Fiduciary Trust Co Reduces Holdings in Cisco Systems, Inc. (NASDAQ:CSCO)

Fiduciary Trust Co reduced its holdings in shares of Cisco Systems, Inc. (NASDAQ:CSCO) by 0.4% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 575,959 shares of the network equipment provider’s stock after selling 2,160 shares during the period. Fiduciary Trust Co’s holdings in Cisco Systems were worth $30,653,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also modified their holdings of the business. Charles Schwab Investment Management Inc. raised its stake in Cisco Systems by 2.1% during 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 acquiring an additional 1,677,383 shares during the period. Bank of New York Mellon Corp increased its stake in shares of Cisco Systems by 2.7% in the second quarter. Bank of New York Mellon Corp now owns 70,317,061 shares of the network equipment provider’s stock worth $3,340,764,000 after purchasing an additional 1,853,598 shares in the last quarter. FMR LLC lifted its stake in shares of Cisco Systems by 10.1% during the 3rd quarter. FMR LLC now owns 63,931,461 shares of the network equipment provider’s stock valued at $3,402,432,000 after buying an additional 5,885,879 shares in the last quarter. Legal & General Group Plc boosted its holdings in Cisco Systems by 3.3% in the 2nd quarter. Legal & General Group Plc now owns 47,593,944 shares of the network equipment provider’s stock worth $2,261,185,000 after buying an additional 1,530,468 shares during the period. Finally, Dimensional Fund Advisors LP increased its stake in Cisco Systems by 22.5% in the 2nd quarter. Dimensional Fund Advisors LP now owns 26,409,843 shares of the network equipment provider’s stock worth $1,254,739,000 after buying an additional 4,843,146 shares in the last quarter. Hedge funds and other institutional investors own 73.33% of the company’s stock.

Cisco Systems Trading Down 0.5 %

CSCO stock opened at $59.29 on Thursday. Cisco Systems, Inc. has a 12 month low of $44.50 and a 12 month high of $59.87. The firm’s 50-day moving average is $55.53 and its 200 day moving average is $50.39. The company has a market capitalization of $236.14 billion, a PE ratio of 25.45, a P/E/G ratio of 4.38 and a beta of 0.83. 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) last issued its earnings results 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 analyst estimates of $13.78 billion. Cisco Systems had a net margin of 17.73% and a return on equity of 25.70%. The company’s quarterly revenue was down 5.6% compared to the same quarter last year. During the same period last year, the company posted $0.98 earnings per share. On average, research analysts anticipate that Cisco Systems, Inc. will post 2.97 EPS for the current year.

Cisco Systems Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Wednesday, January 22nd. Shareholders of record on Friday, January 3rd will be issued a $0.40 dividend. This represents a $1.60 annualized dividend and a dividend yield of 2.70%. The ex-dividend date is Friday, January 3rd. Cisco Systems’s dividend payout ratio is 68.67%.

Analysts Set New Price Targets

CSCO has been the subject of several research analyst reports. Deutsche Bank Aktiengesellschaft raised their price target on Cisco Systems from $52.00 to $53.00 and gave the company a “hold” rating in a report on Thursday, August 15th. Rosenblatt Securities upped their price target on shares of Cisco Systems from $56.00 to $58.00 and gave the company a “neutral” rating in a research note on Thursday, August 15th. UBS Group lifted their price objective on shares of Cisco Systems from $55.00 to $62.00 and gave the stock a “neutral” rating in a research note on Thursday, November 14th. Morgan Stanley upped their target price 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. Finally, Citigroup lifted their price target on Cisco Systems from $62.00 to $64.00 and gave the stock a “buy” rating in a research report on Thursday, November 14th. Ten analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $59.94.

Insider Transactions at Cisco Systems

In related news, CFO Richard Scott Herren sold 86,351 shares of the business’s stock in a transaction that occurred on Friday, November 15th. The shares were sold at an average price of $57.49, for a total value of $4,964,318.99. Following the completion of the transaction, the chief financial officer now owns 365,314 shares of the company’s stock, valued at $21,001,901.86. The trade was a 19.12 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, EVP Thimaya K. Subaiya sold 21,230 shares of the stock in a transaction on Wednesday, November 20th. The shares were sold at an average price of $57.07, for a total value of $1,211,596.10. Following the sale, the executive vice president now directly owns 213,834 shares in the company, valued at $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 90 days, insiders have sold 339,479 shares of company stock valued at $19,490,991. 0.01% of the stock is currently owned by corporate insiders.

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.