Synovus Financial Corp Sells 12,515 Shares of Cisco Systems, Inc. (NASDAQ:CSCO)

Synovus Financial Corp decreased its stake in shares of Cisco Systems, Inc. (NASDAQ:CSCO - Free Report) by 2.9% during the third quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 414,961 shares of the network equipment provider's stock after selling 12,515 shares during the quarter. Synovus Financial Corp's holdings in Cisco Systems were worth $22,084,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Aviso Wealth Management grew its holdings in Cisco Systems by 2.4% during the 3rd quarter. Aviso Wealth Management now owns 7,615 shares of the network equipment provider's stock worth $405,000 after acquiring an additional 181 shares during the last quarter. Waypoint Capital Advisors LLC grew its stake in shares of Cisco Systems by 2.9% during the third quarter. Waypoint Capital Advisors LLC now owns 6,497 shares of the network equipment provider's stock valued at $346,000 after purchasing an additional 182 shares during the last quarter. Andina Capital Management LLC increased its holdings in shares of Cisco Systems by 3.6% in the third quarter. Andina Capital Management LLC now owns 5,249 shares of the network equipment provider's stock valued at $279,000 after purchasing an additional 182 shares in the last quarter. Wealth Dimensions Group Ltd. increased its holdings in shares of Cisco Systems by 1.6% in the third quarter. Wealth Dimensions Group Ltd. now owns 11,372 shares of the network equipment provider's stock valued at $605,000 after purchasing an additional 182 shares in the last quarter. Finally, Meridian Financial Partners LLC lifted its holdings in Cisco Systems by 3.8% during the 3rd quarter. Meridian Financial Partners LLC now owns 5,020 shares of the network equipment provider's stock worth $267,000 after buying an additional 185 shares in the last quarter. Institutional investors and hedge funds own 73.33% of the company's stock.

Cisco Systems Stock Down 0.4 %

Shares of NASDAQ:CSCO traded down $0.25 during midday trading on Friday, reaching $58.60. The company had a trading volume of 7,180,897 shares, compared to its average volume of 19,043,465. The business's 50 day moving average price is $57.01 and its 200 day moving average price is $51.24. Cisco Systems, Inc. has a 1-year low of $44.50 and a 1-year high of $60.23. The company has a quick ratio of 0.80, a current ratio of 0.88 and a debt-to-equity ratio of 0.43. The stock has a market cap of $233.39 billion, a PE ratio of 25.26, a P/E/G ratio of 4.37 and a beta of 0.85.

Cisco Systems (NASDAQ:CSCO - Get Free Report) last issued its earnings results on Wednesday, November 13th. The network equipment provider reported $0.91 earnings per share 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 the consensus estimate of $13.78 billion. Cisco Systems had a net margin of 17.73% and a return on equity of 25.70%. The firm's revenue for the quarter was down 5.6% on a year-over-year basis. During the same period in the previous year, the company earned $0.98 earnings per share. Research analysts forecast that Cisco Systems, Inc. will post 2.97 EPS for the current fiscal year.

Cisco Systems Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, January 22nd. Investors of record on Friday, January 3rd will be issued a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a dividend yield of 2.73%. The ex-dividend date is Friday, January 3rd. Cisco Systems's payout ratio is presently 68.67%.

Analyst Upgrades and Downgrades

Several equities research analysts have recently commented on CSCO shares. Deutsche Bank Aktiengesellschaft lifted their target price on Cisco Systems from $52.00 to $53.00 and gave the company a "hold" rating in a research note on Thursday, August 15th. Needham & Company LLC restated a "hold" rating on shares of Cisco Systems in a research report on Thursday, August 15th. Jefferies Financial Group reduced their target price on shares of Cisco Systems from $56.00 to $53.00 and set a "buy" rating on the stock in a research note on Thursday, August 15th. Bank of America boosted their price target on shares of Cisco Systems from $60.00 to $72.00 and gave the stock a "buy" rating in a research note on Thursday, November 14th. Finally, Citigroup raised their price objective on shares of 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 issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus price target of $59.94.

Insider Activity at Cisco Systems

In other Cisco Systems news, EVP Thimaya K. Subaiya sold 21,230 shares of the stock in a transaction on 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 in the company, valued at $12,203,506.38. This trade represents a 9.03 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, SVP Maria Victoria Wong sold 4,881 shares of Cisco Systems stock in a transaction dated Wednesday, November 27th. The stock was sold at an average price of $59.73, for a total transaction of $291,542.13. Following the completion of the sale, the senior vice president now owns 51,931 shares of the company's stock, valued at $3,101,838.63. This trade represents a 8.59 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 353,522 shares of company stock worth $20,349,721. Company insiders own 0.01% of the company's stock.

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.