Jennison Associates LLC Has $165.43 Million Holdings in Cisco Systems, Inc. (NASDAQ:CSCO)

Jennison Associates LLC cut its holdings in Cisco Systems, Inc. (NASDAQ:CSCO) by 2.5% during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 3,314,493 shares of the network equipment provider’s stock after selling 85,525 shares during the period. Jennison Associates LLC’s holdings in Cisco Systems were worth $165,426,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently made changes to their positions in CSCO. Mcintyre Freedman & Flynn Investment Advisers Inc. increased its position in shares of Cisco Systems by 0.3% during the 4th quarter. Mcintyre Freedman & Flynn Investment Advisers Inc. now owns 59,756 shares of the network equipment provider’s stock valued at $3,019,000 after purchasing an additional 202 shares during the last quarter. Hyman Charles D increased its position in shares of Cisco Systems by 0.3% during the 4th quarter. Hyman Charles D now owns 70,727 shares of the network equipment provider’s stock valued at $3,573,000 after purchasing an additional 203 shares during the last quarter. Madrona Financial Services LLC increased its position in shares of Cisco Systems by 2.4% during the 4th quarter. Madrona Financial Services LLC now owns 8,970 shares of the network equipment provider’s stock valued at $453,000 after purchasing an additional 207 shares during the last quarter. Morton Brown Family Wealth LLC increased its position in shares of Cisco Systems by 41.9% during the 4th quarter. Morton Brown Family Wealth LLC now owns 704 shares of the network equipment provider’s stock valued at $36,000 after purchasing an additional 208 shares during the last quarter. Finally, Baker Boyer National Bank grew its stake in shares of Cisco Systems by 2.6% during the 1st quarter. Baker Boyer National Bank now owns 8,237 shares of the network equipment provider’s stock worth $411,000 after acquiring an additional 210 shares during the period. 73.33% of the stock is currently owned by institutional investors and hedge funds.

Cisco Systems Stock Down 1.3 %

CSCO stock traded down $0.59 on Monday, hitting $46.06. 19,319,008 shares of the company’s stock were exchanged, compared to its average volume of 19,609,383. Cisco Systems, Inc. has a 12-month low of $44.95 and a 12-month high of $58.19. The firm has a 50 day moving average price of $46.92 and a two-hundred day moving average price of $48.66. The company has a debt-to-equity ratio of 0.44, a quick ratio of 0.82 and a current ratio of 0.89. The stock has a market cap of $185.57 billion, a P/E ratio of 15.51, a price-to-earnings-growth ratio of 2.70 and a beta of 0.85.

Cisco Systems (NASDAQ:CSCO) last announced its earnings results on Wednesday, May 15th. The network equipment provider reported $0.88 earnings per share for the quarter, topping the consensus estimate of $0.70 by $0.18. The firm had revenue of $12.70 billion for the quarter, compared to the consensus estimate of $12.53 billion. Cisco Systems had a return on equity of 30.82% and a net margin of 21.88%. The firm’s revenue for the quarter was down 12.8% on a year-over-year basis. During the same period in the previous year, the business earned $0.88 EPS. As a group, equities research analysts expect that Cisco Systems, Inc. will post 3.14 EPS for the current fiscal year.

Cisco Systems Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, July 24th. Shareholders of record on Friday, July 5th will be paid a dividend of $0.40 per share. The ex-dividend date of this dividend is Friday, July 5th. This represents a $1.60 annualized dividend and a yield of 3.47%. Cisco Systems’s payout ratio is presently 53.87%.

Wall Street Analysts Forecast Growth

Several brokerages have commented on CSCO. BNP Paribas upgraded Cisco Systems from an “underperform” rating to a “neutral” rating and set a $50.00 target price for the company in a research note on Monday, May 13th. JPMorgan Chase & Co. initiated coverage on Cisco Systems in a research note on Monday, April 22nd. They issued a “neutral” rating and a $53.00 price target on the stock. Deutsche Bank Aktiengesellschaft lifted their price objective on Cisco Systems from $51.00 to $52.00 and gave the stock a “hold” rating in a research report on Tuesday, April 9th. Wells Fargo & Company lifted their price target on Cisco Systems from $52.00 to $57.00 and gave the company an “equal weight” rating in a research report on Thursday, May 16th. Finally, Piper Sandler restated a “neutral” rating and set a $52.00 price target on shares of Cisco Systems in a research report on Wednesday, June 5th. One investment analyst has rated the stock with a sell rating, fifteen have issued a hold rating and six have assigned a buy rating to the company. According to data from MarketBeat, Cisco Systems currently has a consensus rating of “Hold” and an average price target of $56.47.

Insider Buying and Selling at Cisco Systems

In other Cisco Systems news, SVP Maria Victoria Wong sold 3,378 shares of the business’s stock in a transaction dated Wednesday, May 29th. The stock was sold at an average price of $45.89, for a total transaction of $155,016.42. Following the sale, the senior vice president now owns 52,953 shares in the company, valued at approximately $2,430,013.17. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In other news, SVP Maria Victoria Wong sold 3,378 shares of the business’s stock in a transaction dated Wednesday, May 29th. The stock was sold at an average price of $45.89, for a total value of $155,016.42. Following the completion of the transaction, the senior vice president now owns 52,953 shares of the company’s stock, valued at approximately $2,430,013.17. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Charles Robbins sold 26,331 shares of the business’s stock in a transaction dated Wednesday, May 29th. The shares were sold at an average price of $46.10, for a total value of $1,213,859.10. Following the completion of the transaction, the chief executive officer now directly owns 725,363 shares of the company’s stock, valued at approximately $33,439,234.30. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 41,106 shares of company stock worth $1,908,923. 0.02% of the stock is currently owned by insiders.

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.