Pinnacle Associates Ltd. Has $44.82 Million Holdings in Cisco Systems, Inc. (NASDAQ:CSCO)

Pinnacle Associates Ltd. reduced its stake in Cisco Systems, Inc. (NASDAQ:CSCO - Free Report) by 0.5% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 726,304 shares of the network equipment provider's stock after selling 3,937 shares during the period. Cisco Systems makes up about 0.7% of Pinnacle Associates Ltd.'s investment portfolio, making the stock its 28th biggest holding. Pinnacle Associates Ltd.'s holdings in Cisco Systems were worth $44,820,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also recently added to or reduced their stakes in the company. Brighton Jones LLC grew its stake in shares of Cisco Systems by 49.5% during the fourth quarter. Brighton Jones LLC now owns 74,187 shares of the network equipment provider's stock valued at $4,392,000 after acquiring an additional 24,562 shares in the last quarter. Revolve Wealth Partners LLC grew its stake in shares of Cisco Systems by 37.0% during the fourth quarter. Revolve Wealth Partners LLC now owns 9,156 shares of the network equipment provider's stock valued at $542,000 after acquiring an additional 2,474 shares in the last quarter. Segall Bryant & Hamill LLC acquired a new stake in shares of Cisco Systems during the fourth quarter valued at about $650,000. Modern Wealth Management LLC grew its stake in Cisco Systems by 80.3% in the fourth quarter. Modern Wealth Management LLC now owns 64,401 shares of the network equipment provider's stock worth $4,045,000 after purchasing an additional 28,675 shares in the last quarter. Finally, TD Asset Management Inc. grew its stake in Cisco Systems by 0.8% in the fourth quarter. TD Asset Management Inc. now owns 2,537,560 shares of the network equipment provider's stock worth $150,224,000 after purchasing an additional 19,831 shares in the last quarter. 73.33% of the stock is currently owned by institutional investors and hedge funds.

Cisco Systems Price Performance

Cisco Systems stock traded down $0.33 during mid-day trading on Thursday, hitting $68.29. The company's stock had a trading volume of 13,525,514 shares, compared to its average volume of 18,074,402. 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 stock has a market capitalization of $270.43 billion, a P/E ratio of 27.87, a P/E/G ratio of 4.11 and a beta of 0.90. Cisco Systems, Inc. has a twelve month low of $44.50 and a twelve month high of $69.78. The stock's fifty day moving average price is $66.33 and its two-hundred day moving average price is $62.35.

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

Cisco Systems Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, July 23rd. Shareholders of record on Thursday, July 3rd were given a dividend of $0.41 per share. This represents a $1.64 annualized dividend and a yield of 2.40%. The ex-dividend date was Thursday, July 3rd. Cisco Systems's payout ratio is 66.94%.

Insider Activity

In other Cisco Systems news, CEO Charles Robbins sold 29,784 shares of Cisco Systems stock in a transaction that occurred on Thursday, June 5th. The shares were sold at an average price of $64.61, for a total transaction of $1,924,344.24. Following the transaction, the chief executive officer directly owned 688,409 shares in the company, valued at approximately $44,478,105.49. The trade was a 4.15% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, EVP Deborah L. Stahlkopf sold 9,643 shares of Cisco Systems stock in a transaction that occurred on Friday, May 16th. The stock was sold at an average price of $63.50, for a total transaction of $612,330.50. Following the transaction, the executive vice president owned 181,186 shares in the company, valued at approximately $11,505,311. The trade was a 5.05% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 97,335 shares of company stock worth $6,271,054. 0.01% of the stock is owned by corporate insiders.

Analyst Ratings Changes

A number of equities analysts recently commented on CSCO shares. Rosenblatt Securities lifted their price target on Cisco Systems from $63.00 to $74.00 and gave the stock a "buy" rating in a research note on Thursday, May 15th. Barclays reiterated an "equal weight" rating on shares of Cisco Systems in a research report on Wednesday, May 21st. Morgan Stanley raised their price objective on shares of Cisco Systems from $67.00 to $70.00 and gave the company an "overweight" rating in a research note on Friday, July 18th. JPMorgan Chase & Co. raised their price objective on shares of Cisco Systems from $73.00 to $78.00 and gave the company an "overweight" rating in a research note on Thursday, July 17th. Finally, Evercore ISI raised their price objective on shares of Cisco Systems from $67.00 to $72.00 and gave the company an "outperform" rating in a research note on Thursday, May 15th. Seven analysts have rated the stock with a hold rating, seventeen have issued a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $70.35.

Cisco Systems 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.