CIBC Asset Management Inc Purchases 64,582 Shares of Cisco Systems, Inc. (NASDAQ:CSCO)

CIBC Asset Management Inc lifted its holdings in Cisco Systems, Inc. (NASDAQ:CSCO) by 4.6% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 1,471,479 shares of the network equipment provider’s stock after acquiring an additional 64,582 shares during the period. CIBC Asset Management Inc’s holdings in Cisco Systems were worth $78,311,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Bank of New York Mellon Corp raised its holdings in shares of Cisco Systems by 2.7% during the second quarter. Bank of New York Mellon Corp now owns 70,317,061 shares of the network equipment provider’s stock valued at $3,340,764,000 after purchasing an additional 1,853,598 shares during the period. Legal & General Group Plc boosted its holdings in Cisco Systems by 3.3% in the second quarter. Legal & General Group Plc now owns 47,593,944 shares of the network equipment provider’s stock worth $2,261,185,000 after acquiring an additional 1,530,468 shares in the last quarter. Dimensional Fund Advisors LP boosted its holdings in Cisco Systems by 22.5% in the second quarter. Dimensional Fund Advisors LP now owns 26,409,843 shares of the network equipment provider’s stock worth $1,254,739,000 after acquiring an additional 4,843,146 shares in the last quarter. Swedbank AB bought a new position in shares of Cisco Systems during the 1st quarter worth $840,538,000. Finally, Price T Rowe Associates Inc. MD increased its holdings in Cisco Systems by 26.5% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 13,858,505 shares of the network equipment provider’s stock worth $691,678,000 after acquiring an additional 2,906,357 shares during the last quarter. 73.33% of the stock is owned by institutional investors and hedge funds.

Cisco Systems Trading Down 2.1 %

Shares of CSCO opened at $57.92 on Friday. Cisco Systems, Inc. has a fifty-two week low of $44.50 and a fifty-two week high of $59.38. The firm has a market cap of $231.14 billion, a price-to-earnings ratio of 24.86, a PEG ratio of 4.90 and a beta of 0.83. The firm has a 50 day moving average price of $53.82 and a 200-day moving average price of $49.64. The company has a debt-to-equity ratio of 0.43, a quick ratio of 0.83 and a current ratio of 0.91.

Cisco Systems (NASDAQ:CSCO) last posted its quarterly earnings results on Wednesday, August 14th. The network equipment provider reported $0.87 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.85 by $0.02. The business had revenue of $13.64 billion during the quarter, compared to analyst estimates of $13.53 billion. Cisco Systems had a net margin of 17.73% and a return on equity of 25.62%. The company’s revenue was down 10.3% on a year-over-year basis. During the same period in the prior year, the business posted $1.01 earnings per share. As a group, equities research analysts forecast that Cisco Systems, Inc. will post 2.89 earnings per share for the current year.

Cisco Systems Dividend Announcement

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 given a dividend of $0.40 per share. This represents a $1.60 annualized dividend and a yield of 2.76%. Cisco Systems’s payout ratio is 68.67%.

Analyst Ratings Changes

Several analysts have recently issued reports on the stock. New Street Research raised shares of Cisco Systems from a “neutral” rating to a “buy” rating and set a $57.00 price target on the stock in a research report on Thursday, August 15th. Tigress Financial increased their target price on Cisco Systems from $76.00 to $78.00 and gave the stock a “buy” rating in a research report on Monday, October 14th. Citigroup lifted their price target on Cisco Systems from $62.00 to $64.00 and gave the company a “buy” rating in a research report on Thursday. Morgan Stanley increased their price objective on Cisco Systems from $58.00 to $62.00 and gave the stock an “overweight” rating in a report on Thursday. Finally, Barclays lifted their target price on Cisco Systems from $49.00 to $56.00 and gave the company an “equal weight” rating in a report on Thursday. Eleven investment analysts have rated the stock with a hold rating, eleven have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $59.42.

Insiders Place Their Bets

In related news, SVP Maria Victoria Wong sold 3,379 shares of the firm’s stock in a transaction dated Wednesday, August 28th. The stock was sold at an average price of $50.36, for a total value of $170,166.44. Following the sale, the senior vice president now directly owns 47,182 shares of the company’s stock, valued at $2,376,085.52. This trade represents a 6.68 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CFO Richard Scott Herren sold 22,309 shares of the company’s stock in a transaction that occurred on Tuesday, August 20th. The shares were sold at an average price of $50.00, for a total value of $1,115,450.00. Following the transaction, the chief financial officer now directly owns 293,184 shares of the company’s stock, valued at $14,659,200. The trade was a 7.07 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 35,924 shares of company stock valued at $1,798,131 in the last ninety days. Company insiders own 0.01% of the company’s stock.

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 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.