Fiduciary Trust Co Sells 15,678 Shares of Cisco Systems, Inc. (NASDAQ:CSCO)

Fiduciary Trust Co decreased its position in shares of Cisco Systems, Inc. (NASDAQ:CSCO - Free Report) by 2.7% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 560,281 shares of the network equipment provider's stock after selling 15,678 shares during the period. Fiduciary Trust Co's holdings in Cisco Systems were worth $33,169,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Norges Bank bought a new stake in shares of Cisco Systems during the fourth quarter valued at approximately $3,297,905,000. FMR LLC raised its position in shares of Cisco Systems by 20.8% during the fourth quarter. FMR LLC now owns 77,216,513 shares of the network equipment provider's stock valued at $4,571,218,000 after buying an additional 13,285,052 shares during the last quarter. Raymond James Financial Inc. bought a new stake in shares of Cisco Systems during the fourth quarter valued at approximately $560,722,000. Alyeska Investment Group L.P. bought a new stake in Cisco Systems in the fourth quarter worth $413,491,000. Finally, Caisse DE Depot ET Placement DU Quebec increased its position in Cisco Systems by 187.9% in the fourth quarter. Caisse DE Depot ET Placement DU Quebec now owns 7,478,872 shares of the network equipment provider's stock worth $442,749,000 after purchasing an additional 4,880,747 shares during the last quarter. Institutional investors own 73.33% of the company's stock.

Analyst Ratings Changes

Several equities research analysts recently weighed in on CSCO shares. JPMorgan Chase & Co. reduced their price target on shares of Cisco Systems from $73.00 to $70.00 and set an "overweight" rating on the stock in a research report on Thursday, April 17th. The Goldman Sachs Group boosted their price target on shares of Cisco Systems from $56.00 to $63.00 and gave the stock a "neutral" rating in a research report on Thursday, February 13th. Evercore ISI reduced their price target on shares of Cisco Systems from $75.00 to $67.00 and set an "outperform" rating on the stock in a research report on Monday, April 28th. Wells Fargo & Company restated an "equal weight" rating on shares of Cisco Systems in a research report on Thursday, March 6th. Finally, UBS Group boosted their price target on shares of Cisco Systems from $62.00 to $70.00 and gave the stock a "neutral" rating in a research report on Thursday, February 13th. Seven equities research analysts have rated the stock with a hold rating, fifteen have given a buy rating and two have assigned a strong buy rating to the company's stock. According to data from MarketBeat.com, Cisco Systems has an average rating of "Moderate Buy" and a consensus target price of $65.05.

Cisco Systems Trading Up 0.1%

Shares of CSCO traded up $0.06 during trading hours on Friday, reaching $59.77. 17,480,737 shares of the company traded hands, compared to its average volume of 20,300,975. The firm has a market cap of $237.78 billion, a price-to-earnings ratio of 26.10, a PEG ratio of 4.16 and a beta of 0.89. Cisco Systems, Inc. has a 12-month low of $44.50 and a 12-month high of $66.50. The company has a current ratio of 0.87, a quick ratio of 0.79 and a debt-to-equity ratio of 0.43. The stock's fifty day moving average price is $58.78 and its 200 day moving average price is $59.47.

Cisco Systems (NASDAQ:CSCO - Get Free Report) last issued its earnings results on Wednesday, February 12th. The network equipment provider reported $0.77 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.91 by ($0.14). Cisco Systems had a net margin of 16.96% and a return on equity of 26.08%. Sell-side analysts forecast that Cisco Systems, Inc. will post 3.04 earnings per share for the current year.

Cisco Systems Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, April 23rd. Investors of record on Thursday, April 3rd were paid a $0.41 dividend. The ex-dividend date of this dividend was Thursday, April 3rd. This is a positive change from Cisco Systems's previous quarterly dividend of $0.40. This represents a $1.64 dividend on an annualized basis and a yield of 2.74%. Cisco Systems's dividend payout ratio is 71.62%.

Cisco Systems declared that its Board of Directors has approved a share buyback program on Wednesday, February 12th that permits the company to repurchase $15.00 billion in shares. This repurchase authorization permits the network equipment provider to purchase up to 6% of its stock through open market purchases. Stock repurchase programs are usually a sign that the company's board believes its stock is undervalued.

Insider Buying and Selling

In related news, SVP Maria Victoria Wong sold 762 shares of the company's stock in a transaction dated Wednesday, March 12th. The shares were sold at an average price of $60.99, for a total value of $46,474.38. Following the completion of the sale, the senior vice president now directly owns 44,155 shares of the company's stock, valued at $2,693,013.45. This represents a 1.70% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Charles Robbins sold 31,983 shares of the company's stock in a transaction dated Friday, February 14th. The stock was sold at an average price of $64.41, for a total transaction of $2,060,025.03. Following the completion of the sale, the chief executive officer now directly owns 736,120 shares of the company's stock, valued at approximately $47,413,489.20. This trade represents a 4.16% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 66,547 shares of company stock valued at $4,275,553 over the last three months. 0.01% of the stock is owned by company insiders.

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.