” rating in a research note on Thursday, May 16th. Finally, Barclays lifted their target price on shares of Cisco Systems from $48.00 to $50.00 and gave the stock an “equal weight” rating in a report on Friday, May 17th. One investment analyst has rated the stock with a sell rating, fifteen have issued a hold rating and six have issued a buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $56.47.

Cisco Systems Stock Down 0.4 %

Shares of CSCO traded down $0.18 on Friday, hitting $46.42. The company’s stock had a trading volume of 11,934,560 shares, compared to its average volume of 19,358,230. The company has a quick ratio of 0.82, a current ratio of 0.89 and a debt-to-equity ratio of 0.44. The firm has a market capitalization of $187.02 billion, a price-to-earnings ratio of 15.63, a P/E/G ratio of 2.76 and a beta of 0.87. The firm’s fifty day moving average price is $48.40 and its 200-day moving average price is $49.32. Cisco Systems, Inc. has a fifty-two week low of $46.20 and a fifty-two week high of $58.19.

Cisco Systems (NASDAQ:CSCO) last issued its quarterly earnings data on Wednesday, May 15th. The network equipment provider reported $0.88 EPS for the quarter, topping analysts’ consensus estimates of $0.70 by $0.18. The business had revenue of $12.70 billion for the quarter, compared to analyst estimates of $12.53 billion. Cisco Systems had a net margin of 21.88% and a return on equity of 30.82%. The firm’s quarterly revenue was down 12.8% on a year-over-year basis. During the same period last year, the business posted $0.88 earnings per share. On average, equities research analysts expect that Cisco Systems, Inc. will post 3.13 EPS for the current year.

Cisco Systems Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, July 24th. Investors of record on Friday, July 5th will be issued a dividend of $0.40 per share. The ex-dividend date of this dividend is Friday, July 5th. This represents a $1.60 dividend on an annualized basis and a dividend yield of 3.45%. Cisco Systems’s payout ratio is presently 53.87%.

Insider Activity at Cisco Systems

In other Cisco Systems news, CFO Richard Scott Herren sold 13,942 shares of the company’s stock in a transaction that occurred on Monday, March 11th. The stock was sold at an average price of $50.00, for a total transaction of $697,100.00. Following the completion of the transaction, the chief financial officer now owns 328,491 shares of the company’s stock, valued at approximately $16,424,550. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. In other Cisco Systems news, CFO Richard Scott Herren sold 13,942 shares of the business’s stock in a transaction dated Monday, March 11th. The shares were sold at an average price of $50.00, for a total transaction of $697,100.00. Following the sale, the chief financial officer now directly owns 328,491 shares of the company’s stock, valued at approximately $16,424,550. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, EVP Deborah L. Stahlkopf sold 8,016 shares of the firm’s stock in a transaction dated Friday, May 17th. The shares were sold at an average price of $48.24, for a total value of $386,691.84. Following the completion of the transaction, the executive vice president now owns 180,705 shares of the company’s stock, valued at approximately $8,717,209.20. The disclosure for this sale can be found here. In the last quarter, insiders have sold 27,457 shares of company stock valued at $1,358,772. 0.02% of the stock is owned by insiders.

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.