Massachusetts Financial Services Co. MA Purchases 2,496,113 Shares of Cisco Systems, Inc. (NASDAQ:CSCO)

Massachusetts Financial Services Co. MA grew its stake in Cisco Systems, Inc. (NASDAQ:CSCO) by 13.1% in the third quarter, HoldingsChannel.com reports. The institutional investor owned 21,589,214 shares of the network equipment provider’s stock after buying an additional 2,496,113 shares during the period. Massachusetts Financial Services Co. MA’s holdings in Cisco Systems were worth $1,066,724,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds also recently modified their holdings of CSCO. Evolution Wealth Advisors LLC purchased a new stake in shares of Cisco Systems during the second quarter worth about $33,000. Lowe Wealth Advisors LLC purchased a new stake in shares of Cisco Systems during the second quarter worth about $38,000. Personal Wealth Partners purchased a new stake in shares of Cisco Systems during the second quarter worth about $44,000. Ashburton Jersey Ltd purchased a new stake in shares of Cisco Systems during the second quarter worth about $49,000. Finally, Cordasco Financial Network grew its position in shares of Cisco Systems by 78.4% during the third quarter. Cordasco Financial Network now owns 1,142 shares of the network equipment provider’s stock worth $56,000 after purchasing an additional 502 shares in the last quarter. Institutional investors and hedge funds own 73.27% of the company’s stock.

In related news, CEO Charles Robbins sold 18,955 shares of the firm’s stock in a transaction that occurred on Friday, September 13th. The stock was sold at an average price of $50.04, for a total transaction of $948,508.20. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, EVP Mark D. Chandler sold 546 shares of the firm’s stock in a transaction that occurred on Monday, August 19th. The stock was sold at an average price of $47.92, for a total value of $26,164.32. The disclosure for this sale can be found here. Insiders have sold a total of 193,130 shares of company stock valued at $9,359,179 over the last three months. 0.03% of the stock is owned by corporate insiders.

Shares of NASDAQ:CSCO traded down $0.73 during trading on Monday, hitting $48.10. The company had a trading volume of 19,590,396 shares, compared to its average volume of 20,418,152. The stock has a market cap of $202.69 billion, a price-to-earnings ratio of 16.88, a price-to-earnings-growth ratio of 2.30 and a beta of 1.28. Cisco Systems, Inc. has a one year low of $40.25 and a one year high of $58.26. The company has a fifty day simple moving average of $47.56 and a two-hundred day simple moving average of $52.07. The company has a debt-to-equity ratio of 0.43, a current ratio of 1.51 and a quick ratio of 1.46.

Cisco Systems (NASDAQ:CSCO) last issued its quarterly earnings results on Wednesday, August 14th. The network equipment provider reported $0.83 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.82 by $0.01. Cisco Systems had a return on equity of 32.43% and a net margin of 22.39%. The firm had revenue of $13.43 billion during the quarter, compared to analyst estimates of $13.39 billion. During the same period last year, the company earned $0.70 EPS. Cisco Systems’s quarterly revenue was up 4.5% compared to the same quarter last year. On average, equities research analysts anticipate that Cisco Systems, Inc. will post 3.03 earnings per share for the current year.

The firm also recently declared a quarterly dividend, which was paid on Wednesday, October 23rd. Investors of record on Friday, October 4th were paid a dividend of $0.35 per share. This represents a $1.40 dividend on an annualized basis and a dividend yield of 2.91%. The ex-dividend date was Thursday, October 3rd. Cisco Systems’s dividend payout ratio is currently 49.12%.

CSCO has been the subject of several research analyst reports. MKM Partners cut their target price on Cisco Systems from $56.00 to $51.00 and set a “neutral” rating for the company in a research report on Thursday, August 15th. Barclays initiated coverage on Cisco Systems in a report on Wednesday, August 7th. They set an “equal weight” rating and a $52.00 price target for the company. Piper Jaffray Companies cut Cisco Systems from an “overweight” rating to a “neutral” rating and cut their price target for the company from $55.00 to $51.00 in a report on Monday. Goldman Sachs Group cut Cisco Systems from a “buy” rating to a “neutral” rating and cut their price target for the company from $56.00 to $48.00 in a report on Thursday, October 10th. Finally, Morgan Stanley cut their price target on Cisco Systems from $51.00 to $49.00 and set an “equal weight” rating for the company in a report on Thursday, August 15th. Two analysts have rated the stock with a sell rating, eight have assigned a hold rating and nineteen have assigned a buy rating to the company. Cisco Systems has a consensus rating of “Buy” and an average target price of $55.64.

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: How is Preferred Stock Different from Common Stock?

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

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