Destination Wealth Management Lowers Holdings in Cisco Systems, Inc. (NASDAQ:CSCO)

Destination Wealth Management cut its position in shares of Cisco Systems, Inc. (NASDAQ:CSCO - Free Report) by 37.8% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 8,385 shares of the network equipment provider's stock after selling 5,092 shares during the quarter. Destination Wealth Management's holdings in Cisco Systems were worth $496,000 as of its most recent SEC filing.

A number of other large investors also recently modified their holdings of the company. State Street Corp grew its stake in shares of Cisco Systems by 1.7% during the third quarter. State Street Corp now owns 193,489,477 shares of the network equipment provider's stock valued at $10,297,506,000 after buying an additional 3,241,682 shares during the last quarter. Geode Capital Management LLC boosted its holdings in Cisco Systems by 1.3% during the 3rd quarter. Geode Capital Management LLC now owns 95,630,469 shares of the network equipment provider's stock valued at $5,075,320,000 after acquiring an additional 1,262,017 shares during the period. Charles Schwab Investment Management Inc. increased its stake in Cisco Systems by 2.1% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 82,720,255 shares of the network equipment provider's stock worth $4,402,239,000 after purchasing an additional 1,677,383 shares during the period. FMR LLC increased its stake in Cisco Systems by 10.1% in the 3rd quarter. FMR LLC now owns 63,931,461 shares of the network equipment provider's stock worth $3,402,432,000 after purchasing an additional 5,885,879 shares during the period. Finally, Nordea Investment Management AB boosted its stake in shares of Cisco Systems by 1.2% during the fourth quarter. Nordea Investment Management AB now owns 18,718,195 shares of the network equipment provider's stock valued at $1,107,930,000 after purchasing an additional 216,632 shares during the period. 73.33% of the stock is owned by hedge funds and other institutional investors.

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Cisco Systems Stock Up 0.8 %

Cisco Systems stock traded up $0.53 during mid-day trading on Friday, hitting $63.94. The company had a trading volume of 21,153,303 shares, compared to its average volume of 20,042,023. Cisco Systems, Inc. has a 12 month low of $44.50 and a 12 month high of $66.50. The company has a current ratio of 0.87, a quick ratio of 0.79 and a debt-to-equity ratio of 0.43. The stock's 50 day moving average price is $61.63 and its two-hundred day moving average price is $57.39. The company has a market capitalization of $254.37 billion, a PE ratio of 27.92, a price-to-earnings-growth ratio of 4.16 and a beta of 0.79.

Cisco Systems (NASDAQ:CSCO - Get Free Report) last announced its quarterly earnings data on Wednesday, February 12th. The network equipment provider reported $0.77 EPS for the quarter, missing the consensus estimate of $0.91 by ($0.14). Cisco Systems had a net margin of 16.96% and a return on equity of 26.08%. As a group, sell-side analysts anticipate that Cisco Systems, Inc. will post 3.04 earnings per share for the current fiscal year.

Cisco Systems declared that its board has initiated a share buyback program on Wednesday, February 12th that permits the company to repurchase $15.00 billion in outstanding shares. This repurchase authorization permits the network equipment provider to purchase up to 6% of its stock through open market purchases. Stock repurchase programs are often an indication that the company's board of directors believes its stock is undervalued.

Cisco Systems Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, April 23rd. Investors of record on Thursday, April 3rd will be issued a $0.41 dividend. This is a positive change from Cisco Systems's previous quarterly dividend of $0.40. This represents a $1.64 dividend on an annualized basis and a yield of 2.56%. The ex-dividend date of this dividend is Thursday, April 3rd. Cisco Systems's payout ratio is presently 71.62%.

Insider Activity at Cisco Systems

In other news, EVP Thimaya K. Subaiya sold 3,042 shares of the business's stock in a transaction that occurred on Thursday, December 12th. The shares were sold at an average price of $59.19, for a total transaction of $180,055.98. Following the completion of the transaction, the executive vice president now directly owns 207,798 shares of the company's stock, valued at $12,299,563.62. The trade was a 1.44 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, SVP Maria Victoria Wong sold 586 shares of the firm's stock in a transaction that occurred on Thursday, December 12th. The stock was sold at an average price of $58.69, for a total transaction of $34,392.34. Following the completion of the sale, the senior vice president now owns 50,767 shares in the company, valued at $2,979,515.23. This represents a 1.14 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 67,348 shares of company stock valued at $4,318,181. 0.01% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

Several research analysts recently commented on CSCO shares. JPMorgan Chase & Co. lifted their target price on shares of Cisco Systems from $69.00 to $73.00 and gave the stock an "overweight" rating in a research note on Thursday, February 13th. Melius Research raised shares of Cisco Systems from a "hold" rating to a "strong-buy" rating in a research note on Monday, January 6th. Barclays reiterated an "equal weight" rating on shares of Cisco Systems in a report on Thursday. Melius upgraded Cisco Systems from a "hold" rating to a "buy" rating and boosted their price target for the company from $66.00 to $73.00 in a report on Monday, January 6th. Finally, DZ Bank upgraded Cisco Systems from a "hold" rating to a "buy" rating in a report on Tuesday, February 18th. Seven analysts have rated the stock with a hold rating, fifteen have issued a buy rating and two have assigned a strong buy rating to the company's stock. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average target price of $66.63.

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.