Auto Owners Insurance Co Buys New Position in Cisco Systems, Inc. (NASDAQ:CSCO)

Posted by Defense World Staff on Jun 14th, 2023

Auto Owners Insurance Co bought a new stake in Cisco Systems, Inc. (NASDAQ:CSCO – Get Rating) during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor bought 589,140 shares of the network equipment provider’s stock, valued at approximately $28,067,000. Cisco Systems comprises 1.0% of Auto Owners Insurance Co’s portfolio, making the stock its 26th largest position.

Several other institutional investors have also added to or reduced their stakes in the stock. Vigilant Capital Management LLC raised its stake in shares of Cisco Systems by 1.7% in the fourth quarter. Vigilant Capital Management LLC now owns 12,294 shares of the network equipment provider’s stock worth $586,000 after buying an additional 207 shares during the period. Howland Capital Management LLC raised its stake in shares of Cisco Systems by 1.4% in the fourth quarter. Howland Capital Management LLC now owns 14,824 shares of the network equipment provider’s stock worth $706,000 after buying an additional 208 shares during the period. MADDEN SECURITIES Corp raised its stake in shares of Cisco Systems by 3.6% in the fourth quarter. MADDEN SECURITIES Corp now owns 5,976 shares of the network equipment provider’s stock worth $285,000 after buying an additional 210 shares during the period. Dearborn Partners LLC raised its stake in shares of Cisco Systems by 0.5% in the third quarter. Dearborn Partners LLC now owns 46,849 shares of the network equipment provider’s stock worth $1,874,000 after buying an additional 212 shares during the period. Finally, Waddell & Associates LLC raised its stake in shares of Cisco Systems by 0.9% in the fourth quarter. Waddell & Associates LLC now owns 24,527 shares of the network equipment provider’s stock worth $1,168,000 after buying an additional 213 shares during the period. 71.10% of the stock is currently owned by institutional investors.

Cisco Systems Price Performance

Shares of Cisco Systems stock opened at $50.80 on Wednesday. The stock has a market cap of $207.01 billion, a price-to-earnings ratio of 18.27, a price-to-earnings-growth ratio of 2.26 and a beta of 1.01. The company has a debt-to-equity ratio of 0.16, a quick ratio of 1.27 and a current ratio of 1.39. The stock has a 50 day moving average price of $48.66 and a 200-day moving average price of $48.73. Cisco Systems, Inc. has a one year low of $38.60 and a one year high of $52.56.

Cisco Systems (NASDAQ:CSCO – Get Rating) last issued its quarterly earnings results on Wednesday, May 17th. The network equipment provider reported $1.00 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.97 by $0.03. Cisco Systems had a return on equity of 31.66% and a net margin of 20.89%. The firm had revenue of $14.57 billion during the quarter, compared to analyst estimates of $14.36 billion. During the same period last year, the company earned $0.78 EPS. Cisco Systems’s quarterly revenue was up 13.5% compared to the same quarter last year. Equities analysts expect that Cisco Systems, Inc. will post 3.38 EPS for the current year.

Cisco Systems Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, July 26th. Stockholders of record on Thursday, July 6th will be given a $0.39 dividend. This represents a $1.56 annualized dividend and a dividend yield of 3.07%. The ex-dividend date is Wednesday, July 5th. Cisco Systems’s payout ratio is 56.12%.

Analysts Set New Price Targets

Several analysts recently issued reports on CSCO shares. Rosenblatt Securities lifted their target price on Cisco Systems from $51.00 to $53.00 and gave the company a “neutral” rating in a research note on Thursday, February 16th. Raymond James lifted their target price on Cisco Systems from $63.00 to $64.00 in a research note on Thursday, May 18th. UBS Group lifted their target price on Cisco Systems from $48.00 to $51.00 and gave the company a “neutral” rating in a research note on Thursday, February 16th. Deutsche Bank Aktiengesellschaft decreased their target price on Cisco Systems from $55.00 to $54.00 in a research note on Monday, May 22nd. Finally, Tigress Financial reissued a “buy” rating and set a $73.00 target price on shares of Cisco Systems in a research note on Friday, March 17th. One equities research analyst has rated the stock with a sell rating, nine have issued a hold rating and thirteen have given a buy rating to the company’s stock. According to data from MarketBeat, Cisco Systems currently has a consensus rating of “Moderate Buy” and a consensus target price of $56.52.

Insider Transactions at Cisco Systems

In related news, SVP Prat Bhatt sold 608 shares of the business’s stock in a transaction on Tuesday, June 13th. The stock was sold at an average price of $50.61, for a total transaction of $30,770.88. Following the transaction, the senior vice president now directly owns 45,092 shares in the company, valued at approximately $2,282,106.12. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. In related news, EVP Deborah L. Stahlkopf sold 2,142 shares of the business’s stock in a transaction on Friday, May 19th. The stock was sold at an average price of $48.50, for a total transaction of $103,887.00. Following the transaction, the executive vice president now directly owns 179,378 shares in the company, valued at approximately $8,699,833. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, SVP Prat Bhatt sold 608 shares of the business’s stock in a transaction on Tuesday, June 13th. The stock was sold at an average price of $50.61, for a total value of $30,770.88. Following the transaction, the senior vice president now owns 45,092 shares in the company, valued at $2,282,106.12. The disclosure for this sale can be found here. In the last three months, insiders sold 13,512 shares of company stock valued at $661,816. Corporate insiders own 0.02% of the company’s stock.

About Cisco Systems

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Cisco Systems, Inc engages in the design, manufacture, and sale of Internet Protocol-based networking products and services related to the communications and information technology industry. The firm operates through the following geographical segments: the Americas, EMEA, and APJC. Its products include the following categories: Switches, Routers, Wireless, Network Management Interfaces and Modules, Optical Networking, Access Points, Outdoor and Industrial Access Points, Next-Generation Firewalls, Advanced Malware Protection, VPN Security Clients, Email, and Web Security.