Cisco Systems, Inc. (CSCO) Shares Sold by Klingenstein Fields & Co. LLC

Klingenstein Fields & Co. LLC reduced its holdings in shares of Cisco Systems, Inc. (NASDAQ:CSCO) by 9.0% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 45,695 shares of the network equipment provider’s stock after selling 4,540 shares during the quarter. Klingenstein Fields & Co. LLC’s holdings in Cisco Systems were worth $1,980,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors have also made changes to their positions in CSCO. Bank of New York Mellon Corp grew its stake in Cisco Systems by 193,168.7% during the 3rd quarter. Bank of New York Mellon Corp now owns 104,741,949 shares of the network equipment provider’s stock worth $5,095,693,000 after buying an additional 104,687,754 shares during the last quarter. TIAA CREF Investment Management LLC grew its stake in Cisco Systems by 1.7% during the 3rd quarter. TIAA CREF Investment Management LLC now owns 33,285,440 shares of the network equipment provider’s stock worth $1,619,337,000 after buying an additional 558,313 shares during the last quarter. Loomis Sayles & Co. L P grew its stake in Cisco Systems by 1.0% during the 3rd quarter. Loomis Sayles & Co. L P now owns 23,312,087 shares of the network equipment provider’s stock worth $1,134,133,000 after buying an additional 230,344 shares during the last quarter. Fisher Asset Management LLC grew its stake in Cisco Systems by 11.9% during the 3rd quarter. Fisher Asset Management LLC now owns 20,099,819 shares of the network equipment provider’s stock worth $977,856,000 after buying an additional 2,129,952 shares during the last quarter. Finally, Teachers Advisors LLC grew its stake in Cisco Systems by 3.1% during the 3rd quarter. Teachers Advisors LLC now owns 16,278,554 shares of the network equipment provider’s stock worth $791,952,000 after buying an additional 482,109 shares during the last quarter. 69.14% of the stock is currently owned by hedge funds and other institutional investors.

Several research analysts recently weighed in on CSCO shares. KeyCorp boosted their target price on Cisco Systems from $53.00 to $55.00 and gave the stock an “overweight” rating in a research note on Thursday, February 14th. Bank of America restated a “buy” rating and set a $56.00 target price on shares of Cisco Systems in a research note on Thursday, February 14th. Robert W. Baird restated a “buy” rating and set a $53.00 target price on shares of Cisco Systems in a research note on Tuesday, February 12th. Jefferies Financial Group boosted their target price on Cisco Systems to $55.00 and gave the stock a “buy” rating in a research note on Thursday, February 14th. They noted that the move was a valuation call. Finally, Citigroup boosted their target price on Cisco Systems from $52.00 to $56.00 and gave the stock a “buy” rating in a research note on Thursday, February 14th. Seven analysts have rated the stock with a hold rating, nineteen have assigned a buy rating and one has assigned a strong buy rating to the company. Cisco Systems has a consensus rating of “Buy” and an average target price of $53.49.

Shares of CSCO stock opened at $56.56 on Tuesday. The stock has a market capitalization of $271.18 billion, a PE ratio of 21.65, a P/E/G ratio of 2.93 and a beta of 1.22. The company has a quick ratio of 1.74, a current ratio of 1.80 and a debt-to-equity ratio of 0.39. Cisco Systems, Inc. has a 52-week low of $40.25 and a 52-week high of $56.61.

Cisco Systems (NASDAQ:CSCO) last issued its quarterly earnings data on Wednesday, February 13th. The network equipment provider reported $0.73 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.72 by $0.01. The business had revenue of $12.45 billion during the quarter, compared to analysts’ expectations of $12.43 billion. Cisco Systems had a return on equity of 27.58% and a net margin of 25.31%. The company’s revenue for the quarter was up 4.7% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.63 EPS. As a group, equities research analysts expect that Cisco Systems, Inc. will post 2.75 earnings per share for the current fiscal year.

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, April 24th. Stockholders of record on Friday, April 5th will be issued a $0.35 dividend. This represents a $1.40 annualized dividend and a dividend yield of 2.48%. The ex-dividend date is Thursday, April 4th. This is a boost from Cisco Systems’s previous quarterly dividend of $0.33. Cisco Systems’s payout ratio is 59.83%.

Cisco Systems declared that its Board of Directors has initiated a stock buyback plan on Wednesday, February 13th that authorizes the company to repurchase $15.00 billion in shares. This repurchase authorization authorizes the network equipment provider to buy up to 6.5% of its shares through open market purchases. Shares repurchase plans are often an indication that the company’s leadership believes its stock is undervalued.

In other news, CFO Kelly A. Kramer sold 70,000 shares of the business’s stock in a transaction dated Thursday, February 28th. The stock was sold at an average price of $51.70, for a total value of $3,619,000.00. Following the completion of the transaction, the chief financial officer now owns 420,696 shares of the company’s stock, valued at approximately $21,749,983.20. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, EVP David Goeckeler sold 30,000 shares of the business’s stock in a transaction dated Tuesday, March 12th. The shares were sold at an average price of $52.07, for a total value of $1,562,100.00. Following the completion of the transaction, the executive vice president now directly owns 419,439 shares of the company’s stock, valued at approximately $21,840,188.73. The disclosure for this sale can be found here. In the last three months, insiders sold 115,000 shares of company stock valued at $5,926,000. Insiders own 0.03% of the company’s stock.

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Cisco Systems Company Profile

Cisco Systems, Inc designs, manufactures, and sells Internet Protocol based networking and other products related to the communications and information technology industry worldwide. The company offers switching products; routing products that interconnect public and private wireline and mobile networks; data center products; and wireless access points for use in voice, video, and data applications.

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Institutional Ownership by Quarter for Cisco Systems (NASDAQ:CSCO)

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