Minneapolis Portfolio Management Group LLC Has $30.77 Million Stake in Cisco Systems, Inc. (NASDAQ:CSCO)

by · The Cerbat Gem

Minneapolis Portfolio Management Group LLC lifted its stake in Cisco Systems, Inc. (NASDAQ:CSCO – Free Report) by 23.2% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 578,132 shares of the network equipment provider’s stock after purchasing an additional 109,025 shares during the quarter. Cisco Systems accounts for 4.0% of Minneapolis Portfolio Management Group LLC’s portfolio, making the stock its 11th largest position. Minneapolis Portfolio Management Group LLC’s holdings in Cisco Systems were worth $30,768,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Swedbank AB acquired a new stake in shares of Cisco Systems during the 1st quarter valued at about $840,538,000. Dimensional Fund Advisors LP raised its position in Cisco Systems by 22.5% during the second quarter. Dimensional Fund Advisors LP now owns 26,409,843 shares of the network equipment provider’s stock valued at $1,254,739,000 after acquiring an additional 4,843,146 shares in the last quarter. Pathway Financial Advisers LLC lifted its stake in Cisco Systems by 5,231.5% in the third quarter. Pathway Financial Advisers LLC now owns 4,935,107 shares of the network equipment provider’s stock valued at $262,646,000 after acquiring an additional 4,842,542 shares during the last quarter. Natixis grew its position in Cisco Systems by 438.4% in the first quarter. Natixis now owns 4,924,988 shares of the network equipment provider’s stock worth $245,806,000 after acquiring an additional 4,010,228 shares in the last quarter. Finally, Price T Rowe Associates Inc. MD increased its stake in shares of Cisco Systems by 26.5% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 13,858,505 shares of the network equipment provider’s stock worth $691,678,000 after purchasing an additional 2,906,357 shares during the last quarter. 73.33% of the stock is owned by hedge funds and other institutional investors.

Cisco Systems Stock Performance

Shares of CSCO traded up $0.73 on Friday, reaching $55.50. 19,235,612 shares of the stock traded hands, compared to its average volume of 15,590,850. The stock’s 50-day moving average price is $52.63 and its 200-day moving average price is $49.09. The company has a debt-to-equity ratio of 0.43, a current ratio of 0.91 and a quick ratio of 0.83. The firm has a market cap of $221.49 billion, a price-to-earnings ratio of 21.85, a P/E/G ratio of 4.54 and a beta of 0.83. Cisco Systems, Inc. has a 12 month low of $44.50 and a 12 month high of $57.06.

Cisco Systems (NASDAQ:CSCO – Get Free Report) last announced its quarterly earnings results on Wednesday, August 14th. The network equipment provider reported $0.87 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.85 by $0.02. Cisco Systems had a net margin of 19.18% and a return on equity of 27.83%. The firm had revenue of $13.64 billion for the quarter, compared to analyst estimates of $13.53 billion. During the same quarter in the previous year, the firm posted $1.01 EPS. The business’s revenue for the quarter was down 10.3% on a year-over-year basis. Equities analysts forecast that Cisco Systems, Inc. will post 2.89 EPS for the current fiscal year.

Cisco Systems Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, October 23rd. Shareholders of record on Wednesday, October 2nd were issued a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a yield of 2.88%. The ex-dividend date was Wednesday, October 2nd. Cisco Systems’s payout ratio is 62.99%.

Insider Activity

In other Cisco Systems news, CEO Charles Robbins sold 27,143 shares of Cisco Systems stock in a transaction on Friday, August 16th. The stock was sold at an average price of $49.45, for a total transaction of $1,342,221.35. Following the completion of the transaction, the chief executive officer now directly owns 683,403 shares of the company’s stock, valued at approximately $33,794,278.35. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In related news, SVP Maria Victoria Wong sold 638 shares of the firm’s stock in a transaction on Thursday, September 12th. The stock was sold at an average price of $49.09, for a total transaction of $31,319.42. Following the completion of the sale, the senior vice president now directly owns 46,017 shares of the company’s stock, valued at $2,258,974.53. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Charles Robbins sold 27,143 shares of Cisco Systems stock in a transaction on Friday, August 16th. The shares were sold at an average price of $49.45, for a total value of $1,342,221.35. Following the completion of the transaction, the chief executive officer now owns 683,403 shares of the company’s stock, valued at approximately $33,794,278.35. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 70,529 shares of company stock worth $3,509,049. Company insiders own 0.01% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms recently issued reports on CSCO. Evercore ISI lifted their price objective on shares of Cisco Systems from $55.00 to $60.00 and gave the company an “outperform” rating in a research note on Friday, September 20th. Citigroup raised Cisco Systems from a “neutral” rating to a “buy” rating and boosted their price target for the stock from $52.00 to $62.00 in a research report on Wednesday, October 16th. Piper Sandler reissued a “neutral” rating and set a $52.00 price objective on shares of Cisco Systems in a report on Thursday, August 15th. HSBC upgraded Cisco Systems from a “hold” rating to a “buy” rating and boosted their target price for the stock from $46.00 to $58.00 in a report on Friday, August 16th. Finally, StockNews.com raised shares of Cisco Systems from a “hold” rating to a “buy” rating in a research report on Monday, October 28th. Twelve investment analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $56.74.

Read Our Latest Report on CSCO

About Cisco Systems

(Free Report)

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.

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