Morgan Stanley Sells 455,565 Shares of Cisco Systems, Inc. (CSCO)

Morgan Stanley reduced its holdings in shares of Cisco Systems, Inc. (NASDAQ:CSCO) by 0.9% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 50,501,793 shares of the network equipment provider’s stock after selling 455,565 shares during the period. Cisco Systems comprises approximately 0.6% of Morgan Stanley’s portfolio, making the stock its 16th biggest holding. Morgan Stanley owned about 1.05% of Cisco Systems worth $2,456,910,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also modified their holdings of CSCO. Holderness Investments Co. grew its holdings in shares of Cisco Systems by 2.3% in the third quarter. Holderness Investments Co. now owns 68,710 shares of the network equipment provider’s stock worth $3,343,000 after purchasing an additional 1,576 shares during the last quarter. Johnson Financial Group Inc. grew its holdings in shares of Cisco Systems by 12.1% in the third quarter. Johnson Financial Group Inc. now owns 142,844 shares of the network equipment provider’s stock worth $6,950,000 after purchasing an additional 15,389 shares during the last quarter. PDS Planning Inc grew its holdings in shares of Cisco Systems by 35.6% in the third quarter. PDS Planning Inc now owns 5,085 shares of the network equipment provider’s stock worth $247,000 after purchasing an additional 1,336 shares during the last quarter. Oakwood Capital Management LLC CA grew its holdings in shares of Cisco Systems by 7.1% in the third quarter. Oakwood Capital Management LLC CA now owns 166,375 shares of the network equipment provider’s stock worth $8,094,000 after purchasing an additional 11,043 shares during the last quarter. Finally, Torray LLC grew its holdings in shares of Cisco Systems by 1.0% in the third quarter. Torray LLC now owns 531,055 shares of the network equipment provider’s stock worth $25,836,000 after purchasing an additional 5,262 shares during the last quarter. Institutional investors and hedge funds own 68.13% of the company’s stock.

Shares of Cisco Systems stock opened at $53.20 on Friday. The company has a quick ratio of 1.74, a current ratio of 1.80 and a debt-to-equity ratio of 0.39. The firm has a market cap of $253.35 billion, a price-to-earnings ratio of 22.74, a PEG ratio of 2.72 and a beta of 1.22. Cisco Systems, Inc. has a 12 month low of $40.19 and a 12 month high of $53.62.

Cisco Systems (NASDAQ:CSCO) last announced its quarterly earnings data on Wednesday, February 13th. The network equipment provider reported $0.73 EPS for the quarter, beating the consensus estimate of $0.72 by $0.01. The business had revenue of $12.45 billion during the quarter, compared to analyst estimates of $12.43 billion. Cisco Systems had a return on equity of 27.58% and a net margin of 25.31%. The company’s revenue for the quarter was up 4.7% on a year-over-year basis. During the same quarter last year, the firm posted $0.63 earnings per share. Sell-side analysts anticipate that Cisco Systems, Inc. will post 2.74 EPS for the current year.

The business also recently declared a quarterly dividend, which will be paid on Wednesday, April 24th. Stockholders of record on Friday, April 5th will be given a $0.35 dividend. This represents a $1.40 annualized dividend and a dividend yield of 2.63%. The ex-dividend date of this dividend is Thursday, April 4th. This is a positive change from Cisco Systems’s previous quarterly dividend of $0.33. Cisco Systems’s payout ratio is currently 56.41%.

Cisco Systems declared that its board has initiated a stock repurchase program on Wednesday, February 13th that authorizes the company to repurchase $15.00 billion in shares. This repurchase authorization authorizes the network equipment provider to buy up to 6.5% of its shares through open market purchases. Shares repurchase programs are generally an indication that the company’s board of directors believes its shares are undervalued.

Several research firms recently weighed in on CSCO. Wells Fargo & Co reiterated an “outperform” rating and issued a $57.00 price target (up previously from $52.00) on shares of Cisco Systems in a report on Wednesday, February 13th. Credit Suisse Group set a $44.00 price target on shares of Cisco Systems and gave the company a “hold” rating in a report on Wednesday, January 16th. KeyCorp lifted their price target on shares of Cisco Systems from $53.00 to $55.00 and gave the company an “overweight” rating in a report on Thursday, February 14th. Robert W. Baird reiterated a “buy” rating and issued a $53.00 price target on shares of Cisco Systems in a report on Tuesday, February 12th. Finally, Argus reiterated a “buy” rating and issued a $55.00 price target on shares of Cisco Systems in a report on Tuesday, January 15th. Seven investment analysts have rated the stock with a hold rating, nineteen have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Cisco Systems presently has an average rating of “Buy” and an average price target of $53.36.

In other news, CFO Kelly A. Kramer sold 70,000 shares of Cisco Systems stock in a transaction dated Thursday, February 28th. The stock was sold at an average price of $51.70, for a total value of $3,619,000.00. Following the completion of the transaction, the chief financial officer now owns 420,696 shares of the company’s stock, valued at approximately $21,749,983.20. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, EVP David Goeckeler sold 30,000 shares of Cisco Systems stock in a transaction dated Tuesday, March 12th. The stock was sold at an average price of $52.07, for a total value of $1,562,100.00. Following the completion of the transaction, the executive vice president now directly owns 419,439 shares of the company’s stock, valued at approximately $21,840,188.73. The disclosure for this sale can be found here. In the last ninety days, insiders sold 119,744 shares of company stock valued at $6,135,021. 0.03% of the stock is owned by insiders.

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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 worldwide. The company offers switching products; routing products that interconnect public and private wireline and mobile networks; data center products; and wireless access points for use in voice, video, and data applications.

Further Reading: Sell-Side Analysts

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Institutional Ownership by Quarter for Cisco Systems (NASDAQ:CSCO)

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