Cisco Systems Inc. (CSCO) Reaches New 1-Year High at $29.99
Cisco Systems Inc. (NASDAQ:CSCO) hit a new 52-week high on Monday . The company traded as high as $29.99 and last traded at $29.97, with a volume of 11,473,274 shares changing hands. The stock had previously closed at $29.82.
A number of brokerages have weighed in on CSCO. Oppenheimer Holdings Inc. reissued an “outperform” rating and issued a $30.00 price target on shares of Cisco Systems in a report on Monday, May 2nd. Sanford C. Bernstein reaffirmed a “buy” rating on shares of Cisco Systems in a research note on Sunday, May 22nd. Credit Suisse Group AG reaffirmed a “sell” rating and set a $24.00 price objective (up from $22.00) on shares of Cisco Systems in a research note 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 for the company. in a research note on Monday, May 23rd. Finally, Drexel Hamilton reaffirmed a “buy” rating and set a $36.00 price objective (up from $34.00) on shares of Cisco Systems in a research note on Saturday, May 14th. One analyst has rated the stock with a sell rating, eleven have given a hold rating and twenty-six have issued a buy rating to the company. The stock presently has a consensus rating of “Buy” and a consensus target price of $30.92.
The firm’s 50-day moving average is $28.92 and its 200-day moving average is $27.12. The firm has a market cap of $150.44 billion and a price-to-earnings ratio of 14.81.
Cisco Systems (NASDAQ:CSCO) last posted its earnings results on Wednesday, May 18th. The network equipment provider reported $0.57 EPS for the quarter, beating the consensus estimate of $0.55 by $0.02. The firm earned $12 billion during the quarter, compared to the consensus estimate of $11.97 billion. Cisco Systems’s revenue for the quarter was down 1.1% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.54 earnings per share. On average, equities analysts forecast that Cisco Systems Inc. will post $2.33 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Wednesday, July 27th. Shareholders of record on Thursday, July 7th will be given a $0.26 dividend. The ex-dividend date is Tuesday, July 5th. This represents a $1.04 annualized dividend and a yield of 3.48%.
In other news, CMO Karen Walker sold 7,802 shares of the stock in a transaction dated Wednesday, June 15th. The stock was sold at an average price of $28.50, for a total value of $222,357.00. Following the completion of the sale, the chief marketing officer now owns 175,250 shares of the company’s stock, valued at $4,994,625. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, EVP Pankaj Patel sold 9,891 shares of the stock in a transaction dated Thursday, June 23rd. The shares were sold at an average price of $29.03, for a total value of $287,135.73. Following the completion of the sale, the executive vice president now directly owns 356,307 shares of the company’s stock, valued at approximately $10,343,592.21. The disclosure for this sale can be found here.
Several large investors recently modified their holdings of the stock. KBC Group NV boosted its stake in shares of Cisco Systems by 9.8% in the fourth quarter. KBC Group NV now owns 1,268,499 shares of the network equipment provider’s stock valued at $34,446,000 after buying an additional 113,393 shares during the last quarter. Stack Financial Management Inc bought a new stake in shares of Cisco Systems during the fourth quarter valued at $32,281,000. Buckingham Capital Management Inc. boosted its stake in shares of Cisco Systems by 3.8% in the third quarter. Buckingham Capital Management Inc. now owns 168,138 shares of the network equipment provider’s stock valued at $4,414,000 after buying an additional 6,211 shares during the last quarter. Dimensional Fund Advisors LP boosted its stake in shares of Cisco Systems by 3.6% in the fourth quarter. Dimensional Fund Advisors LP now owns 32,258,594 shares of the network equipment provider’s stock valued at $876,088,000 after buying an additional 1,121,239 shares during the last quarter. Finally, Opus Investment Management Inc. boosted its stake in shares of Cisco Systems by 81.9% in the fourth quarter. Opus Investment Management Inc. now owns 151,000 shares of the network equipment provider’s stock valued at $4,100,000 after buying an additional 68,000 shares during the last quarter.
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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