Cisco Systems, Inc. (NASDAQ:CSCO) Shares Sold by PNC Financial Services Group Inc.

Key Points

• PNC Financial Services Group Inc. reduced its stake in Cisco Systems by 2.7%, selling 192,150 shares, and now owns approximately 0.17% of the company valued at around $422 million.
• FMR LLC and Northern Trust Corp significantly increased their holdings in Cisco Systems, with FMR now owning 77.2 million shares and Northern Trust owning 47.2 million shares, reflecting ongoing investor interest in the network provider.
• Analysts have generally positive outlooks on Cisco, with 16 buy ratings and a consensus target price of $70.35, indicating confidence in the company's growth potential.

PNC Financial Services Group Inc. lessened its stake in shares of Cisco Systems, Inc. (NASDAQ:CSCO - Free Report) by 2.7% during the first quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 6,846,332 shares of the network equipment provider's stock after selling 192,150 shares during the quarter. PNC Financial Services Group Inc. owned about 0.17% of Cisco Systems worth $422,487,000 at the end of the most recent reporting period.

A number of other large investors have also recently bought and sold shares of CSCO. FMR LLC boosted its holdings 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 worth $4,571,218,000 after purchasing an additional 13,285,052 shares during the last quarter. Northern Trust Corp boosted its holdings in shares of Cisco Systems by 11.4% during 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 purchasing an additional 4,832,813 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its holdings in shares of Cisco Systems by 7.8% during the fourth 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 worth $2,159,099,000 after purchasing an additional 2,637,006 shares during the last quarter. Dimensional Fund Advisors LP raised its position in shares of Cisco Systems by 2.4% in the 4th quarter. Dimensional Fund Advisors LP now owns 29,419,041 shares of the network equipment provider's stock worth $1,741,597,000 after buying an additional 681,555 shares during the period. Finally, Price T Rowe Associates Inc. MD raised its position in shares of Cisco Systems by 12.8% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 17,161,261 shares of the network equipment provider's stock worth $1,015,948,000 after buying an additional 1,943,563 shares during the period. Institutional investors and hedge funds own 73.33% of the company's stock.

Analyst Ratings Changes

Several brokerages recently weighed in on CSCO. Piper Sandler increased their target price on Cisco Systems from $60.00 to $64.00 and gave the stock a "neutral" rating in a research report on Thursday, May 15th. Deutsche Bank Aktiengesellschaft raised Cisco Systems from a "hold" rating to a "buy" rating and increased their target price for the stock from $65.00 to $73.00 in a research report on Monday, June 16th. Evercore ISI reaffirmed an "in-line" rating and issued a $72.00 target price on shares of Cisco Systems in a research report on Monday, July 28th. KeyCorp began coverage on Cisco Systems in a research report on Thursday, June 26th. They issued an "overweight" rating and a $77.00 target price on the stock. Finally, New Street Research reaffirmed a "neutral" rating and issued a $70.00 target price on shares of Cisco Systems in a research report on Friday, May 16th. Eight research analysts have rated the stock with a hold rating, sixteen have assigned a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat.com, Cisco Systems currently has a consensus rating of "Moderate Buy" and a consensus target price of $70.35.

Insiders Place Their Bets

In related news, CEO Charles Robbins sold 29,784 shares of Cisco Systems stock in a transaction dated Thursday, June 5th. The stock was sold at an average price of $64.61, for a total value of $1,924,344.24. Following the completion of the transaction, the chief executive officer directly owned 688,409 shares in the company, valued at approximately $44,478,105.49. This trade represents a 4.15% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Jeetendra I. Patel sold 9,961 shares of Cisco Systems stock in a transaction dated Friday, May 16th. The stock was sold at an average price of $63.97, for a total value of $637,205.17. Following the completion of the transaction, the insider owned 257,162 shares of the company's stock, valued at $16,450,653.14. This trade represents a 3.73% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 97,335 shares of company stock valued at $6,271,054. 0.01% of the stock is owned by company insiders.

Cisco Systems Stock Down 1.4%

Shares of Cisco Systems stock opened at $67.11 on Friday. The business has a 50-day moving average of $66.87 and a 200-day moving average of $62.72. The company has a debt-to-equity ratio of 0.50, a current ratio of 0.95 and a quick ratio of 0.87. The company has a market capitalization of $265.76 billion, a PE ratio of 27.39, a P/E/G ratio of 4.07 and a beta of 0.91. Cisco Systems, Inc. has a 1-year low of $44.50 and a 1-year high of $69.78.

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

Cisco Systems Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, July 23rd. Investors of record on Thursday, July 3rd were paid a $0.41 dividend. This represents a $1.64 dividend on an annualized basis and a yield of 2.4%. The ex-dividend date was Thursday, July 3rd. Cisco Systems's dividend payout ratio (DPR) is 66.94%.

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.

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