Retirement Systems of Alabama boosted its stake in shares of Cisco Systems, Inc. (NASDAQ:CSCO - Free Report) by 3.7% during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 3,038,015 shares of the network equipment provider's stock after purchasing an additional 109,772 shares during the quarter. Cisco Systems comprises 0.6% of Retirement Systems of Alabama's holdings, making the stock its 24th largest holding. Retirement Systems of Alabama owned 0.08% of Cisco Systems worth $161,683,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Other institutional investors have also modified their holdings of the company. Oddo BHF Asset Management Sas acquired a new stake in Cisco Systems in the third quarter valued at approximately $502,000. Inspire Trust Co. N.A. increased its position in shares of Cisco Systems by 4.1% during the third quarter. Inspire Trust Co. N.A. now owns 62,500 shares of the network equipment provider's stock worth $3,326,000 after purchasing an additional 2,476 shares in the last quarter. Beaird Harris Wealth Management LLC boosted its position in shares of Cisco Systems by 166.1% in the 3rd quarter. Beaird Harris Wealth Management LLC now owns 1,831 shares of the network equipment provider's stock worth $97,000 after purchasing an additional 1,143 shares in the last quarter. Franklin Resources Inc. boosted its position in shares of Cisco Systems by 7.0% in the 3rd quarter. Franklin Resources Inc. now owns 18,214,461 shares of the network equipment provider's stock worth $988,499,000 after purchasing an additional 1,195,469 shares in the last quarter. Finally, Peapack Gladstone Financial Corp grew its stake in Cisco Systems by 0.7% during the 3rd quarter. Peapack Gladstone Financial Corp now owns 714,243 shares of the network equipment provider's stock worth $38,012,000 after buying an additional 5,253 shares during the last quarter. 73.33% of the stock is currently owned by institutional investors.
Cisco Systems Stock Performance
CSCO traded down $0.23 on Friday, reaching $58.62. The stock had a trading volume of 14,129,710 shares, compared to its average volume of 19,074,041. The business's 50-day moving average price is $57.01 and its two-hundred day moving average price is $51.24. The company has a market cap of $233.47 billion, a P/E ratio of 25.26, a price-to-earnings-growth ratio of 4.37 and a beta of 0.85. Cisco Systems, Inc. has a 12-month low of $44.50 and a 12-month high of $60.23. 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 announced 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. The firm had revenue of $13.84 billion during the quarter, compared to analyst estimates of $13.78 billion. Cisco Systems had a return on equity of 25.70% and a net margin of 17.73%. Cisco Systems's revenue for the quarter was down 5.6% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.98 EPS. Sell-side analysts forecast that Cisco Systems, Inc. will post 2.97 earnings per share for the current year.
Cisco Systems Announces Dividend
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 2.73%. Cisco Systems's dividend payout ratio is currently 68.67%.
Insider Buying and Selling
In other news, CEO Charles Robbins sold 171,744 shares of the business's stock in a transaction dated Friday, November 15th. The shares were sold at an average price of $57.49, for a total transaction of $9,873,562.56. Following the completion of the sale, the chief executive officer now owns 783,786 shares of the company's stock, 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 Securities & Exchange Commission, which is available at this link. Also, EVP Thimaya K. Subaiya sold 21,230 shares of the company's stock in a transaction dated Wednesday, November 20th. The stock was sold at an average price of $57.07, for a total transaction of $1,211,596.10. Following the transaction, the executive vice president now owns 213,834 shares of the company's stock, valued at approximately $12,203,506.38. This trade represents a 9.03 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 353,522 shares of company stock valued at $20,349,721. 0.01% of the stock is owned by corporate insiders.
Analysts Set New Price Targets
A number of brokerages have recently weighed in on CSCO. Needham & Company LLC restated a "hold" rating on shares of Cisco Systems in a research note on Thursday, August 15th. Evercore ISI raised their price target on shares of Cisco Systems from $55.00 to $60.00 and gave the stock an "outperform" rating in a report on Friday, September 20th. Deutsche Bank Aktiengesellschaft boosted their price objective on shares of Cisco Systems from $52.00 to $53.00 and gave the company a "hold" rating in a report on Thursday, August 15th. New Street Research upgraded Cisco Systems from a "neutral" rating to a "buy" rating and set a $57.00 target price for the company in a research note on Thursday, August 15th. Finally, Citigroup boosted their price target on Cisco Systems from $62.00 to $64.00 and gave the company a "buy" rating in a research note 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. According to data from MarketBeat.com, Cisco Systems currently has a consensus rating of "Moderate Buy" and an average target price of $59.94.
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Cisco Systems Profile
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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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