PNC Financial Services Group Inc. Has $466.71 Million Stock Holdings in Cisco Systems, Inc. $CSCO

PNC Financial Services Group Inc. lessened its stake in Cisco Systems, Inc. (NASDAQ:CSCO) by 1.7% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 6,726,881 shares of the network equipment provider’s stock after selling 119,451 shares during the quarter. PNC Financial Services Group Inc. owned approximately 0.17% of Cisco Systems worth $466,711,000 as of its most recent SEC filing.

A number of other institutional investors have also added to or reduced their stakes in the company. Financial Connections Group Inc. increased its position in Cisco Systems by 89.4% during the second quarter. Financial Connections Group Inc. now owns 409 shares of the network equipment provider’s stock worth $28,000 after buying an additional 193 shares during the last quarter. Legacy Investment Solutions LLC bought a new stake in Cisco Systems in the 2nd quarter valued at $28,000. Pandora Wealth Inc. acquired a new position in Cisco Systems in the 1st quarter valued at $31,000. Nova Wealth Management Inc. bought a new stake in shares of Cisco Systems in the first quarter valued at about $31,000. Finally, Brown Shipley& Co Ltd bought a new stake in shares of Cisco Systems in the second quarter valued at approximately $32,000. 73.33% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several brokerages recently weighed in on CSCO. Evercore ISI upped their price objective on Cisco Systems from $72.00 to $74.00 and gave the stock an “in-line” rating in a research report on Thursday, August 14th. Hsbc Global Res downgraded shares of Cisco Systems from a “strong-buy” rating to a “hold” rating in a research note on Friday, August 15th. Rosenblatt Securities reiterated a “buy” rating and set a $87.00 price objective on shares of Cisco Systems in a research report on Thursday, August 14th. William Blair raised shares of Cisco Systems to a “hold” rating in a research note on Thursday, August 14th. Finally, HSBC restated a “hold” rating and issued a $69.00 target price on shares of Cisco Systems in a research note on Friday, August 15th. One equities research analyst has rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating and nine have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $75.50.

Insider Activity at Cisco Systems

In other news, CEO Charles Robbins sold 30,557 shares of the business’s stock in a transaction dated 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 transaction, the chief executive officer owned 639,000 shares of the company’s stock, valued at $42,576,570. The trade was a 4.56% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, EVP Deborah L. Stahlkopf sold 2,718 shares of the business’s stock in a transaction dated Thursday, September 11th. The stock was sold at an average price of $68.08, for a total transaction of $185,041.44. Following the sale, the executive vice president directly owned 157,184 shares of the company’s stock, valued at $10,701,086.72. This represents a 1.70% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 82,965 shares of company stock worth $5,559,996 in the last ninety days. Corporate insiders own 0.01% of the company’s stock.

Cisco Systems Trading Down 0.5%

NASDAQ CSCO opened at $71.71 on Wednesday. Cisco Systems, Inc. has a 12 month low of $52.11 and a 12 month high of $74.84. The stock’s fifty day moving average price is $69.33 and its 200-day moving average price is $67.16. The company has a current ratio of 1.00, a quick ratio of 0.91 and a debt-to-equity ratio of 0.49. The stock has a market cap of $282.59 billion, a P/E ratio of 27.37, a P/E/G ratio of 3.00 and a beta of 0.95.

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

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.