Manning & Napier Advisors LLC Sells 140,898 Shares of Cisco Systems, Inc. (NASDAQ:CSCO)

Manning & Napier Advisors LLC reduced its position in Cisco Systems, Inc. (NASDAQ:CSCO - Free Report) by 26.0% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 400,128 shares of the network equipment provider's stock after selling 140,898 shares during the quarter. Manning & Napier Advisors LLC's holdings in Cisco Systems were worth $24,692,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently made changes to their positions in the company. FMR LLC lifted its position in shares of Cisco Systems by 20.8% during the 4th quarter. FMR LLC now owns 77,216,513 shares of the network equipment provider's stock worth $4,571,218,000 after buying an additional 13,285,052 shares during the last quarter. Norges Bank acquired a new position in Cisco Systems during the fourth quarter worth about $3,297,905,000. Northern Trust Corp lifted its holdings in shares of Cisco Systems by 11.4% in the fourth quarter. Northern Trust Corp now owns 47,238,258 shares of the network equipment provider's stock worth $2,796,505,000 after acquiring an additional 4,832,813 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its stake in shares of Cisco Systems by 7.8% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 36,471,275 shares of the network equipment provider's stock valued at $2,159,099,000 after purchasing an additional 2,637,006 shares in the last quarter. Finally, Dimensional Fund Advisors LP grew its holdings in shares of Cisco Systems by 2.4% during the 4th quarter. Dimensional Fund Advisors LP now owns 29,419,041 shares of the network equipment provider's stock valued at $1,741,597,000 after purchasing an additional 681,555 shares during the last quarter. 73.33% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

CSCO has been the subject of several research reports. Rosenblatt Securities increased their price objective on shares of Cisco Systems from $63.00 to $74.00 and gave the company a "buy" rating in a research note on Thursday, May 15th. New Street Research reiterated a "neutral" rating and set a $70.00 price target on shares of Cisco Systems in a report on Friday, May 16th. Evercore ISI raised their price objective on Cisco Systems from $67.00 to $72.00 and gave the company an "outperform" rating in a report on Thursday, May 15th. JPMorgan Chase & Co. upped their target price on Cisco Systems from $70.00 to $73.00 and gave the stock an "overweight" rating in a report on Thursday, May 15th. Finally, Deutsche Bank Aktiengesellschaft raised Cisco Systems from a "hold" rating to a "buy" rating and lifted their price target for the company from $65.00 to $73.00 in a research note on Monday, June 16th. Seven research analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and three have issued a strong buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus target price of $69.11.

Cisco Systems Trading Up 1.6%

Cisco Systems stock traded up $1.06 during mid-day trading on Monday, hitting $67.38. 33,917,945 shares of the stock were exchanged, compared to its average volume of 20,152,340. The stock has a market capitalization of $266.82 billion, a price-to-earnings ratio of 27.50, a PEG ratio of 3.97 and a beta of 0.88. Cisco Systems, Inc. has a 12 month low of $44.50 and a 12 month high of $67.74. The company has a quick ratio of 0.87, a current ratio of 0.95 and a debt-to-equity ratio of 0.50. The firm's fifty day simple moving average is $61.38 and its two-hundred day simple moving average is $60.80.

Cisco Systems (NASDAQ:CSCO - Get Free Report) last issued its quarterly earnings results on Wednesday, May 14th. The network equipment provider reported $0.96 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.92 by $0.04. The firm had revenue of $14.15 billion for the quarter, compared to the consensus estimate of $14.05 billion. Cisco Systems had a net margin of 17.60% and a return on equity of 26.48%. The company's revenue for the quarter was up 11.4% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.88 EPS. Analysts forecast that Cisco Systems, Inc. will post 3.04 EPS for the current year.

Cisco Systems Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Wednesday, July 23rd. Stockholders of record on Thursday, July 3rd will be given a $0.41 dividend. The ex-dividend date is Thursday, July 3rd. This represents a $1.64 dividend on an annualized basis and a dividend yield of 2.43%. Cisco Systems's dividend payout ratio (DPR) is currently 66.94%.

Insider Transactions at Cisco Systems

In other news, EVP Thimaya K. Subaiya sold 8,726 shares of Cisco Systems stock in a transaction on Tuesday, June 17th. The shares were sold at an average price of $65.54, for a total value of $571,902.04. Following the completion of the sale, the executive vice president now owns 174,669 shares in the company, valued at $11,447,806.26. The trade was a 4.76% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, EVP Deborah L. Stahlkopf sold 9,643 shares of Cisco Systems stock in a transaction on Friday, May 16th. The shares were sold at an average price of $63.50, for a total transaction of $612,330.50. Following the completion of the sale, the executive vice president now owns 181,186 shares of the company's stock, valued at $11,505,311. This represents a 5.05% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 97,335 shares of company stock worth $6,271,054. 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.