Cisco Systems, Inc. (NASDAQ:CSCO) Shares Sold by Garner Asset Management Corp

Garner Asset Management Corp cut its position in Cisco Systems, Inc. (NASDAQ:CSCO) by 3.4% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 13,084 shares of the network equipment provider’s stock after selling 463 shares during the quarter. Garner Asset Management Corp’s holdings in Cisco Systems were worth $696,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Hartford Funds Management Co LLC boosted its holdings in Cisco Systems by 7.5% during the 3rd quarter. Hartford Funds Management Co LLC now owns 18,504 shares of the network equipment provider’s stock valued at $985,000 after acquiring an additional 1,286 shares during the period. Summit Trail Advisors LLC lifted its position in shares of Cisco Systems by 0.5% during the third quarter. Summit Trail Advisors LLC now owns 75,799 shares of the network equipment provider’s stock worth $4,034,000 after purchasing an additional 375 shares in the last quarter. Cahill Financial Advisors Inc. purchased a new position in shares of Cisco Systems in the third quarter valued at approximately $243,000. SevenBridge Financial Group LLC grew its holdings in shares of Cisco Systems by 2.8% in the third quarter. SevenBridge Financial Group LLC now owns 110,325 shares of the network equipment provider’s stock valued at $6,468,000 after purchasing an additional 2,965 shares in the last quarter. Finally, Wealth Dimensions Group Ltd. increased its stake in Cisco Systems by 1.6% during the 3rd quarter. Wealth Dimensions Group Ltd. now owns 11,372 shares of the network equipment provider’s stock worth $605,000 after buying an additional 182 shares during the period. Hedge funds and other institutional investors own 73.33% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts have commented on the stock. Citigroup boosted their price target on shares of Cisco Systems from $62.00 to $64.00 and gave the stock a “buy” rating in a research note on Thursday, November 14th. Jefferies Financial Group lowered their target price on Cisco Systems from $56.00 to $53.00 and set a “buy” rating for the company in a research note on Thursday, August 15th. JPMorgan Chase & Co. upgraded Cisco Systems from a “neutral” rating to an “overweight” rating and lifted their price objective for the company from $55.00 to $66.00 in a research note on Monday, November 11th. Needham & Company LLC reissued a “hold” rating on shares of Cisco Systems in a research report on Thursday, August 15th. Finally, Evercore ISI raised their target price on shares of Cisco Systems from $55.00 to $60.00 and gave the company an “outperform” rating in a report on Friday, September 20th. Ten investment 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 data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $59.94.

Insiders Place Their Bets

In other Cisco Systems news, SVP Maria Victoria Wong sold 638 shares of the business’s stock in a transaction on Thursday, September 12th. The shares were sold at an average price of $49.09, for a total value of $31,319.42. Following the transaction, the senior vice president now directly owns 46,017 shares of the company’s stock, valued at approximately $2,258,974.53. The trade was a 1.37 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO Charles Robbins sold 171,744 shares of the firm’s stock in a transaction on Friday, November 15th. The stock was 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. This trade represents a 17.97 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 342,858 shares of company stock valued at $19,661,157. 0.01% of the stock is owned by company insiders.

Cisco Systems Stock Performance

Shares of CSCO opened at $58.55 on Friday. The company’s 50 day simple moving average is $55.02 and its 200-day simple moving average is $50.15. The firm has a market cap of $233.19 billion, a PE ratio of 25.13, a price-to-earnings-growth ratio of 4.28 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 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) last issued its quarterly earnings data on Wednesday, November 13th. The network equipment provider reported $0.91 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.87 by $0.04. Cisco Systems had a net margin of 17.73% and a return on equity of 25.70%. The company had revenue of $13.84 billion for the quarter, compared to the consensus estimate of $13.78 billion. During the same period last year, the firm posted $0.98 EPS. Cisco Systems’s revenue for the quarter was down 5.6% on a year-over-year basis. As a group, equities analysts predict that Cisco Systems, Inc. will post 2.97 EPS for the current year.

Cisco Systems Dividend Announcement

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

Cisco Systems Profile

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.