Central Pacific Bank Reduces Cisco Stake Amid Institutional Investor Activity

Central Pacific Bank Trust Division reduced its stake in Cisco Systems, Inc. (NASDAQ:CSCO) by 17.9% during the third quarter, according to its latest 13F filing with the SEC. The fund sold 9,394 shares, bringing its total holdings to 43,025 shares, valued at $4,631,000.

Other institutional investors have also adjusted their positions in Cisco Systems. BlackRock Inc. acquired a new stake worth about $42,129,647,000 during the second quarter. State Street Corp increased its holdings by 7.0%, now owning 207,106,569 shares valued at $25,278,492,000. Invesco Ltd. raised its position by 11.6%, holding 59,836,782 shares worth $4,609,227,000. Auto Owners Insurance Co grew its stake by 8,718.3%, now owning 51,952,421 shares valued at $400,190,000. Franklin Resources Inc. increased its stake by 18.0%, holding 50,320,905 shares worth $3,876,219,000.

Cisco Systems stock opened at $112.82 on Tuesday, with a 50-day moving average of $111.96 and a 200-day moving average of $106.88. The company has a market cap of $444.80 billion, a price-to-earnings ratio of 33.78, and a beta of 0.99. It reported earnings of $1.22 per share for the quarter, exceeding estimates of $1.17, with revenue of $17.25 billion, up 17.6% year-over-year.

The company announced a quarterly dividend of $0.42 per share, payable on October 21st, with an annualized dividend yield of 1.5%. Insider activity includes EVP Oliver Tuszik and CEO Charles Robbins selling shares under pre-arranged trading plans. Several analysts have updated their price targets and ratings, with a consensus rating of "Moderate Buy" and a price target of $128.52.