Synovus Financial Corp decreased its stake in shares of Cisco Systems, Inc. (NASDAQ:CSCO - Free Report) by 3.5% during the 4th quarter, according to the company in its most recent filing with the SEC. The firm owned 400,249 shares of the network equipment provider's stock after selling 14,712 shares during the quarter. Synovus Financial Corp's holdings in Cisco Systems were worth $23,697,000 as of its most recent filing with the SEC.
Other large investors have also made changes to their positions in the company. FMR LLC increased its stake in Cisco Systems by 20.8% during the fourth quarter. FMR LLC now owns 77,216,513 shares of the network equipment provider's stock valued at $4,571,218,000 after acquiring an additional 13,285,052 shares during the period. Norges Bank bought a new stake in shares of Cisco Systems during the fourth quarter valued at approximately $3,297,905,000. Nordea Investment Management AB raised its stake in shares of Cisco Systems by 1.2% in the fourth quarter. Nordea Investment Management AB now owns 18,718,195 shares of the network equipment provider's stock valued at $1,107,930,000 after purchasing an additional 216,632 shares in the last quarter. Franklin Resources Inc. lifted its position in Cisco Systems by 7.0% in the third quarter. Franklin Resources Inc. now owns 18,214,461 shares of the network equipment provider's stock worth $988,499,000 after purchasing an additional 1,195,469 shares during the period. Finally, Arrowstreet Capital Limited Partnership boosted its stake in Cisco Systems by 18.0% during the fourth quarter. Arrowstreet Capital Limited Partnership now owns 13,880,257 shares of the network equipment provider's stock worth $821,711,000 after buying an additional 2,114,994 shares in the last quarter. Institutional investors and hedge funds own 73.33% of the company's stock.
Cisco Systems Price Performance
Shares of NASDAQ CSCO traded down $0.21 during trading on Tuesday, reaching $57.20. The company had a trading volume of 14,712,951 shares, compared to its average volume of 20,090,579. Cisco Systems, Inc. has a 52 week low of $44.50 and a 52 week high of $66.50. The business's 50 day moving average price is $61.09 and its 200-day moving average price is $59.07. The stock has a market cap of $227.56 billion, a PE ratio of 24.98, a PEG ratio of 4.16 and a beta of 0.86. The company has a debt-to-equity ratio of 0.43, a quick ratio of 0.79 and a current ratio of 0.87.
Cisco Systems (NASDAQ:CSCO - Get Free Report) last posted its quarterly earnings data on Wednesday, February 12th. The network equipment provider reported $0.77 earnings per share for the quarter, missing the consensus estimate of $0.91 by ($0.14). Cisco Systems had a return on equity of 26.08% and a net margin of 16.96%. Analysts expect that Cisco Systems, Inc. will post 3.04 earnings per share for the current year.
Cisco Systems Increases Dividend
The company also recently declared a quarterly dividend, which will be paid on Wednesday, April 23rd. Investors of record on Thursday, April 3rd will be issued a $0.41 dividend. This is a boost from Cisco Systems's previous quarterly dividend of $0.40. The ex-dividend date of this dividend is Thursday, April 3rd. This represents a $1.64 annualized dividend and a yield of 2.87%. Cisco Systems's dividend payout ratio (DPR) is currently 71.62%.
Cisco Systems declared that its board has initiated a stock buyback program on Wednesday, February 12th that authorizes the company to buyback $15.00 billion in shares. This buyback authorization authorizes the network equipment provider to purchase up to 6% of its stock through open market purchases. Stock buyback programs are generally a sign that the company's management believes its shares are undervalued.
Analysts Set New Price Targets
CSCO has been the subject of a number of analyst reports. UBS Group raised their price objective on shares of Cisco Systems from $62.00 to $70.00 and gave the stock a "neutral" rating in a report on Thursday, February 13th. JPMorgan Chase & Co. raised their price target on shares of Cisco Systems from $69.00 to $73.00 and gave the stock an "overweight" rating in a research note on Thursday, February 13th. Piper Sandler lowered their price objective on Cisco Systems from $72.00 to $60.00 and set a "neutral" rating on the stock in a research note on Tuesday, April 8th. Citigroup cut their target price on Cisco Systems from $73.00 to $68.00 and set a "buy" rating for the company in a research report on Monday. Finally, StockNews.com cut Cisco Systems from a "strong-buy" rating to a "buy" rating in a research report on Wednesday, March 5th. Seven analysts have rated the stock with a hold rating, fifteen have assigned a buy rating and two have issued a strong buy rating to the company's stock. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average target price of $65.74.
Check Out Our Latest Stock Report on CSCO
Insider Buying and Selling
In other news, CFO Richard Scott Herren sold 19,929 shares of the stock in a transaction on Friday, February 14th. The stock was sold at an average price of $64.41, for a total value of $1,283,626.89. Following the transaction, the chief financial officer now owns 335,605 shares of the company's stock, valued at $21,616,318.05. This represents a 5.61 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, SVP Maria Victoria Wong sold 762 shares of Cisco Systems stock in a transaction on Wednesday, March 12th. The stock was sold at an average price of $60.99, for a total value of $46,474.38. Following the sale, the senior vice president now directly owns 44,155 shares of the company's stock, valued at approximately $2,693,013.45. This trade represents a 1.70 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 66,547 shares of company stock worth $4,275,553 over the last three months. 0.01% of the stock is currently owned by company insiders.
About Cisco Systems
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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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