Spinnaker Trust Sells 2,190 Shares of Cisco Systems, Inc. (NASDAQ:CSCO)

Spinnaker Trust lessened its stake in shares of Cisco Systems, Inc. (NASDAQ:CSCO) by 2.7% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 78,199 shares of the network equipment provider’s stock after selling 2,190 shares during the quarter. Spinnaker Trust’s holdings in Cisco Systems were worth $4,629,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also made changes to their positions in the stock. State Street Corp grew its stake in Cisco Systems by 1.7% in the third quarter. State Street Corp now owns 193,489,477 shares of the network equipment provider’s stock valued at $10,297,506,000 after purchasing an additional 3,241,682 shares during the last quarter. Geode Capital Management LLC boosted its holdings in shares of Cisco Systems by 1.3% in the 3rd quarter. Geode Capital Management LLC now owns 95,630,469 shares of the network equipment provider’s stock valued at $5,075,320,000 after buying an additional 1,262,017 shares in the last quarter. Charles Schwab Investment Management Inc. grew its position in shares of Cisco Systems by 2.1% in 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 buying an additional 1,677,383 shares during the last quarter. FMR LLC raised 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 worth $3,402,432,000 after acquiring an additional 5,885,879 shares in the last quarter. Finally, Nordea Investment Management AB lifted its position in Cisco Systems by 1.2% during the fourth quarter. Nordea Investment Management AB now owns 18,718,195 shares of the network equipment provider’s stock valued at $1,107,930,000 after acquiring an additional 216,632 shares during the last quarter. 73.33% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on CSCO. Morgan Stanley upped their price target on Cisco Systems from $62.00 to $68.00 and gave the stock an “overweight” rating in a research report on Tuesday, December 17th. Rosenblatt Securities raised Cisco Systems from a “neutral” rating to a “buy” rating and upped their target price for the company from $66.00 to $80.00 in a research report on Thursday. UBS Group raised their price target on Cisco Systems from $62.00 to $70.00 and gave the stock a “neutral” rating in a report on Thursday. Wells Fargo & Company upped their price objective on shares of Cisco Systems from $60.00 to $72.00 and gave the company an “equal weight” rating in a report on Thursday. Finally, The Goldman Sachs Group lifted their target price on shares of Cisco Systems from $56.00 to $63.00 and gave the stock a “neutral” rating in a research note on Thursday. Seven equities research analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and three have given a strong buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $66.53.

Insider Buying and Selling at Cisco Systems

In other news, SVP Maria Victoria Wong sold 4,881 shares of the business’s stock in a transaction that occurred on Wednesday, November 27th. The stock was sold at an average price of $59.73, for a total value of $291,542.13. Following the completion of the sale, the senior vice president now directly owns 51,931 shares in the company, valued at $3,101,838.63. The trade was a 8.59 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, EVP Thimaya K. Subaiya sold 21,230 shares of the stock in a transaction that occurred 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 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 disclosure for this sale can be found here. Over the last quarter, insiders sold 37,239 shares of company stock valued at $2,166,612. Corporate insiders own 0.01% of the company’s stock.

Cisco Systems Stock Performance

NASDAQ CSCO opened at $64.87 on Friday. The firm has a market capitalization of $258.36 billion, a P/E ratio of 27.84, a PEG ratio of 4.63 and a beta of 0.84. The stock has a 50-day simple moving average of $59.97 and a two-hundred day simple moving average of $55.42. The company has a debt-to-equity ratio of 0.43, a quick ratio of 0.80 and a current ratio of 0.88. Cisco Systems, Inc. has a fifty-two week low of $44.50 and a fifty-two week high of $66.50.

Cisco Systems (NASDAQ:CSCO) last announced its quarterly earnings results on Wednesday, February 12th. The network equipment provider reported $0.77 earnings per share for the quarter, missing the consensus estimate of $0.91 by ($0.14). Cisco Systems had a net margin of 17.73% and a return on equity of 25.70%. On average, equities analysts forecast that Cisco Systems, Inc. will post 2.97 earnings per share for the current year.

Cisco Systems Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, April 23rd. Investors of record on Thursday, April 3rd will be given a dividend of $0.41 per share. This represents a $1.64 annualized dividend and a yield of 2.53%. The ex-dividend date is Thursday, April 3rd. This is a positive change from Cisco Systems’s previous quarterly dividend of $0.40. Cisco Systems’s dividend payout ratio (DPR) is currently 68.67%.

Cisco Systems declared that its board has authorized a stock repurchase program on Wednesday, February 12th that authorizes the company to buyback $15.00 billion in shares. This buyback authorization authorizes the network equipment provider to reacquire up to 6% of its stock through open market purchases. Stock buyback programs are often an indication that the company’s leadership believes its shares are undervalued.

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.