Vetr upgraded shares of Cisco Systems (NASDAQ:CSCO) from a hold rating to a buy rating in a research report report published on Thursday. The brokerage currently has $45.11 target price on the network equipment provider’s stock.
Several other brokerages also recently weighed in on CSCO. Royal Bank of Canada reaffirmed a buy rating and set a $36.00 target price on shares of Cisco Systems in a research note on Wednesday, November 15th. BidaskClub raised shares of Cisco Systems from a buy rating to a strong-buy rating in a research note on Friday, January 5th. BMO Capital Markets upped their target price on shares of Cisco Systems from $36.00 to $43.00 and gave the stock a market perform rating in a research note on Thursday, February 15th. KeyCorp boosted their price target on shares of Cisco Systems from $43.00 to $49.00 and gave the stock an overweight rating in a report on Thursday, February 15th. Finally, ValuEngine upgraded shares of Cisco Systems from a hold rating to a buy rating in a report on Friday, February 2nd. Ten research analysts have rated the stock with a hold rating, twenty-six have given a buy rating and one has assigned a strong buy rating to the company. The stock presently has an average rating of Buy and a consensus target price of $43.66.
Shares of Cisco Systems (CSCO) traded up $0.19 on Thursday, reaching $43.12. 5,810,000 shares of the company traded hands, compared to its average volume of 32,260,000. Cisco Systems has a 1 year low of $30.36 and a 1 year high of $45.13. The stock has a market cap of $213,190.00, a P/E ratio of -134.75, a P/E/G ratio of 2.91 and a beta of 1.23. The company has a debt-to-equity ratio of 0.49, a quick ratio of 2.38 and a current ratio of 2.43.
Cisco Systems (NASDAQ:CSCO) last announced its earnings results on Wednesday, February 14th. The network equipment provider reported $0.63 earnings per share for the quarter, topping the consensus estimate of $0.59 by $0.04. Cisco Systems had a negative net margin of 3.00% and a positive return on equity of 17.77%. The firm had revenue of $11.89 billion for the quarter, compared to the consensus estimate of $11.82 billion. During the same period in the prior year, the firm earned $0.57 EPS. research analysts predict that Cisco Systems will post 2.32 earnings per share for the current year.
Cisco Systems announced that its board has approved a stock repurchase plan on Wednesday, February 14th that allows the company to repurchase $25.00 billion in shares. This repurchase authorization allows the network equipment provider to reacquire shares of its stock through open market purchases. Stock repurchase plans are generally an indication that the company’s board of directors believes its shares are undervalued.
The firm also recently declared a quarterly dividend, which will be paid on Wednesday, April 25th. Investors of record on Thursday, April 5th will be given a $0.33 dividend. This is an increase from Cisco Systems’s previous quarterly dividend of $0.29. The ex-dividend date is Wednesday, April 4th. This represents a $1.32 annualized dividend and a yield of 3.06%. Cisco Systems’s dividend payout ratio is -362.50%.
In related news, Director Roderick C. Mcgeary sold 15,230 shares of the company’s stock in a transaction on Thursday, December 14th. The shares were sold at an average price of $38.00, for a total value of $578,740.00. Following the completion of the sale, the director now owns 113,154 shares in the company, valued at approximately $4,299,852. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, SVP Rebecca Jacoby sold 75,021 shares of the company’s stock in a transaction on Tuesday, December 19th. The shares were sold at an average price of $38.42, for a total transaction of $2,882,306.82. Following the completion of the sale, the senior vice president now owns 257,476 shares of the company’s stock, valued at approximately $9,892,227.92. The disclosure for this sale can be found here. In the last quarter, insiders sold 104,440 shares of company stock valued at $4,086,782. 0.05% of the stock is owned by insiders.
A number of hedge funds have recently added to or reduced their stakes in CSCO. Vanguard Group Inc. raised its position in Cisco Systems by 2.2% during the 2nd quarter. Vanguard Group Inc. now owns 352,120,694 shares of the network equipment provider’s stock worth $11,021,378,000 after buying an additional 7,411,891 shares during the last quarter. Bank of New York Mellon Corp raised its position in Cisco Systems by 12.8% during the 4th quarter. Bank of New York Mellon Corp now owns 122,958,272 shares of the network equipment provider’s stock worth $4,709,302,000 after buying an additional 13,927,416 shares during the last quarter. Ameriprise Financial Inc. raised its position in Cisco Systems by 23.6% during the 3rd quarter. Ameriprise Financial Inc. now owns 62,709,508 shares of the network equipment provider’s stock worth $2,109,614,000 after buying an additional 11,972,070 shares during the last quarter. Geode Capital Management LLC raised its position in Cisco Systems by 1.7% during the 4th quarter. Geode Capital Management LLC now owns 55,764,986 shares of the network equipment provider’s stock worth $2,131,581,000 after buying an additional 909,507 shares during the last quarter. Finally, Dimensional Fund Advisors LP raised its position in Cisco Systems by 6.5% during the 3rd quarter. Dimensional Fund Advisors LP now owns 48,741,535 shares of the network equipment provider’s stock worth $1,639,089,000 after buying an additional 2,987,682 shares during the last quarter. Hedge funds and other institutional investors own 75.06% of the company’s stock.
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About Cisco Systems
Cisco Systems, Inc designs and sells a range of products, provides services and delivers integrated solutions to develop and connect networks around the world. The Company operates through three geographic segments: Americas; Europe, the Middle East and Africa (EMEA), and Asia Pacific, Japan and China (APJC).
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