Investors Buy Cisco Systems Inc. (CSCO) on Weakness
Investors bought shares of Cisco Systems Inc. (NASDAQ:CSCO) on weakness during trading on Friday. $102.63 million flowed into the stock on the tick-up and $56.08 million flowed out of the stock on the tick-down, for a money net flow of $46.55 million into the stock. Of all stocks tracked, Cisco Systems had the 9th highest net in-flow for the day. Cisco Systems traded down ($0.08) for the day and closed at $30.87
A number of brokerages have recently commented on CSCO. Credit Suisse Group AG reissued 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. Drexel Hamilton reissued 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. Sanford C. Bernstein reissued a “buy” rating on shares of Cisco Systems in a research report on Sunday, May 22nd. Zacks Investment Research raised shares of Cisco Systems from a “sell” rating to a “hold” rating in a report on Monday, May 23rd. Finally, Cowen and Company reaffirmed a “buy” rating on shares of Cisco Systems in a report on Tuesday, July 12th. One analyst has rated the stock with a sell rating, twelve have issued a hold rating and twenty-four have issued a buy rating to the company. The company currently has an average rating of “Buy” and a consensus price target of $30.98.
The stock has a market capitalization of $155.27 billion and a P/E ratio of 15.28. The company’s 50 day moving average is $29.88 and its 200 day moving average is $27.88.
Cisco Systems (NASDAQ:CSCO) last issued its earnings results 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. The firm earned $12 billion during 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. During the same period in the previous year, the firm earned $0.54 earnings per share. Analysts expect that Cisco Systems Inc. will post $2.33 EPS for the current year.
The business also recently declared a quarterly dividend, which was paid on Wednesday, July 27th. Investors of record on Thursday, July 7th were issued a $0.26 dividend. This represents a $1.04 annualized dividend and a yield of 3.37%. The ex-dividend date was Tuesday, July 5th.
In related news, Director Steven M. West sold 15,000 shares of Cisco Systems stock in a transaction on Wednesday, July 20th. The shares were sold at an average price of $30.20, for a total value of $453,000.00. Following the sale, the director now owns 26,804 shares in the company, valued at $809,480.80. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Chairman John T. Chambers sold 541,667 shares of Cisco Systems stock in a transaction on Thursday, May 26th. The shares were sold at an average price of $28.95, for a total transaction of $15,681,259.65. Following the completion of the sale, the chairman now owns 1,967,156 shares in the company, valued at approximately $56,949,166.20. The disclosure for this sale can be found here.
A number of hedge funds recently added to or reduced their stakes in the stock. Princeton Alpha Management LP bought a new stake in Cisco Systems during the fourth quarter valued at $1,264,000. MetLife Securities Inc boosted its stake in Cisco Systems by 70.1% in the fourth quarter. MetLife Securities Inc now owns 183,926 shares of the network equipment provider’s stock valued at $4,994,000 after buying an additional 75,774 shares during the period. Loudon Investment Management LLC boosted its stake in Cisco Systems by 1.1% in the fourth quarter. Loudon Investment Management LLC now owns 196,018 shares of the network equipment provider’s stock valued at $5,323,000 after buying an additional 2,219 shares during the period. Schaper Benz & Wise Investment Counsel Inc. WI boosted its stake in Cisco Systems by 0.3% in the fourth quarter. Schaper Benz & Wise Investment Counsel Inc. WI now owns 467,489 shares of the network equipment provider’s stock valued at $12,695,000 after buying an additional 1,550 shares during the period. Finally, Daiwa Securities Group Inc. boosted its stake in Cisco Systems by 52.1% in the fourth quarter. Daiwa Securities Group Inc. now owns 1,061,330 shares of the network equipment provider’s stock valued at $28,821,000 after buying an additional 363,369 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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