Connor Clark & Lunn Investment Management Ltd. Trims Stock Position in Cisco Systems, Inc. (NASDAQ:CSCO)

Connor Clark & Lunn Investment Management Ltd. lessened its holdings in Cisco Systems, Inc. (NASDAQ:CSCO - Free Report) by 22.7% during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 34,737 shares of the network equipment provider's stock after selling 10,180 shares during the quarter. Connor Clark & Lunn Investment Management Ltd.'s holdings in Cisco Systems were worth $1,849,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also recently modified their holdings of the company. China Universal Asset Management Co. Ltd. raised its holdings in Cisco Systems by 226.9% in the first quarter. China Universal Asset Management Co. Ltd. now owns 26,423 shares of the network equipment provider's stock worth $1,319,000 after purchasing an additional 18,339 shares in the last quarter. Redwood Investment Management LLC lifted its stake in Cisco Systems by 291.7% in the first quarter. Redwood Investment Management LLC now owns 43,728 shares of the network equipment provider's stock valued at $2,182,000 after buying an additional 32,563 shares during the last quarter. Tidal Investments LLC grew its holdings in Cisco Systems by 4.6% during the first quarter. Tidal Investments LLC now owns 361,722 shares of the network equipment provider's stock worth $18,049,000 after acquiring an additional 15,778 shares during the period. Coppell Advisory Solutions Corp. acquired a new stake in Cisco Systems in the first quarter valued at $233,000. Finally, Alethea Capital Management LLC purchased a new position in Cisco Systems during the first quarter worth about $470,000. Hedge funds and other institutional investors own 73.33% of the company's stock.

Cisco Systems Trading Up 1.4 %

Shares of CSCO traded up $0.85 during midday trading on Tuesday, reaching $59.59. The company had a trading volume of 14,206,565 shares, compared to its average volume of 19,233,521. The firm has a 50 day simple moving average of $55.17 and a 200-day simple moving average of $50.24. Cisco Systems, Inc. has a 1-year low of $44.50 and a 1-year high of $59.64. The stock has a market cap of $237.33 billion, a PE ratio of 25.21, a price-to-earnings-growth ratio of 4.37 and a beta of 0.83. The company has a quick ratio of 0.80, a current ratio of 0.88 and a debt-to-equity ratio of 0.43.

Cisco Systems (NASDAQ:CSCO - Get Free Report) last released its earnings results on Wednesday, November 13th. The network equipment provider reported $0.91 EPS for the quarter, beating the consensus estimate of $0.87 by $0.04. Cisco Systems had a return on equity of 25.70% and a net margin of 17.73%. The firm had revenue of $13.84 billion during the quarter, compared to analyst estimates of $13.78 billion. During the same period in the prior year, the firm posted $0.98 earnings per share. The business's quarterly revenue was down 5.6% compared to the same quarter last year. Research analysts forecast that Cisco Systems, Inc. will post 2.97 EPS for the current fiscal year.

Cisco Systems Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, January 22nd. Shareholders of record on Friday, January 3rd will be issued a $0.40 dividend. The ex-dividend date is Friday, January 3rd. This represents a $1.60 annualized dividend and a yield of 2.69%. Cisco Systems's dividend payout ratio (DPR) is 68.67%.

Analysts Set New Price Targets

Several analysts have weighed in on CSCO shares. Hsbc Global Res raised Cisco Systems to a "strong-buy" rating in a research note on Friday, August 16th. Bank of America raised their price target on shares of Cisco Systems from $60.00 to $72.00 and gave the stock a "buy" rating in a research note on Thursday, November 14th. JPMorgan Chase & Co. raised Cisco Systems from a "neutral" rating to an "overweight" rating and boosted their price target for the company from $55.00 to $66.00 in a research note on Monday, November 11th. Rosenblatt Securities upped their target price on Cisco Systems from $56.00 to $58.00 and gave the stock a "neutral" rating in a research report on Thursday, August 15th. Finally, Piper Sandler raised their price target on Cisco Systems from $52.00 to $57.00 and gave the company a "neutral" rating in a report on Thursday, November 14th. Ten investment 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 presently has an average rating of "Moderate Buy" and an average price target of $59.94.

Insider Buying and Selling

In related news, CEO Charles Robbins sold 171,744 shares of the company's stock in a transaction that occurred on Friday, November 15th. The shares were sold at an average price of $57.49, for a total value of $9,873,562.56. Following the transaction, the chief executive officer now directly owns 783,786 shares in the company, valued at approximately $45,059,857.14. This represents a 17.97 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Thimaya K. Subaiya sold 1,328 shares of the stock in a transaction dated Thursday, September 12th. The stock was sold at an average price of $48.92, for a total transaction of $64,965.76. Following the completion of the transaction, the executive vice president now directly owns 132,910 shares of the company's stock, valued at approximately $6,501,957.20. The trade was a 0.99 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 342,858 shares of company stock worth $19,661,157 in the last three months. 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.