Sawgrass Asset Management LLC Trims Holdings in Cisco Systems, Inc. (NASDAQ:CSCO)

Sawgrass Asset Management LLC decreased its holdings in shares of Cisco Systems, Inc. (NASDAQ:CSCO - Free Report) by 42.1% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 140,228 shares of the network equipment provider's stock after selling 101,871 shares during the period. Sawgrass Asset Management LLC's holdings in Cisco Systems were worth $8,653,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Tallon Kerry Patrick purchased a new position in Cisco Systems during the fourth quarter valued at $603,000. Brighton Jones LLC increased its holdings in shares of Cisco Systems by 49.5% in the 4th quarter. Brighton Jones LLC now owns 74,187 shares of the network equipment provider's stock worth $4,392,000 after purchasing an additional 24,562 shares in the last quarter. Revolve Wealth Partners LLC lifted its stake in Cisco Systems by 37.0% during the 4th 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 during the period. Navellier & Associates Inc. lifted its position in Cisco Systems by 33.1% during the fourth quarter. Navellier & Associates Inc. now owns 8,100 shares of the network equipment provider's stock valued at $480,000 after purchasing an additional 2,014 shares during the period. Finally, Pinnacle Financial Partners Inc boosted its stake in shares of Cisco Systems by 0.3% in the 4th quarter. Pinnacle Financial Partners Inc now owns 104,581 shares of the network equipment provider's stock worth $6,145,000 after buying an additional 345 shares during the last quarter. Institutional investors own 73.33% of the company's stock.

Insider Buying and Selling at Cisco Systems

In other news, CEO Charles Robbins sold 29,784 shares of the business's stock in a transaction dated 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 completion of the sale, the chief executive officer now owns 688,409 shares of the company's stock, valued at $44,478,105.49. The trade was 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 available at this link. Also, EVP Thimaya K. Subaiya sold 8,726 shares of the stock in a transaction that occurred 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 transaction, the executive vice president now directly owns 174,669 shares of the company's stock, valued at $11,447,806.26. The trade was a 4.76% 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. 0.01% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

A number of research firms recently issued reports on CSCO. Deutsche Bank Aktiengesellschaft raised shares of Cisco Systems from a "hold" rating to a "buy" rating and raised their price objective for the stock from $65.00 to $73.00 in a report on Monday, June 16th. Wells Fargo & Company upgraded shares of Cisco Systems from an "equal weight" rating to an "overweight" rating and lifted their price target for the company from $72.00 to $75.00 in a report on Thursday, May 15th. Citigroup upped their price objective on Cisco Systems from $68.00 to $71.00 and gave the stock a "buy" rating in a report on Thursday, May 15th. Evercore ISI increased their price target on shares of Cisco Systems from $67.00 to $72.00 and gave the company an "outperform" rating in a report on Thursday, May 15th. Finally, Wall Street Zen upgraded Cisco Systems from a "buy" rating to a "strong-buy" rating in a research report on Friday, May 16th. Seven analysts have rated the stock with a hold rating, thirteen have given a buy rating and three have issued a strong buy rating to the company's stock. According to data from MarketBeat, Cisco Systems currently has a consensus rating of "Moderate Buy" and an average price target of $69.11.

Cisco Systems Stock Up 0.8%

Shares of NASDAQ:CSCO traded up $0.51 on Tuesday, reaching $67.89. The company had a trading volume of 23,159,613 shares, compared to its average volume of 20,168,135. The firm's 50 day simple moving average is $61.80 and its 200-day simple moving average is $60.90. Cisco Systems, Inc. has a 52-week low of $44.50 and a 52-week high of $68.02. The company has a current ratio of 0.95, a quick ratio of 0.87 and a debt-to-equity ratio of 0.50. The firm has a market capitalization of $268.84 billion, a PE ratio of 27.71, a PEG ratio of 4.03 and a beta of 0.88.

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

Cisco Systems Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, July 23rd. Stockholders of record on Thursday, July 3rd will be paid a dividend of $0.41 per share. The ex-dividend date is Thursday, July 3rd. This represents a $1.64 annualized dividend and a dividend yield of 2.42%. Cisco Systems's payout ratio is currently 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.