PNC Financial Services Group Inc. Trims Position in Cisco Systems, Inc. $CSCO

PNC Financial Services Group Inc. decreased its holdings in shares of Cisco Systems, Inc. (NASDAQ:CSCO) by 1.7% during the 2nd quarter, HoldingsChannel.com reports. The firm owned 6,726,881 shares of the network equipment provider’s stock after selling 119,451 shares during the period. PNC Financial Services Group Inc.’s holdings in Cisco Systems were worth $466,711,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors also recently bought and sold shares of the company. Drive Wealth Management LLC boosted its stake in shares of Cisco Systems by 2.7% during the 2nd quarter. Drive Wealth Management LLC now owns 16,605 shares of the network equipment provider’s stock valued at $1,152,000 after buying an additional 436 shares during the last quarter. Kornitzer Capital Management Inc. KS boosted its stake in Cisco Systems by 0.7% during the first quarter. Kornitzer Capital Management Inc. KS now owns 892,064 shares of the network equipment provider’s stock valued at $55,049,000 after buying an additional 6,501 shares in the last quarter. Shell Asset Management Co. increased its holdings in shares of Cisco Systems by 53.3% in the second quarter. Shell Asset Management Co. now owns 77,234 shares of the network equipment provider’s stock valued at $5,358,000 after buying an additional 26,840 shares in the last quarter. Guinness Asset Management LTD boosted its holdings in shares of Cisco Systems by 15.9% in the second quarter. Guinness Asset Management LTD now owns 4,389,728 shares of the network equipment provider’s stock worth $304,451,000 after buying an additional 603,131 shares during the period. Finally, Acadian Asset Management LLC lifted its stake in Cisco Systems by 255.9% in the 1st quarter. Acadian Asset Management LLC now owns 7,819,547 shares of the network equipment provider’s stock worth $482,509,000 after acquiring an additional 5,622,672 shares in the last quarter. Institutional investors and hedge funds own 73.33% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts recently weighed in on the company. Barclays boosted their target price on Cisco Systems from $66.00 to $71.00 and gave the stock an “equal weight” rating in a report on Thursday, August 14th. Rosenblatt Securities reissued a “buy” rating and issued a $87.00 price target on shares of Cisco Systems in a report on Thursday, August 14th. Hsbc Global Res lowered Cisco Systems from a “strong-buy” rating to a “hold” rating in a research note on Friday, August 15th. Weiss Ratings restated a “buy (b)” rating on shares of Cisco Systems in a report on Thursday, October 30th. Finally, UBS Group upgraded shares of Cisco Systems from a “neutral” rating to a “buy” rating and increased their price target for the company from $74.00 to $88.00 in a research note on Monday, November 3rd. One investment analyst has rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating and nine have issued a Hold rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $75.50.

Cisco Systems Trading Down 0.5%

Shares of Cisco Systems stock opened at $71.71 on Wednesday. The stock has a market capitalization of $282.59 billion, a PE ratio of 27.37, a price-to-earnings-growth ratio of 3.00 and a beta of 0.95. The company has a debt-to-equity ratio of 0.49, a quick ratio of 0.91 and a current ratio of 1.00. Cisco Systems, Inc. has a 52 week low of $52.11 and a 52 week high of $74.84. The stock has a 50 day moving average price of $69.33 and a two-hundred day moving average price of $67.16.

Cisco Systems (NASDAQ:CSCO) last released its earnings results on Wednesday, August 13th. The network equipment provider reported $0.99 earnings per share for the quarter, beating analysts’ consensus estimates of $0.98 by $0.01. The firm had revenue of $14.67 billion during the quarter, compared to the consensus estimate of $14.63 billion. Cisco Systems had a net margin of 18.45% and a return on equity of 27.06%. The company’s revenue was up 7.6% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.87 EPS. As a group, equities analysts anticipate that Cisco Systems, Inc. will post 3.04 earnings per share for the current fiscal year.

Insider Activity

In other Cisco Systems news, CEO Charles Robbins sold 30,557 shares of the business’s stock in a transaction that occurred on Friday, August 15th. The stock was sold at an average price of $66.63, for a total value of $2,036,012.91. Following the completion of the sale, the chief executive officer owned 639,000 shares in the company, valued at approximately $42,576,570. The trade was a 4.56% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, EVP Deborah L. Stahlkopf sold 9,783 shares of Cisco Systems stock in a transaction on Friday, August 15th. The shares were sold at an average price of $66.60, for a total transaction of $651,547.80. Following the completion of the sale, the executive vice president owned 161,662 shares in the company, valued at approximately $10,766,689.20. This trade represents a 5.71% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last three months, insiders sold 82,965 shares of company stock valued at $5,559,996. Insiders own 0.01% of the company’s stock.

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.