Cisco Systems, Inc. (NASDAQ:CSCO) is Cornercap Investment Counsel Inc.’s 5th Largest Position

Cornercap Investment Counsel Inc. cut its stake in Cisco Systems, Inc. (NASDAQ:CSCO) by 44.8% in the 3rd quarter, Holdings Channel reports. The fund owned 53,676 shares of the network equipment provider’s stock after selling 43,532 shares during the quarter. Cisco Systems comprises about 0.8% of Cornercap Investment Counsel Inc.’s holdings, making the stock its 5th largest position. Cornercap Investment Counsel Inc.’s holdings in Cisco Systems were worth $2,857,000 as of its most recent filing with the SEC.

Several other hedge funds have also added to or reduced their stakes in CSCO. Bank of New York Mellon Corp increased its position in shares of Cisco Systems by 2.7% during the second quarter. Bank of New York Mellon Corp now owns 70,317,061 shares of the network equipment provider’s stock valued at $3,340,764,000 after acquiring an additional 1,853,598 shares in the last quarter. Legal & General Group Plc lifted its stake in Cisco Systems by 3.3% in the 2nd quarter. Legal & General Group Plc now owns 47,593,944 shares of the network equipment provider’s stock worth $2,261,185,000 after purchasing an additional 1,530,468 shares in the last quarter. Dimensional Fund Advisors LP increased its holdings in shares of Cisco Systems by 22.5% in the 2nd quarter. Dimensional Fund Advisors LP now owns 26,409,843 shares of the network equipment provider’s stock worth $1,254,739,000 after buying an additional 4,843,146 shares during the last quarter. Swedbank AB bought a new position in Cisco Systems during the 1st quarter valued at about $840,538,000. Finally, Price T Rowe Associates Inc. MD grew its holdings in Cisco Systems by 26.5% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 13,858,505 shares of the network equipment provider’s stock valued at $691,678,000 after purchasing an additional 2,906,357 shares during the last quarter. 73.33% of the stock is owned by institutional investors.

Cisco Systems Stock Down 2.1 %

Shares of NASDAQ:CSCO opened at $57.92 on Friday. The company has a market capitalization of $231.14 billion, a PE ratio of 24.86, a P/E/G ratio of 4.90 and a beta of 0.83. The company has a current ratio of 0.91, a quick ratio of 0.83 and a debt-to-equity ratio of 0.43. Cisco Systems, Inc. has a twelve month low of $44.50 and a twelve month high of $59.38. The firm has a 50 day simple moving average of $53.82 and a 200-day simple moving average of $49.64.

Cisco Systems (NASDAQ:CSCO) last announced its quarterly earnings data on Wednesday, August 14th. The network equipment provider reported $0.87 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.85 by $0.02. Cisco Systems had a net margin of 17.73% and a return on equity of 25.62%. The company had revenue of $13.64 billion for the quarter, compared to analysts’ expectations of $13.53 billion. During the same period in the previous year, the company posted $1.01 EPS. Cisco Systems’s revenue was down 10.3% compared to the same quarter last year. On average, equities analysts predict that Cisco Systems, Inc. will post 2.89 EPS for the current fiscal year.

Cisco Systems Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 22nd. Investors of record on Friday, January 3rd will be paid a $0.40 dividend. This represents a $1.60 dividend on an annualized basis and a yield of 2.76%. Cisco Systems’s payout ratio is 68.67%.

Insider Buying and Selling at Cisco Systems

In related news, SVP Maria Victoria Wong sold 3,379 shares of the firm’s stock in a transaction that occurred on Wednesday, August 28th. The shares were sold at an average price of $50.36, for a total value of $170,166.44. Following the transaction, the senior vice president now owns 47,182 shares in the company, valued at approximately $2,376,085.52. This trade represents a 6.68 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, EVP Thimaya K. Subaiya sold 1,328 shares of the firm’s stock in a transaction that occurred on Thursday, September 12th. The shares were sold at an average price of $48.92, for a total transaction of $64,965.76. Following the completion of the transaction, the executive vice president now owns 132,910 shares in the company, valued at $6,501,957.20. The trade was a 0.99 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 35,924 shares of company stock worth $1,798,131. Corporate insiders own 0.01% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts have recently weighed in on the stock. Citigroup upped their price target on shares of Cisco Systems from $62.00 to $64.00 and gave the stock a “buy” rating in a research report on Thursday. Barclays raised their price target on shares of Cisco Systems from $49.00 to $56.00 and gave the stock an “equal weight” rating in a report on Thursday. StockNews.com upgraded shares of Cisco Systems from a “hold” rating to a “buy” rating in a research note on Thursday. Hsbc Global Res upgraded shares of Cisco Systems to a “strong-buy” rating in a research report on Friday, August 16th. Finally, HSBC upgraded shares of Cisco Systems from a “hold” rating to a “buy” rating and raised their price target for the company from $46.00 to $58.00 in a research report on Friday, August 16th. Eleven equities research analysts have rated the stock with a hold rating, eleven have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat, Cisco Systems presently has an average rating of “Moderate Buy” and a consensus target price of $59.42.

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.