Destination Wealth Management Grows Stake in Cisco Systems, Inc. (CSCO)

Destination Wealth Management lifted its stake in shares of Cisco Systems, Inc. (NASDAQ:CSCO) by 676.1% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 24,588 shares of the network equipment provider’s stock after acquiring an additional 21,420 shares during the quarter. Destination Wealth Management’s holdings in Cisco Systems were worth $1,058,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. BlackRock Inc. boosted its position in shares of Cisco Systems by 1.1% in the first quarter. BlackRock Inc. now owns 339,004,547 shares of the network equipment provider’s stock worth $14,539,904,000 after buying an additional 3,630,488 shares during the period. Boston Partners boosted its position in shares of Cisco Systems by 0.4% in the first quarter. Boston Partners now owns 33,948,505 shares of the network equipment provider’s stock worth $1,456,051,000 after buying an additional 149,272 shares during the period. Massachusetts Financial Services Co. MA boosted its position in shares of Cisco Systems by 3.5% in the first quarter. Massachusetts Financial Services Co. MA now owns 24,477,618 shares of the network equipment provider’s stock worth $1,049,845,000 after buying an additional 816,698 shares during the period. Schwab Charles Investment Management Inc. boosted its position in shares of Cisco Systems by 3.0% in the first quarter. Schwab Charles Investment Management Inc. now owns 18,289,036 shares of the network equipment provider’s stock worth $784,417,000 after buying an additional 526,547 shares during the period. Finally, Fisher Asset Management LLC boosted its position in shares of Cisco Systems by 3.8% in the second quarter. Fisher Asset Management LLC now owns 17,969,867 shares of the network equipment provider’s stock worth $773,243,000 after buying an additional 662,706 shares during the period. 71.44% of the stock is owned by institutional investors and hedge funds.

NASDAQ CSCO opened at $45.71 on Friday. Cisco Systems, Inc. has a fifty-two week low of $33.32 and a fifty-two week high of $49.47. The company has a debt-to-equity ratio of 0.47, a quick ratio of 2.22 and a current ratio of 2.29. The stock has a market cap of $234.37 billion, a price-to-earnings ratio of 19.53, a P/E/G ratio of 2.87 and a beta of 1.07.

Cisco Systems (NASDAQ:CSCO) last posted its earnings results on Wednesday, August 15th. The network equipment provider reported $0.70 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.69 by $0.01. Cisco Systems had a return on equity of 22.12% and a net margin of 0.22%. The company had revenue of $12.84 billion for the quarter, compared to analyst estimates of $12.76 billion. During the same period last year, the company earned $0.61 earnings per share. The business’s revenue was up 5.9% compared to the same quarter last year. Analysts anticipate that Cisco Systems, Inc. will post 2.67 earnings per share for the current fiscal year.

The business also recently announced a quarterly dividend, which will be paid on Wednesday, October 24th. Shareholders of record on Friday, October 5th will be issued a dividend of $0.33 per share. The ex-dividend date of this dividend is Thursday, October 4th. This represents a $1.32 annualized dividend and a yield of 2.89%. Cisco Systems’s dividend payout ratio (DPR) is currently 56.41%.

CSCO has been the subject of a number of research reports. Morgan Stanley reduced their price objective on Cisco Systems from $50.00 to $48.00 and set an “overweight” rating for the company in a research report on Thursday, July 19th. BidaskClub raised Cisco Systems from a “hold” rating to a “buy” rating in a research report on Friday, August 10th. JPMorgan Chase & Co. set a $59.00 price objective on Cisco Systems and gave the company a “buy” rating in a research report on Thursday, August 16th. Loop Capital reissued a “hold” rating and set a $47.00 price objective on shares of Cisco Systems in a research report on Monday, August 20th. They noted that the move was a valuation call. Finally, Zacks Investment Research raised Cisco Systems from a “hold” rating to a “buy” rating and set a $47.00 price objective for the company in a research report on Tuesday, July 17th. Eight equities research analysts have rated the stock with a hold rating, twenty-four have issued a buy rating and one has issued a strong buy rating to the company’s stock. Cisco Systems currently has an average rating of “Buy” and a consensus price target of $48.76.

In other news, EVP David Goeckeler sold 63,050 shares of Cisco Systems stock in a transaction dated Thursday, September 20th. The stock was sold at an average price of $47.57, for a total value of $2,999,288.50. Following the transaction, the executive vice president now directly owns 547,019 shares in the company, valued at $26,021,693.83. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Kelly A. Kramer sold 70,000 shares of Cisco Systems stock in a transaction dated Thursday, September 13th. The stock was sold at an average price of $47.20, for a total value of $3,304,000.00. Following the completion of the transaction, the chief financial officer now owns 720,930 shares in the company, valued at $34,027,896. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 450,620 shares of company stock worth $21,322,282. Corporate insiders own 0.05% 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 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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