PNC Financial Services Group Inc. Cuts Stake in Cisco Systems, Inc. (NASDAQ:CSCO)

PNC Financial Services Group Inc. lowered its position in Cisco Systems, Inc. (NASDAQ:CSCO - Free Report) by 1.3% during the third quarter, according to its most recent filing with the SEC. The firm owned 7,123,940 shares of the network equipment provider's stock after selling 96,407 shares during the period. PNC Financial Services Group Inc. owned 0.18% of Cisco Systems worth $379,136,000 as of its most recent filing with the SEC.

A number of other institutional investors also recently modified their holdings of CSCO. B. Metzler seel. Sohn & Co. Holding AG bought a new stake in Cisco Systems in the third quarter valued at $38,033,000. Banque Cantonale Vaudoise boosted its holdings in Cisco Systems by 13.5% in the 3rd quarter. Banque Cantonale Vaudoise now owns 375,894 shares of the network equipment provider's stock worth $20,004,000 after buying an additional 44,766 shares during the period. Wrapmanager Inc. boosted its stake in Cisco Systems by 26.8% in the 3rd quarter. Wrapmanager Inc. now owns 30,868 shares of the network equipment provider's stock worth $1,643,000 after purchasing an additional 6,526 shares during the period. Verity & Verity LLC boosted its holdings in Cisco Systems by 2.2% in the 3rd quarter. Verity & Verity LLC now owns 353,092 shares of the network equipment provider's stock valued at $18,792,000 after purchasing an additional 7,595 shares during the period. Finally, Meeder Asset Management Inc. increased its stake in Cisco Systems by 52.4% in the 3rd quarter. Meeder Asset Management Inc. now owns 2,615 shares of the network equipment provider's stock worth $139,000 after acquiring an additional 899 shares during the last quarter. 73.33% of the stock is owned by institutional investors.

Cisco Systems Trading Down 0.5 %

NASDAQ CSCO traded down $0.30 on Tuesday, hitting $57.01. The company's stock had a trading volume of 17,474,825 shares, compared to its average volume of 19,158,156. The firm has a market cap of $227.51 billion, a P/E ratio of 24.43, a PEG ratio of 4.67 and a beta of 0.83. Cisco Systems, Inc. has a 52-week low of $44.50 and a 52-week high of $59.38. The company's 50-day simple moving average is $54.35 and its 200 day simple moving average is $49.88. The company has a current ratio of 0.88, a quick ratio of 0.80 and a debt-to-equity ratio of 0.43.

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

Cisco Systems Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 22nd. Shareholders of record on Friday, January 3rd will be given a dividend of $0.40 per share. The ex-dividend date is Friday, January 3rd. This represents a $1.60 annualized dividend and a yield of 2.81%. Cisco Systems's payout ratio is 68.67%.

Insiders Place Their Bets

In related news, CEO Charles Robbins sold 171,744 shares of Cisco Systems stock in a transaction that occurred on Friday, November 15th. The stock was sold at an average price of $57.49, for a total transaction of $9,873,562.56. Following the sale, the chief executive officer now directly owns 783,786 shares in the company, valued at $45,059,857.14. The trade was a 17.97 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CFO Richard Scott Herren sold 86,351 shares of the firm's stock in a transaction on Friday, November 15th. The shares were sold at an average price of $57.49, for a total value of $4,964,318.99. Following the transaction, the chief financial officer now directly owns 365,314 shares of the company's stock, valued at $21,001,901.86. This represents a 19.12 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 329,898 shares of company stock worth $18,865,790. Company insiders own 0.01% of the company's stock.

Wall Street Analyst Weigh In

A number of equities research analysts recently weighed in on CSCO shares. Morgan Stanley raised their target price on shares of Cisco Systems from $58.00 to $62.00 and gave the company an "overweight" rating in a research note on Thursday, November 14th. Needham & Company LLC reiterated a "hold" rating on shares of Cisco Systems in a research report on Thursday, August 15th. JPMorgan Chase & Co. raised Cisco Systems from a "neutral" rating to an "overweight" rating and lifted their price target for the stock from $55.00 to $66.00 in a research note on Monday, November 11th. New Street Research upgraded Cisco Systems from a "neutral" rating to a "buy" rating and set a $57.00 price objective on the stock in a research report on Thursday, August 15th. Finally, Hsbc Global Res upgraded Cisco Systems to a "strong-buy" rating in a research report on Friday, August 16th. Ten equities research analysts have rated the stock with a hold rating, eleven have given a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average price target of $59.94.

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.