E.g. I updated module Ctools to latest 7.x-1.12 version and after running update.php and cron, it still shows older version of Ctools (7.x-1.10) in admin/reports/updates/update and tells that it still needs to be updated, even though its already updated.
I even reupdated it manually via SSH by deleting the dir and replacing with new one. .info file shows the 7.x-1.12 version.
It's not just Ctools related, I also get this for other random modules like AddToAny.
No errors in log. Latest D7 version.