Fifth Third Bancorp Has $105.62 Million Stock Position in Cisco Systems, Inc. (NASDAQ:CSCO)

Fifth Third Bancorp increased its holdings in Cisco Systems, Inc. (NASDAQ:CSCO - Free Report) by 18.6% in the 1st quarter, according to its most recent 13F filing with the SEC. The firm owned 1,711,618 shares of the network equipment provider's stock after buying an additional 268,193 shares during the period. Fifth Third Bancorp's holdings in Cisco Systems were worth $105,624,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also modified their holdings of the company. FPC Investment Advisory Inc. bought a new stake in Cisco Systems in the 4th quarter valued at about $26,000. Navigoe LLC bought a new stake in shares of Cisco Systems during the 4th quarter worth about $26,000. Mpwm Advisory Solutions LLC bought a new stake in shares of Cisco Systems during the 4th quarter worth about $26,000. JDM Financial Group LLC raised its position in shares of Cisco Systems by 160.4% during the 4th quarter. JDM Financial Group LLC now owns 487 shares of the network equipment provider's stock worth $29,000 after buying an additional 300 shares in the last quarter. Finally, Runnymede Capital Advisors Inc. bought a new stake in shares of Cisco Systems during the 4th quarter worth about $30,000. 73.33% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of analysts have commented on CSCO shares. Barclays restated an "equal weight" rating on shares of Cisco Systems in a research report on Wednesday, May 21st. JPMorgan Chase & Co. boosted their target price on shares of Cisco Systems from $70.00 to $73.00 and gave the stock an "overweight" rating in a report on Thursday, May 15th. Rosenblatt Securities boosted their target price on shares of Cisco Systems from $63.00 to $74.00 and gave the stock a "buy" rating in a report on Thursday, May 15th. New Street Research reiterated a "neutral" rating and issued a $70.00 target price on shares of Cisco Systems in a report on Friday, May 16th. Finally, DZ Bank upgraded shares of Cisco Systems from a "hold" rating to a "buy" rating in a report on Tuesday, February 18th. Eight investment analysts have rated the stock with a hold rating, twelve have given a buy rating and three have issued a strong buy rating to the company's stock. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price of $68.00.

Cisco Systems Stock Up 1.4%

NASDAQ CSCO traded up $0.91 during trading on Thursday, reaching $65.10. The company's stock had a trading volume of 15,146,864 shares, compared to its average volume of 20,148,308. 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 has a market capitalization of $257.80 billion, a PE ratio of 28.43, a PEG ratio of 4.16 and a beta of 0.88. The business has a 50-day moving average price of $60.04 and a 200-day moving average price of $60.49. Cisco Systems, Inc. has a 1-year low of $44.50 and a 1-year high of $66.50.

Cisco Systems (NASDAQ:CSCO - Get Free Report) last issued its quarterly earnings data on Wednesday, May 14th. The network equipment provider reported $0.96 earnings per share for the quarter, topping analysts' consensus estimates of $0.92 by $0.04. Cisco Systems had a net margin of 16.96% and a return on equity of 26.08%. The business had revenue of $14.15 billion during the quarter, compared to analysts' expectations of $14.05 billion. During the same period in the previous year, the company earned $0.88 earnings per share. Cisco Systems's revenue for the quarter was up 11.4% on a year-over-year basis. On average, research analysts forecast that Cisco Systems, Inc. will post 3.04 earnings per share for the current fiscal year.

Cisco Systems Dividend Announcement

The company 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 $0.41 dividend. This represents a $1.64 dividend on an annualized basis and a dividend yield of 2.52%. The ex-dividend date is Thursday, July 3rd. Cisco Systems's payout ratio is 66.94%.

Cisco Systems announced that its Board of Directors has initiated a stock buyback plan on Wednesday, February 12th that allows the company to repurchase $15.00 billion in outstanding shares. This repurchase authorization allows the network equipment provider to reacquire up to 6% of its shares through open market purchases. Shares repurchase plans are often a sign that the company's board of directors believes its stock is undervalued.

Insider Transactions at Cisco Systems

In related news, SVP Maria Victoria Wong sold 762 shares of the company's stock in a transaction on Wednesday, June 11th. The shares were sold at an average price of $64.07, for a total transaction of $48,821.34. Following the completion of the transaction, the senior vice president now directly owns 36,937 shares in the company, valued at $2,366,553.59. This represents a 2.02% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Charles Robbins sold 29,784 shares of the company's stock in a transaction 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 now owns 688,409 shares of the company's stock, valued at approximately $44,478,105.49. The trade was a 4.15% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 69,335 shares of company stock worth $4,441,441. 0.01% of the stock is owned by insiders.

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.