Payden & Rygel Boosts Holdings in Cisco Systems, Inc. (NASDAQ:CSCO)

Payden & Rygel grew its position in shares of Cisco Systems, Inc. (NASDAQ:CSCO - Free Report) by 625.1% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 256,470 shares of the network equipment provider's stock after acquiring an additional 221,100 shares during the quarter. Payden & Rygel's holdings in Cisco Systems were worth $13,649,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also recently made changes to their positions in the company. Summit Securities Group LLC bought a new stake in shares of Cisco Systems during the 2nd quarter worth $25,000. Quarry LP boosted its stake in Cisco Systems by 222.4% in the second quarter. Quarry LP now owns 661 shares of the network equipment provider's stock valued at $31,000 after acquiring an additional 456 shares during the last quarter. West Financial Advisors LLC grew its position in shares of Cisco Systems by 116.6% during the 3rd quarter. West Financial Advisors LLC now owns 574 shares of the network equipment provider's stock valued at $31,000 after acquiring an additional 309 shares during the period. Hobbs Group Advisors LLC purchased a new stake in shares of Cisco Systems during the 2nd quarter worth approximately $36,000. Finally, Iron Horse Wealth Management LLC lifted its stake in Cisco Systems by 617.7% in the second quarter. Iron Horse Wealth Management LLC now owns 890 shares of the network equipment provider's stock valued at $42,000 after purchasing an additional 766 shares during the last quarter. Institutional investors own 73.33% of the company's stock.

Cisco Systems Trading Up 0.5 %

Cisco Systems stock traded up $0.28 during trading hours on Thursday, reaching $57.78. The company had a trading volume of 4,150,578 shares, compared to its average volume of 19,074,893. The company has a debt-to-equity ratio of 0.43, a current ratio of 0.88 and a quick ratio of 0.80. Cisco Systems, Inc. has a 12-month low of $44.50 and a 12-month high of $59.38. The company has a 50-day moving average price of $54.68 and a 200 day moving average price of $50.00. The firm has a market cap of $230.58 billion, a price-to-earnings ratio of 24.68, a P/E/G ratio of 4.63 and a beta of 0.83.

Cisco Systems (NASDAQ:CSCO - Get Free Report) last announced its earnings results on Wednesday, November 13th. The network equipment provider reported $0.91 EPS for the quarter, beating analysts' consensus estimates of $0.87 by $0.04. Cisco Systems had a return on equity of 25.70% and a net margin of 17.73%. The company had revenue of $13.84 billion during the quarter, compared to the consensus estimate of $13.78 billion. During the same quarter in the prior year, the company earned $0.98 earnings per share. The firm's revenue for the quarter was down 5.6% on a year-over-year basis. Equities analysts forecast that Cisco Systems, Inc. will post 2.89 earnings per share for the current year.

Cisco Systems Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, January 22nd. Shareholders of record on Friday, January 3rd will be paid a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a dividend yield of 2.77%. The ex-dividend date is Friday, January 3rd. Cisco Systems's dividend payout ratio is 68.67%.

Insider Buying and Selling

In related news, SVP Maria Victoria Wong sold 638 shares of Cisco Systems stock in a transaction on Thursday, September 12th. The stock was sold at an average price of $49.09, for a total value of $31,319.42. Following the completion of the sale, the senior vice president now owns 46,017 shares of the company's stock, valued at $2,258,974.53. The trade was a 1.37 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, EVP Thimaya K. Subaiya sold 1,328 shares of the company's stock in a transaction that occurred on Thursday, September 12th. The shares were sold at an average price of $48.92, for a total transaction of $64,965.76. Following the sale, the executive vice president now directly owns 132,910 shares of the company's stock, valued at approximately $6,501,957.20. This represents a 0.99 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 321,628 shares of company stock worth $18,449,561 in the last 90 days. Insiders own 0.01% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research firms have issued reports on CSCO. Rosenblatt Securities boosted their target price on Cisco Systems from $56.00 to $58.00 and gave the company a "neutral" rating in a research note on Thursday, August 15th. Bank of America increased their target price on shares of Cisco Systems from $60.00 to $72.00 and gave the stock a "buy" rating in a research report on Thursday, November 14th. Piper Sandler boosted their price target on shares of Cisco Systems from $52.00 to $57.00 and gave the company a "neutral" rating in a research report on Thursday, November 14th. Jefferies Financial Group cut their price objective on shares of Cisco Systems from $56.00 to $53.00 and set a "buy" rating for the company in a report on Thursday, August 15th. Finally, Citigroup boosted their target price on shares of Cisco Systems from $62.00 to $64.00 and gave the company a "buy" rating in a report on Thursday, November 14th. Ten analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $59.94.

Cisco Systems Company 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.