Investors Buy Cisco Systems Inc. (CSCO) on Weakness
Investors purchased shares of Cisco Systems Inc. (NASDAQ:CSCO) on weakness during trading hours on Thursday. $116.26 million flowed into the stock on the tick-up and $75.64 million flowed out of the stock on the tick-down, for a money net flow of $40.62 million into the stock. Of all companies tracked, Cisco Systems had the 10th highest net in-flow for the day. Cisco Systems traded down ($0.24) for the day and closed at $30.52
A number of research firms recently weighed in on CSCO. Oppenheimer Holdings Inc. reissued an “outperform” rating and set a $30.00 price target on shares of Cisco Systems in a research report on Monday, May 2nd. Sanford C. Bernstein reissued a “buy” rating on shares of Cisco Systems in a research report on Sunday, May 22nd. Credit Suisse Group AG reaffirmed a “sell” rating and issued a $24.00 price objective (up previously from $22.00) on shares of Cisco Systems in a research report on Saturday, May 14th. They noted that the move was a valuation call. Vetr lowered shares of Cisco Systems from a “buy” rating to a “hold” rating and set a $28.75 price objective on the stock. in a research report on Monday, May 23rd. Finally, Drexel Hamilton reaffirmed a “buy” rating and issued a $36.00 price objective (up previously from $34.00) on shares of Cisco Systems in a research report on Saturday, May 14th. One research analyst has rated the stock with a sell rating, twelve have given a hold rating and twenty-six have given a buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and an average price target of $31.04.
The stock has a market cap of $153.51 billion and a P/E ratio of 15.11. The company’s 50 day moving average is $29.28 and its 200 day moving average is $27.37.
Cisco Systems (NASDAQ:CSCO) last posted its quarterly earnings data on Wednesday, May 18th. The network equipment provider reported $0.57 EPS for the quarter, topping the consensus estimate of $0.55 by $0.02. During the same period in the previous year, the firm earned $0.54 earnings per share. The firm had revenue of $12 billion for the quarter, compared to analysts’ expectations of $11.97 billion. The firm’s quarterly revenue was down 1.1% compared to the same quarter last year. On average, analysts predict that Cisco Systems Inc. will post $2.33 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which was paid on Wednesday, July 27th. Stockholders of record on Thursday, July 7th were given a dividend of $0.26 per share. The ex-dividend date was Tuesday, July 5th. This represents a $1.04 annualized dividend and a dividend yield of 3.41%.
In other news, Director Steven M. West sold 15,000 shares of Cisco Systems stock in a transaction on Wednesday, July 20th. The stock was sold at an average price of $30.20, for a total transaction of $453,000.00. Following the completion of the sale, the director now directly owns 26,804 shares in the company, valued at $809,480.80. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, EVP Pankaj Patel sold 4,133 shares of Cisco Systems stock in a transaction on Monday, June 20th. The stock was sold at an average price of $29.02, for a total value of $119,939.66. Following the sale, the executive vice president now owns 359,174 shares of the company’s stock, valued at $10,423,229.48. The disclosure for this sale can be found here.
Several hedge funds have added to or reduced their stakes in CSCO. Roof Eidam & Maycock ADV increased its stake in Cisco Systems by 0.4% in the fourth quarter. Roof Eidam & Maycock ADV now owns 37,625 shares of the network equipment provider’s stock valued at $1,022,000 after buying an additional 150 shares during the period. Westport Resources Management Inc. increased its stake in Cisco Systems by 6.1% in the fourth quarter. Westport Resources Management Inc. now owns 38,335 shares of the network equipment provider’s stock valued at $1,041,000 after buying an additional 2,200 shares during the period. Stuyvesant Capital Management increased its stake in Cisco Systems by 3.1% in the fourth quarter. Stuyvesant Capital Management now owns 40,606 shares of the network equipment provider’s stock valued at $1,103,000 after buying an additional 1,225 shares during the period. LMR Partners LLP acquired a new stake in Cisco Systems during the fourth quarter valued at $1,106,000. Finally, Investors Capital Advisory Services increased its stake in Cisco Systems by 4.7% in the fourth quarter. Investors Capital Advisory Services now owns 40,910 shares of the network equipment provider’s stock valued at $1,109,000 after buying an additional 1,829 shares during the period.
Cisco System, Inc (Cisco) designs and sells lines of products, provides services and delivers integrated solutions to develop and connect networks around the world, building the Internet. The Company is engaged in designing, manufacturing and selling Internet Protocol (IP)-based networking and other products related to the communications and information technology (IT) industry, and provides services associated with these products and their use.
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