State of Michigan Retirement System raised its stake in shares of Cisco Systems, Inc. (NASDAQ:CSCO) by 5.7% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 2,054,673 shares of the network equipment provider’s stock after purchasing an additional 110,582 shares during the quarter. Cisco Systems accounts for about 0.8% of State of Michigan Retirement System’s holdings, making the stock its 25th biggest holding. State of Michigan Retirement System’s holdings in Cisco Systems were worth $95,830,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors also recently made changes to their positions in the company. Hoey Investments Inc. bought a new stake in Cisco Systems during the second quarter valued at approximately $26,000. Lion Street Advisors LLC bought a new stake in Cisco Systems during the first quarter valued at approximately $31,000. Emerald Advisers LLC bought a new stake in Cisco Systems during the second quarter valued at approximately $38,000. Bourgeon Capital Management LLC purchased a new position in shares of Cisco Systems during the first quarter worth approximately $32,000. Finally, Larson Financial Group LLC raised its stake in shares of Cisco Systems by 61.1% during the second quarter. Larson Financial Group LLC now owns 939 shares of the network equipment provider’s stock worth $44,000 after acquiring an additional 356 shares in the last quarter. Institutional investors and hedge funds own 71.36% of the company’s stock.

In other Cisco Systems news, CAO Prat Bhatt sold 5,703 shares of the business’s stock in a transaction dated Monday, June 15th. The stock was sold at an average price of $44.87, for a total value of $255,893.61. Following the completion of the transaction, the chief accounting officer now owns 85,613 shares of the company’s stock, valued at approximately $3,841,455.31. The sale was disclosed in a legal filing with the SEC, which is available through this link. 0.03% of the stock is currently owned by insiders.

Cisco Systems stock traded up $0.66 during mid-day trading on Friday, reaching $47.10. The stock had a trading volume of 17,706,367 shares, compared to its average volume of 16,785,004. The company has a market capitalization of $198.87 billion, a price-to-earnings ratio of 15.69, a PEG ratio of 3.01 and a beta of 0.98. The company has a 50-day moving average price of $46.07 and a two-hundred day moving average price of $44.16. Cisco Systems, Inc. has a one year low of $32.40 and a one year high of $56.89. The company has a debt-to-equity ratio of 0.32, a current ratio of 1.59 and a quick ratio of 1.55.

Cisco Systems (NASDAQ:CSCO) last announced its quarterly earnings results on Wednesday, May 13th. The network equipment provider reported $0.79 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.69 by $0.10. The company had revenue of $11.98 billion for the quarter, compared to analysts’ expectations of $11.87 billion. Cisco Systems had a net margin of 21.32% and a return on equity of 36.47%. During the same quarter in the previous year, the business posted $0.78 EPS. On average, equities research analysts anticipate that Cisco Systems, Inc. will post 2.86 earnings per share for the current fiscal year.

The company also recently declared a quarterly dividend, which was paid on Wednesday, July 22nd. Investors of record on Monday, July 6th were paid a $0.36 dividend. This represents a $1.44 dividend on an annualized basis and a yield of 3.06%. The ex-dividend date of this dividend was Thursday, July 2nd. Cisco Systems’s payout ratio is 50.53%.

Several research firms have commented on CSCO. Nomura lifted their price target on shares of Cisco Systems from $43.00 to $46.00 and gave the stock a “neutral” rating in a research note on Thursday, May 14th. Credit Suisse Group reaffirmed a “hold” rating and issued a $41.00 target price on shares of Cisco Systems in a research note on Monday, July 20th. JPMorgan Chase & Co. downgraded shares of Cisco Systems from an “overweight” rating to a “neutral” rating and set a $50.00 target price on the stock. in a research note on Thursday, July 16th. UBS Group decreased their target price on shares of Cisco Systems from $54.00 to $51.00 and set a “buy” rating on the stock in a research note on Thursday, May 14th. Finally, Barclays downgraded shares of Cisco Systems to a “hold” rating in a research note on Thursday, July 9th. One equities research analyst has rated the stock with a sell rating, sixteen have assigned a hold rating and fourteen have given a buy rating to the company’s stock. Cisco Systems currently has a consensus rating of “Hold” and a consensus price target of $50.33.

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 worldwide. The company offers switching products; routing products that interconnect public and private wireline and mobile networks; data center products; and wireless access points for use in voice, video, and data applications.

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Institutional Ownership by Quarter for Cisco Systems (NASDAQ:CSCO)

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