Cisco Systems, Inc. (NASDAQ:CSCO) Shares Sold by Cornercap Investment Counsel Inc.

Cornercap Investment Counsel Inc. trimmed its stake in Cisco Systems, Inc. (NASDAQ:CSCO - Free Report) by 44.8% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 53,676 shares of the network equipment provider's stock after selling 43,532 shares during the period. Cisco Systems comprises about 0.8% of Cornercap Investment Counsel Inc.'s investment portfolio, making the stock its 5th largest position. Cornercap Investment Counsel Inc.'s holdings in Cisco Systems were worth $2,857,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors have also recently bought and sold shares of the company. Bank of New York Mellon Corp raised 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 purchasing an additional 1,853,598 shares during the period. Legal & General Group Plc boosted its stake in shares of Cisco Systems by 3.3% during 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 acquiring an additional 1,530,468 shares during the period. Dimensional Fund Advisors LP raised 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 worth $1,254,739,000 after buying an additional 4,843,146 shares in the last quarter. Swedbank AB acquired a new position in Cisco Systems in the 1st quarter worth about $840,538,000. Finally, Price T Rowe Associates Inc. MD grew its position in shares of 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 valued at $691,678,000 after buying an additional 2,906,357 shares during the last quarter. 73.33% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several research analysts have issued reports on the company. New Street Research upgraded Cisco Systems from a "neutral" rating to a "buy" rating and set a $57.00 price target on the stock in a report on Thursday, August 15th. Evercore ISI increased their price objective on Cisco Systems from $55.00 to $60.00 and gave the stock an "outperform" rating in a research note on Friday, September 20th. Barclays increased their price objective on Cisco Systems from $49.00 to $56.00 and gave the stock an "equal weight" rating in a research note on Thursday. Jefferies Financial Group lowered their price objective on Cisco Systems from $56.00 to $53.00 and set a "buy" rating for the company in a research note on Thursday, August 15th. Finally, Deutsche Bank Aktiengesellschaft increased their price target on Cisco Systems from $52.00 to $53.00 and gave the company a "hold" rating in a research report on Thursday, August 15th. Eleven investment analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price of $59.42.

Insider Transactions at Cisco Systems

In other Cisco Systems news, EVP Thimaya K. Subaiya sold 8,270 shares of the business's stock in a transaction on Wednesday, August 21st. The stock was sold at an average price of $50.33, for a total transaction of $416,229.10. Following the transaction, the executive vice president now owns 135,544 shares of the company's stock, valued at approximately $6,821,929.52. The trade was a 5.75 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CFO Richard Scott Herren sold 22,309 shares of Cisco Systems stock in a transaction on Tuesday, August 20th. The shares were sold at an average price of $50.00, for a total value of $1,115,450.00. Following the completion of the sale, the chief financial officer now owns 293,184 shares in the company, valued at $14,659,200. This represents a 7.07 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 35,924 shares of company stock worth $1,798,131 in the last three months. Corporate insiders own 0.01% of the company's stock.

Cisco Systems Stock Down 0.8 %

CSCO stock traded down $0.46 during midday trading on Friday, hitting $57.46. The company's stock had a trading volume of 27,901,734 shares, compared to its average volume of 19,143,746. The company has a market cap of $229.31 billion, a PE ratio of 24.82, a P/E/G ratio of 4.90 and a beta of 0.83. The company has a current ratio of 0.91, a quick ratio of 0.83 and a debt-to-equity ratio of 0.43. The firm's 50-day moving average is $54.00 and its 200-day moving average is $49.69. Cisco Systems, Inc. has a 12 month low of $44.50 and a 12 month high of $59.38.

Cisco Systems (NASDAQ:CSCO - Get Free Report) last announced its earnings results on Wednesday, August 14th. The network equipment provider reported $0.87 earnings per share for the quarter, beating analysts' consensus estimates of $0.85 by $0.02. The business had revenue of $13.64 billion during the quarter, compared to analyst estimates of $13.53 billion. Cisco Systems had a net margin of 17.73% and a return on equity of 25.62%. The company's quarterly revenue was down 10.3% compared to the same quarter last year. During the same period in the previous year, the business earned $1.01 EPS. On average, equities research analysts forecast that Cisco Systems, Inc. will post 2.89 earnings per share for the current fiscal year.

Cisco Systems Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Wednesday, January 22nd. Shareholders of record on Friday, January 3rd will be paid 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%.

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.