Cisco Systems, Inc. (NASDAQ:CSCO) Shares Bought by Sawgrass Asset Management LLC

Sawgrass Asset Management LLC boosted its position in Cisco Systems, Inc. (NASDAQ:CSCO - Free Report) by 5.6% in the 3rd quarter, according to its most recent filing with the SEC. The fund owned 314,916 shares of the network equipment provider's stock after purchasing an additional 16,761 shares during the period. Cisco Systems comprises 1.7% of Sawgrass Asset Management LLC's holdings, making the stock its 14th largest position. Sawgrass Asset Management LLC's holdings in Cisco Systems were worth $16,760,000 at the end of the most recent quarter.

Other hedge funds have also recently bought and sold shares of the company. Bank of New York Mellon Corp increased its position in shares of Cisco Systems by 2.7% during the second quarter. Bank of New York Mellon Corp now owns 70,317,061 shares of the network equipment provider's stock worth $3,340,764,000 after acquiring an additional 1,853,598 shares in the last quarter. Legal & General Group Plc increased its holdings in shares of Cisco Systems by 3.3% in the 2nd quarter. Legal & General Group Plc now owns 47,593,944 shares of the network equipment provider's stock worth $2,261,185,000 after buying an additional 1,530,468 shares during the last quarter. Dimensional Fund Advisors LP grew its holdings in shares of Cisco Systems by 22.5% during the 2nd quarter. Dimensional Fund Advisors LP now owns 26,409,843 shares of the network equipment provider's stock valued at $1,254,739,000 after purchasing an additional 4,843,146 shares during the last quarter. Swedbank AB bought a new position in shares of Cisco Systems during the 1st quarter valued at $840,538,000. Finally, Price T Rowe Associates Inc. MD grew its holdings in Cisco Systems by 26.5% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 13,858,505 shares of the network equipment provider's stock worth $691,678,000 after acquiring an additional 2,906,357 shares during the last quarter. 73.33% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Cisco Systems

In other news, CFO Richard Scott Herren sold 22,309 shares of the company's stock in a transaction on Tuesday, August 20th. The stock was sold at an average price of $50.00, for a total transaction of $1,115,450.00. Following the transaction, the chief financial officer now directly owns 293,184 shares of the company's stock, valued at approximately $14,659,200. This represents a 7.07 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, SVP Maria Victoria Wong sold 3,379 shares of the company's stock in a transaction on Wednesday, August 28th. The shares were sold at an average price of $50.36, for a total value of $170,166.44. Following the completion of the transaction, the senior vice president now directly owns 47,182 shares in the company, valued at approximately $2,376,085.52. The trade was a 6.68 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 35,924 shares of company stock valued at $1,798,131. 0.01% of the stock is currently owned by insiders.

Cisco Systems Price Performance

CSCO stock traded down $0.46 during mid-day trading on Friday, hitting $57.46. 28,173,705 shares of the stock were exchanged, compared to its average volume of 18,249,024. Cisco Systems, Inc. has a 12 month low of $44.50 and a 12 month high of $59.38. The company has a debt-to-equity ratio of 0.43, a current ratio of 0.88 and a quick ratio of 0.83. The business has a fifty day moving average price of $54.18 and a 200 day moving average price of $49.78. The stock has a market capitalization of $229.31 billion, a price-to-earnings ratio of 24.66, a PEG ratio of 4.76 and a beta of 0.83.

Cisco Systems (NASDAQ:CSCO - Get Free Report) last posted its earnings results on Wednesday, November 13th. The network equipment provider reported $0.91 earnings per share for the quarter, topping analysts' consensus estimates of $0.87 by $0.04. The firm had revenue of $13.84 billion for the quarter, compared to the consensus estimate of $13.78 billion. Cisco Systems had a return on equity of 25.70% and a net margin of 17.73%. The business's revenue for the quarter was down 5.6% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.98 EPS. On average, sell-side analysts anticipate that Cisco Systems, Inc. will post 2.89 EPS for the current year.

Cisco Systems Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, January 22nd. Shareholders of record on Friday, January 3rd will be issued a dividend of $0.40 per share. The ex-dividend date is Friday, January 3rd. This represents a $1.60 dividend on an annualized basis and a yield of 2.78%. Cisco Systems's dividend payout ratio is presently 68.67%.

Wall Street Analyst Weigh In

Several research firms have recently commented on CSCO. JPMorgan Chase & Co. raised shares of Cisco Systems from a "neutral" rating to an "overweight" rating and raised their target price for the stock from $55.00 to $66.00 in a research report on Monday, November 11th. Rosenblatt Securities lifted their price objective on shares of Cisco Systems from $56.00 to $58.00 and gave the stock a "neutral" rating in a research note on Thursday, August 15th. Barclays lifted their price objective on Cisco Systems from $49.00 to $56.00 and gave the company an "equal weight" rating in a report on Thursday. Hsbc Global Res upgraded Cisco Systems to a "strong-buy" rating in a research note on Friday, August 16th. Finally, Evercore ISI boosted their price target on Cisco Systems from $55.00 to $60.00 and gave the company an "outperform" rating in a report on Friday, September 20th. Eleven equities research analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average price target of $59.42.

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.