Pinnacle Associates Ltd. Purchases 58,561 Shares of Cisco Systems, Inc. (NASDAQ:CSCO)

Pinnacle Associates Ltd. boosted its stake in Cisco Systems, Inc. (NASDAQ:CSCO - Free Report) by 7.9% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 797,674 shares of the network equipment provider's stock after purchasing an additional 58,561 shares during the quarter. Pinnacle Associates Ltd.'s holdings in Cisco Systems were worth $40,298,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Summit Securities Group LLC acquired a new position in Cisco Systems during the 2nd quarter worth approximately $25,000. Quarry LP lifted its holdings in shares of Cisco Systems by 222.4% in the 2nd quarter. Quarry LP now owns 661 shares of the network equipment provider's stock worth $31,000 after purchasing an additional 456 shares in the last quarter. West Financial Advisors LLC lifted its holdings in shares of Cisco Systems by 116.6% in the 3rd quarter. West Financial Advisors LLC now owns 574 shares of the network equipment provider's stock worth $31,000 after purchasing an additional 309 shares in the last quarter. Retirement Group LLC increased its stake in Cisco Systems by 56.8% during the 1st quarter. Retirement Group LLC now owns 726 shares of the network equipment provider's stock valued at $36,000 after purchasing an additional 263 shares in the last quarter. Finally, Hobbs Group Advisors LLC acquired a new position in Cisco Systems during the second quarter worth $36,000. 73.33% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several equities research analysts have recently commented on CSCO shares. Tigress Financial boosted their target price on shares of Cisco Systems from $76.00 to $78.00 and gave the stock a "buy" rating in a research report on Monday, October 14th. Deutsche Bank Aktiengesellschaft increased their price objective on Cisco Systems from $52.00 to $53.00 and gave the stock a "hold" rating in a research note on Thursday, August 15th. New Street Research upgraded Cisco Systems from a "neutral" rating to a "buy" rating and set a $57.00 price target for the company in a report on Thursday, August 15th. Evercore ISI raised their price objective on Cisco Systems from $55.00 to $60.00 and gave the company an "outperform" rating in a research note on Friday, September 20th. Finally, Rosenblatt Securities upped their target price on shares of Cisco Systems from $56.00 to $58.00 and gave the stock a "neutral" rating in a research note on Thursday, August 15th. One equities research analyst has rated the stock with a sell rating, twelve have given a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the stock has an average rating of "Hold" and an average target price of $56.74.

Insider Transactions at Cisco Systems

In other Cisco Systems news, CEO Charles Robbins sold 27,143 shares of the firm's stock in a transaction dated Friday, August 16th. The stock was sold at an average price of $49.45, for a total transaction of $1,342,221.35. Following the sale, the chief executive officer now owns 683,403 shares in the company, valued at $33,794,278.35. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. In related news, EVP Thimaya K. Subaiya sold 8,270 shares of the stock in a transaction on Wednesday, August 21st. The shares were 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. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Charles Robbins sold 27,143 shares of the company's stock in a transaction dated Friday, August 16th. The shares were sold at an average price of $49.45, for a total transaction of $1,342,221.35. Following the sale, the chief executive officer now owns 683,403 shares of the company's stock, valued at approximately $33,794,278.35. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 70,529 shares of company stock valued at $3,509,049. Insiders own 0.01% of the company's stock.

Cisco Systems Price Performance

NASDAQ CSCO traded down $0.09 on Wednesday, hitting $55.59. The stock had a trading volume of 13,262,206 shares, compared to its average volume of 19,032,459. The company has a market capitalization of $221.84 billion, a price-to-earnings ratio of 21.92, a price-to-earnings-growth ratio of 4.22 and a beta of 0.83. Cisco Systems, Inc. has a 52-week low of $44.50 and a 52-week high of $57.06. The firm has a 50-day moving average of $52.34 and a 200-day moving average of $48.95. The company has a debt-to-equity ratio of 0.43, a quick ratio of 0.83 and a current ratio of 0.91.

Cisco Systems (NASDAQ:CSCO - Get Free Report) last posted its earnings results on Wednesday, August 14th. The network equipment provider reported $0.87 EPS for the quarter, topping the consensus estimate of $0.85 by $0.02. The business had revenue of $13.64 billion during the quarter, compared to analysts' expectations of $13.53 billion. Cisco Systems had a return on equity of 27.83% and a net margin of 19.18%. The firm's revenue was down 10.3% on a year-over-year basis. During the same period in the previous year, the business earned $1.01 earnings per share. Equities analysts expect that Cisco Systems, Inc. will post 2.9 EPS for the current year.

Cisco Systems Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, October 23rd. Stockholders of record on Wednesday, October 2nd were given a dividend of $0.40 per share. This represents a $1.60 annualized dividend and a dividend yield of 2.88%. The ex-dividend date of this dividend was Wednesday, October 2nd. Cisco Systems's dividend payout ratio (DPR) is currently 62.99%.

About Cisco Systems

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.