Coastline Trust Co lessened its holdings in Cisco Systems, Inc. (NASDAQ:CSCO - Free Report) by 10.6% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 75,021 shares of the network equipment provider's stock after selling 8,849 shares during the quarter. Coastline Trust Co's holdings in Cisco Systems were worth $3,993,000 at the end of the most recent quarter.
A number of other institutional investors and hedge funds also recently modified their holdings of the business. Bank of New York Mellon Corp boosted its holdings 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 valued at $3,340,764,000 after acquiring an additional 1,853,598 shares during the period. Legal & General Group Plc increased its stake in shares of Cisco Systems by 3.3% in the second quarter. Legal & General Group Plc now owns 47,593,944 shares of the network equipment provider's stock valued at $2,261,185,000 after purchasing 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 second 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 buying an additional 4,843,146 shares during the last quarter. Swedbank AB acquired a new position in shares of Cisco Systems during the first quarter worth approximately $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 buying an additional 2,906,357 shares in the last quarter. 73.33% of the stock is owned by institutional investors and hedge funds.
Analyst Ratings Changes
A number of equities research analysts recently weighed in on the stock. Morgan Stanley lifted their price objective on shares of Cisco Systems from $58.00 to $62.00 and gave the company an "overweight" rating in a research note on Thursday. Rosenblatt Securities upped their target price on Cisco Systems from $56.00 to $58.00 and gave the stock a "neutral" rating in a research report on Thursday, August 15th. Jefferies Financial Group dropped their price objective on Cisco Systems from $56.00 to $53.00 and set a "buy" rating on the stock in a research note on Thursday, August 15th. Needham & Company LLC reaffirmed a "hold" rating on shares of Cisco Systems in a report on Thursday, August 15th. Finally, StockNews.com raised shares of Cisco Systems from a "hold" rating to a "buy" rating in a report on Thursday. Eleven research analysts have rated the stock with a hold rating, eleven have given a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average price target of $59.42.
Read Our Latest Stock Analysis on CSCO
Cisco Systems Stock Down 0.8 %
Shares of NASDAQ CSCO traded down $0.46 during mid-day trading on Friday, reaching $57.46. The company had a trading volume of 28,173,705 shares, compared to its average volume of 19,144,939. The company has a debt-to-equity ratio of 0.43, a quick ratio of 0.83 and a current ratio of 0.91. The company has a market capitalization of $229.31 billion, a price-to-earnings ratio of 24.66, a PEG ratio of 4.90 and a beta of 0.83. The stock has a fifty day moving average of $54.18 and a two-hundred day moving average of $49.76. 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 posted its quarterly earnings results on Wednesday, August 14th. The network equipment provider reported $0.87 EPS for the quarter, beating the consensus estimate of $0.85 by $0.02. Cisco Systems had a net margin of 17.73% and a return on equity of 25.62%. The business had revenue of $13.64 billion for the quarter, compared to analysts' expectations of $13.53 billion. During the same period in the previous year, the company posted $1.01 EPS. Cisco Systems's revenue was down 10.3% on a year-over-year basis. As a group, equities research analysts expect that Cisco Systems, Inc. will post 2.89 EPS for the current year.
Cisco Systems Dividend Announcement
The company also recently declared a quarterly dividend, which will be paid on Wednesday, January 22nd. Investors of record on Friday, January 3rd will be paid a $0.40 dividend. The ex-dividend date of this dividend is Friday, January 3rd. This represents a $1.60 annualized dividend and a dividend yield of 2.78%. Cisco Systems's payout ratio is 68.67%.
Insider Buying and Selling
In other Cisco Systems news, SVP Maria Victoria Wong sold 3,379 shares of the stock in a transaction on Wednesday, August 28th. The shares were sold at an average price of $50.36, for a total transaction of $170,166.44. Following the transaction, the senior vice president now directly owns 47,182 shares of the company's stock, valued at $2,376,085.52. This represents a 6.68 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, EVP Thimaya K. Subaiya sold 8,270 shares of the company's stock in a transaction that occurred on Wednesday, August 21st. The stock was sold at an average price of $50.33, for a total value of $416,229.10. Following the sale, the executive vice president now directly owns 135,544 shares of the company's stock, valued at $6,821,929.52. The trade was a 5.75 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 35,924 shares of company stock worth $1,798,131. Insiders own 0.01% of the company's stock.
About Cisco Systems
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Free Report)
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.
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