Cisco Systems (NASDAQ:CSCO) Shares Down 2.4%

Cisco Systems, Inc. (NASDAQ:CSCO) was down 2.4% during trading on Friday . The stock traded as low as $54.81 and last traded at $54.85. Approximately 11,413,566 shares traded hands during trading, a decline of 45% from the average daily volume of 20,892,544 shares. The stock had previously closed at $56.17.

A number of brokerages recently issued reports on CSCO. Citigroup boosted their price objective on Cisco Systems from $52.00 to $56.00 and gave the company a “buy” rating in a research note on Thursday, February 14th. Jefferies Financial Group upped their price objective on shares of Cisco Systems to $55.00 and gave the stock a “buy” rating in a research report on Thursday, February 14th. They noted that the move was a valuation call. Bank of America restated a “buy” rating and issued a $56.00 price objective on shares of Cisco Systems in a research report on Thursday, February 14th. KeyCorp upped their price objective on shares of Cisco Systems from $53.00 to $55.00 and gave the stock an “overweight” rating in a research report on Thursday, February 14th. Finally, Credit Suisse Group upped their target price on Cisco Systems from $44.00 to $47.00 and gave the stock a “neutral” rating in a research note on Thursday, February 14th. Seven analysts have rated the stock with a hold rating and nineteen have given a buy rating to the stock. The company presently has a consensus rating of “Buy” and a consensus target price of $55.92.

The company has a current ratio of 1.69, a quick ratio of 1.64 and a debt-to-equity ratio of 0.43. The company has a market cap of $239.12 billion, a P/E ratio of 23.40, a P/E/G ratio of 2.85 and a beta of 1.21.

Cisco Systems (NASDAQ:CSCO) last posted its quarterly earnings data on Wednesday, May 15th. The network equipment provider reported $0.78 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.77 by $0.01. The company had revenue of $12.96 billion for the quarter, compared to the consensus estimate of $12.89 billion. Cisco Systems had a net margin of 25.76% and a return on equity of 29.88%. The business’s revenue was up 4.0% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.66 EPS. Research analysts expect that Cisco Systems, Inc. will post 2.8 earnings per share for the current fiscal year.

The company also recently announced a quarterly dividend, which will be paid on Wednesday, July 24th. Shareholders of record on Friday, July 5th will be paid a $0.35 dividend. This represents a $1.40 annualized dividend and a yield of 2.56%. The ex-dividend date is Wednesday, July 3rd. Cisco Systems’s payout ratio is presently 59.83%.

In other Cisco Systems news, EVP Mark D. Chandler sold 1,379 shares of Cisco Systems stock in a transaction on Wednesday, June 12th. The shares were sold at an average price of $55.94, for a total transaction of $77,141.26. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, Director Wesley G. Bush purchased 10,000 shares of the business’s stock in a transaction that occurred on Friday, June 7th. The stock was bought at an average cost of $55.74 per share, for a total transaction of $557,400.00. Following the completion of the acquisition, the director now directly owns 3,017 shares in the company, valued at approximately $168,167.58. The disclosure for this purchase can be found here. Insiders sold 75,129 shares of company stock valued at $4,035,554 in the last quarter. Corporate insiders own 0.03% of the company’s stock.

Institutional investors and hedge funds have recently made changes to their positions in the company. Bank of New York Mellon Corp raised its holdings in Cisco Systems by 193,168.7% in the third quarter. Bank of New York Mellon Corp now owns 104,741,949 shares of the network equipment provider’s stock worth $5,095,693,000 after purchasing an additional 104,687,754 shares in the last quarter. Oregon Public Employees Retirement Fund lifted its position in shares of Cisco Systems by 3,130.4% in the fourth quarter. Oregon Public Employees Retirement Fund now owns 68,193,317 shares of the network equipment provider’s stock valued at $1,574,000 after acquiring an additional 66,082,350 shares in the last quarter. Geode Capital Management LLC lifted its position in shares of Cisco Systems by 11.2% in the fourth quarter. Geode Capital Management LLC now owns 64,506,078 shares of the network equipment provider’s stock valued at $2,790,865,000 after acquiring an additional 6,516,314 shares in the last quarter. Northern Trust Corp lifted its position in shares of Cisco Systems by 1.3% in the fourth quarter. Northern Trust Corp now owns 63,754,084 shares of the network equipment provider’s stock valued at $2,762,464,000 after acquiring an additional 813,544 shares in the last quarter. Finally, Norges Bank purchased a new position in shares of Cisco Systems in the fourth quarter valued at approximately $2,164,695,000. Hedge funds and other institutional investors own 74.60% of the company’s stock.

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Cisco Systems Company Profile (NASDAQ:CSCO)

Cisco Systems, Inc designs, manufactures, and sells Internet Protocol based networking and other products related to the communications and information technology industry worldwide. The company offers switching products; routing products that interconnect public and private wireline and mobile networks; data center products; and wireless access points for use in voice, video, and data applications.

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