Intech Investment Management LLC cut its stake in Cisco Systems, Inc. (NASDAQ:CSCO - Free Report) by 7.1% during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 652,228 shares of the network equipment provider's stock after selling 50,201 shares during the period. Intech Investment Management LLC's holdings in Cisco Systems were worth $34,712,000 at the end of the most recent quarter.
Other hedge funds have also recently made changes to their positions in the company. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp grew its holdings in shares of Cisco Systems by 59.3% in the second quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 775,559 shares of the network equipment provider's stock worth $36,847,000 after purchasing an additional 288,775 shares during the last quarter. Citizens Financial Group Inc. RI grew its holdings in shares of Cisco Systems by 24.4% in the second quarter. Citizens Financial Group Inc. RI now owns 264,647 shares of the network equipment provider's stock worth $12,573,000 after purchasing an additional 51,924 shares during the last quarter. Commerzbank Aktiengesellschaft FI grew its holdings in shares of Cisco Systems by 10.9% in the third quarter. Commerzbank Aktiengesellschaft FI now owns 1,658,417 shares of the network equipment provider's stock worth $88,261,000 after purchasing an additional 162,544 shares during the last quarter. Quintet Private Bank Europe S.A. grew its holdings in shares of Cisco Systems by 17.0% in the third quarter. Quintet Private Bank Europe S.A. now owns 635,667 shares of the network equipment provider's stock worth $33,830,000 after purchasing an additional 92,179 shares during the last quarter. Finally, IRON Financial LLC purchased a new stake in Cisco Systems in the third quarter worth about $856,000. 73.33% of the stock is currently owned by institutional investors.
Cisco Systems Price Performance
Shares of NASDAQ CSCO opened at $57.50 on Thursday. The stock has a market capitalization of $229.47 billion, a price-to-earnings ratio of 24.68, a PEG ratio of 4.63 and a beta of 0.83. Cisco Systems, Inc. has a 12 month low of $44.50 and a 12 month high of $59.38. The firm's 50 day simple moving average is $54.68 and its 200-day simple moving average is $50.00. The company has a debt-to-equity ratio of 0.43, a current ratio of 0.88 and a quick ratio of 0.80.
Cisco Systems (NASDAQ:CSCO - Get Free Report) last issued its quarterly earnings data on Wednesday, November 13th. The network equipment provider reported $0.91 EPS for the quarter, topping analysts' consensus estimates of $0.87 by $0.04. The business had revenue of $13.84 billion for the quarter, compared to analysts' expectations of $13.78 billion. Cisco Systems had a net margin of 17.73% and a return on equity of 25.70%. The business's revenue was down 5.6% on a year-over-year basis. During the same quarter last year, the company earned $0.98 EPS. Analysts expect that Cisco Systems, Inc. will post 2.89 EPS for the current year.
Cisco Systems Dividend Announcement
The business 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 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 currently 68.67%.
Analyst Ratings Changes
Several analysts have commented on the stock. Morgan Stanley increased their price target on shares of Cisco Systems from $58.00 to $62.00 and gave the company an "overweight" rating in a research report on Thursday, November 14th. Tigress Financial increased their price target on shares of Cisco Systems from $76.00 to $78.00 and gave the company a "buy" rating in a research report on Monday, October 14th. Wells Fargo & Company increased their price target on shares of Cisco Systems from $57.00 to $60.00 and gave the company an "equal weight" rating in a research report on Thursday, November 14th. New Street Research raised shares of Cisco Systems from a "neutral" rating to a "buy" rating and set a $57.00 price target for the company in a research report on Thursday, August 15th. Finally, Barclays increased their price target on shares of Cisco Systems from $49.00 to $56.00 and gave the company an "equal weight" rating in a research report on Thursday, November 14th. 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.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $59.94.
View Our Latest Research Report on CSCO
Insider Activity at Cisco Systems
In related news, CEO Charles Robbins sold 171,744 shares of Cisco Systems stock in a transaction on Friday, November 15th. The shares were sold at an average price of $57.49, for a total value of $9,873,562.56. Following the sale, the chief executive officer now owns 783,786 shares of the company's stock, valued at approximately $45,059,857.14. This trade represents a 17.97 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Thimaya K. Subaiya sold 1,328 shares of the firm's stock in a transaction on Thursday, September 12th. The shares were sold at an average price of $48.92, for a total value of $64,965.76. Following the completion of the transaction, the executive vice president now owns 132,910 shares in the company, valued at $6,501,957.20. The trade was a 0.99 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 321,628 shares of company stock valued at $18,449,561. 0.01% of the stock is owned by company insiders.
Cisco Systems Profile
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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.
Further Reading
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