Cisco Systems, Inc. (NASDAQ:CSCO) Shares Acquired by CIBC Asset Management Inc

CIBC Asset Management Inc increased its stake in Cisco Systems, Inc. (NASDAQ:CSCO - Free Report) by 4.6% in the 3rd quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 1,471,479 shares of the network equipment provider's stock after purchasing an additional 64,582 shares during the quarter. CIBC Asset Management Inc's holdings in Cisco Systems were worth $78,311,000 at the end of the most recent quarter.

Several other large investors also recently added to or reduced their stakes in the business. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp lifted its holdings in shares of Cisco Systems by 59.3% during the 2nd quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 775,559 shares of the network equipment provider's stock valued at $36,847,000 after buying an additional 288,775 shares during the period. Citizens Financial Group Inc. RI lifted its stake in Cisco Systems by 24.4% in the second quarter. Citizens Financial Group Inc. RI now owns 264,647 shares of the network equipment provider's stock worth $12,573,000 after purchasing an additional 51,924 shares during the last quarter. Commerzbank Aktiengesellschaft FI boosted its holdings in shares of Cisco Systems by 10.9% in the third quarter. Commerzbank Aktiengesellschaft FI now owns 1,658,417 shares of the network equipment provider's stock valued at $88,261,000 after purchasing an additional 162,544 shares during the period. Quintet Private Bank Europe S.A. raised its stake in Cisco Systems by 17.0% in the third quarter. Quintet Private Bank Europe S.A. now owns 635,667 shares of the network equipment provider's stock worth $33,830,000 after buying an additional 92,179 shares in the last quarter. Finally, IRON Financial LLC acquired a new position in shares of Cisco Systems during the third quarter worth $856,000. Institutional investors own 73.33% of the company's stock.

Cisco Systems Price Performance

CSCO stock traded down $0.57 during mid-day trading on Friday, reaching $57.35. 15,177,153 shares of the company traded hands, compared to its average volume of 19,086,428. 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 company has a market capitalization of $228.87 billion, a P/E ratio of 24.82, a P/E/G ratio of 4.90 and a beta of 0.83. Cisco Systems, Inc. has a 52-week low of $44.50 and a 52-week high of $59.38. The company has a fifty day moving average price of $54.00 and a 200-day moving average price of $49.69.

Cisco Systems (NASDAQ:CSCO - Get Free Report) last announced its quarterly earnings data on Wednesday, August 14th. The network equipment provider reported $0.87 earnings per share for the quarter, beating the consensus estimate of $0.85 by $0.02. Cisco Systems had a return on equity of 25.62% and a net margin of 17.73%. The firm had revenue of $13.64 billion during the quarter, compared to the consensus estimate of $13.53 billion. During the same quarter in the previous year, the company posted $1.01 earnings per share. The business's revenue was down 10.3% on a year-over-year basis. As a group, analysts anticipate that Cisco Systems, Inc. will post 2.89 earnings per share for the current year.

Cisco Systems Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 22nd. Investors of record on Friday, January 3rd will be given a dividend of $0.40 per share. This represents a $1.60 annualized dividend and a dividend yield of 2.79%. Cisco Systems's dividend payout ratio (DPR) is presently 68.67%.

Analyst Upgrades and Downgrades

A number of brokerages recently weighed in on CSCO. Bank of America raised their price target on shares of Cisco Systems from $60.00 to $72.00 and gave the company a "buy" rating in a research note on Thursday. Piper Sandler boosted their price target on shares of Cisco Systems from $52.00 to $57.00 and gave the stock a "neutral" rating in a research note on Thursday. New Street Research raised shares of Cisco Systems from a "neutral" rating to a "buy" rating and set a $57.00 price target for the company in a research report on Thursday, August 15th. Deutsche Bank Aktiengesellschaft increased their price objective on shares of Cisco Systems from $52.00 to $53.00 and gave the stock a "hold" rating in a research report on Thursday, August 15th. Finally, HSBC upgraded shares of Cisco Systems from a "hold" rating to a "buy" rating and upped their target price for the company from $46.00 to $58.00 in a research note on Friday, August 16th. Eleven investment analysts have rated the stock with a hold rating, eleven 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 stock presently has an average rating of "Moderate Buy" and a consensus target price of $59.42.

Insider Activity at Cisco Systems

In other news, EVP Thimaya K. Subaiya sold 8,270 shares of Cisco Systems stock in a transaction that occurred on Wednesday, August 21st. The stock was sold at an average price of $50.33, for a total value of $416,229.10. Following the completion of the transaction, the executive vice president now owns 135,544 shares in the company, valued at approximately $6,821,929.52. The trade was a 5.75 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Richard Scott Herren sold 22,309 shares of the firm's stock in a transaction that occurred on Tuesday, August 20th. The stock was sold at an average price of $50.00, for a total value of $1,115,450.00. Following the sale, the chief financial officer now directly owns 293,184 shares of the company's stock, valued at $14,659,200. This represents a 7.07 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 35,924 shares of company stock valued at $1,798,131 over the last ninety days. Insiders own 0.01% of the company's stock.

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.