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

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

Several other hedge funds and other institutional investors have also recently modified their holdings of CSCO. Glass Jacobson Investment Advisors llc lifted its holdings in shares of Cisco Systems by 8.7% during the 4th quarter. Glass Jacobson Investment Advisors llc now owns 2,070 shares of the network equipment provider’s stock worth $123,000 after acquiring an additional 166 shares during the last quarter. Fairhaven Wealth Management LLC lifted its holdings in shares of Cisco Systems by 2.3% during the 4th quarter. Fairhaven Wealth Management LLC now owns 7,581 shares of the network equipment provider’s stock worth $449,000 after acquiring an additional 167 shares during the last quarter. BlackDiamond Wealth Management LLC lifted its holdings in shares of Cisco Systems by 3.1% during the 4th quarter. BlackDiamond Wealth Management LLC now owns 5,656 shares of the network equipment provider’s stock worth $335,000 after acquiring an additional 168 shares during the last quarter. Legacy Financial Group Inc. lifted its holdings in shares of Cisco Systems by 3.4% during the 4th quarter. Legacy Financial Group Inc. now owns 5,100 shares of the network equipment provider’s stock worth $302,000 after acquiring an additional 169 shares during the last quarter. Finally, Maple Capital Management Inc. lifted its holdings in shares of Cisco Systems by 1.4% during the 4th quarter. Maple Capital Management Inc. now owns 11,984 shares of the network equipment provider’s stock worth $709,000 after acquiring an additional 170 shares during the last quarter. Institutional investors and hedge funds own 73.33% of the company’s stock.

Insider Transactions at Cisco Systems

In related news, EVP Deborah L. Stahlkopf sold 9,643 shares of the stock in a transaction that occurred on Friday, May 16th. The shares were sold at an average price of $63.50, for a total transaction of $612,330.50. Following the transaction, the executive vice president now owns 181,186 shares in the company, valued at $11,505,311. This represents a 5.05% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Charles Robbins sold 29,784 shares of the stock in a transaction that occurred 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 in the company, valued at approximately $44,478,105.49. This trade represents a 4.15% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 68,573 shares of company stock worth $4,392,619. Corporate insiders own 0.01% of the company’s stock.

Analysts Set New Price Targets

A number of analysts have recently issued reports on CSCO shares. Morgan Stanley reaffirmed a “hold” rating on shares of Cisco Systems in a report on Wednesday, May 21st. New Street Research reissued a “neutral” rating and issued a $70.00 price target on shares of Cisco Systems in a research note on Friday, May 16th. The Goldman Sachs Group boosted their price target on shares of Cisco Systems from $56.00 to $63.00 and gave the stock a “neutral” rating in a research note on Thursday, February 13th. Barclays restated an “equal weight” rating on shares of Cisco Systems in a research report on Wednesday, May 21st. Finally, UBS Group boosted their price objective on shares of Cisco Systems from $62.00 to $70.00 and gave the company a “neutral” rating in a research report on Thursday, February 13th. Eight equities research analysts have rated the stock with a hold rating, twelve have given a buy rating and three have assigned a strong buy rating to the company’s stock. According to MarketBeat.com, Cisco Systems currently has an average rating of “Moderate Buy” and a consensus target price of $68.00.

Cisco Systems Price Performance

Shares of NASDAQ CSCO opened at $64.19 on Thursday. Cisco Systems, Inc. has a 1 year low of $44.50 and a 1 year high of $66.50. The company has a debt-to-equity ratio of 0.43, a current ratio of 0.87 and a quick ratio of 0.79. The company’s 50-day moving average is $60.04 and its 200 day moving average is $60.49. The stock has a market capitalization of $254.19 billion, a P/E ratio of 28.03, a P/E/G ratio of 4.16 and a beta of 0.88.

Cisco Systems (NASDAQ:CSCO) last posted its quarterly earnings data on Wednesday, May 14th. The network equipment provider reported $0.96 EPS for the quarter, topping the consensus estimate 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 for the quarter, compared to analyst estimates of $14.05 billion. During the same quarter in the previous year, the firm posted $0.88 earnings per share. Cisco Systems’s quarterly revenue was up 11.4% on a year-over-year basis. On average, sell-side analysts expect that Cisco Systems, Inc. will post 3.04 earnings per share for the current year.

Cisco Systems announced that its Board of Directors has approved a share buyback plan on Wednesday, February 12th that allows the company to buyback $15.00 billion in shares. This buyback authorization allows the network equipment provider to purchase up to 6% of its shares through open market purchases. Shares buyback plans are typically an indication that the company’s management believes its shares are undervalued.

Cisco Systems Announces Dividend

The company also recently announced 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. The ex-dividend date of this dividend is Thursday, July 3rd. This represents a $1.64 annualized dividend and a dividend yield of 2.55%. Cisco Systems’s dividend payout ratio is presently 66.94%.

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.