Prudential PLC Acquires 176,539 Shares of Cisco Systems, Inc. (NASDAQ:CSCO)

Prudential PLC boosted its holdings in Cisco Systems, Inc. (NASDAQ:CSCOFree Report) by 42.6% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 590,922 shares of the network equipment provider’s stock after acquiring an additional 176,539 shares during the period. Prudential PLC’s holdings in Cisco Systems were worth $28,075,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also added to or reduced their stakes in the business. Bank of New York Mellon Corp boosted its holdings in Cisco Systems by 2.7% in the 2nd 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. Norges Bank acquired a new stake in shares of Cisco Systems in the fourth quarter valued at approximately $2,528,939,000. Wellington Management Group LLP boosted its stake in shares of Cisco Systems by 7.6% in the fourth quarter. Wellington Management Group LLP now owns 47,195,836 shares of the network equipment provider’s stock valued at $2,384,334,000 after buying an additional 3,314,330 shares during the period. First Trust Advisors LP grew its position in Cisco Systems by 12.3% during the fourth quarter. First Trust Advisors LP now owns 24,941,271 shares of the network equipment provider’s stock worth $1,260,033,000 after buying an additional 2,723,260 shares in the last quarter. Finally, FIL Ltd increased its stake in Cisco Systems by 47.1% during the 4th quarter. FIL Ltd now owns 18,922,422 shares of the network equipment provider’s stock worth $955,961,000 after acquiring an additional 6,054,748 shares during the period. Institutional investors and hedge funds own 73.33% of the company’s stock.

Insider Buying and Selling at Cisco Systems

In other news, SVP Maria Victoria Wong sold 3,379 shares of the business’s stock in a transaction that occurred on Wednesday, August 28th. The shares were sold at an average price of $50.36, for a total value of $170,166.44. Following the transaction, the senior vice president now owns 47,182 shares in the company, valued at approximately $2,376,085.52. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Cisco Systems news, SVP Maria Victoria Wong sold 3,379 shares of the stock in a transaction dated Wednesday, August 28th. The stock was sold at an average price of $50.36, for a total transaction of $170,166.44. Following the completion of the sale, the senior vice president now directly owns 47,182 shares in the company, valued at approximately $2,376,085.52. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, EVP Deborah L. Stahlkopf sold 7,462 shares of the company’s stock in a transaction dated Friday, August 16th. The shares were sold at an average price of $49.41, for a total value of $368,697.42. Following the sale, the executive vice president now owns 165,580 shares in the company, valued at approximately $8,181,307.80. The disclosure for this sale can be found here. In the last 90 days, insiders sold 71,944 shares of company stock valued at $3,566,120. 0.02% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on the company. Deutsche Bank Aktiengesellschaft upped their target price on Cisco Systems from $52.00 to $53.00 and gave the company a “hold” rating in a research report on Thursday, August 15th. Hsbc Global Res upgraded shares of Cisco Systems to a “strong-buy” rating in a research note on Friday, August 16th. HSBC upgraded shares of Cisco Systems from a “hold” rating to a “buy” rating and boosted their target price for the company from $46.00 to $58.00 in a research report on Friday, August 16th. Oppenheimer increased their price target on shares of Cisco Systems from $54.00 to $58.00 and gave the stock an “outperform” rating in a research report on Thursday, May 16th. Finally, Needham & Company LLC restated a “hold” rating on shares of Cisco Systems in a research report on Thursday, August 15th. One equities research analyst has rated the stock with a sell rating, fourteen have assigned a hold rating, seven have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $55.89.

Check Out Our Latest Report on Cisco Systems

Cisco Systems Trading Up 0.4 %

Shares of NASDAQ CSCO opened at $48.69 on Monday. The firm has a 50 day moving average price of $47.84 and a two-hundred day moving average price of $47.93. The stock has a market cap of $194.31 billion, a P/E ratio of 16.33, a price-to-earnings-growth ratio of 3.82 and a beta of 0.83. Cisco Systems, Inc. has a 52-week low of $44.50 and a 52-week high of $56.97. 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:CSCOGet Free Report) last posted its quarterly earnings data on Wednesday, August 14th. The network equipment provider reported $0.87 earnings per share for the quarter, beating analysts’ consensus estimates of $0.85 by $0.02. The business had revenue of $13.64 billion during the quarter, compared to the consensus estimate of $13.53 billion. Cisco Systems had a return on equity of 27.83% and a net margin of 19.18%. Cisco Systems’s quarterly 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 analysts forecast that Cisco Systems, Inc. will post 2.9 EPS for the current year.

Cisco Systems Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Wednesday, October 23rd. Investors of record on Wednesday, October 2nd will be issued a $0.40 dividend. This represents a $1.60 annualized dividend and a yield of 3.29%. The ex-dividend date is Wednesday, October 2nd. Cisco Systems’s payout ratio is presently 53.87%.

About Cisco Systems

(Free Report)

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.

Further Reading

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

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