Bank of America Upgrades Cisco Systems (CSCO) to Buy
Bank of America upgraded shares of Cisco Systems (NASDAQ:CSCO) from a neutral rating to a buy rating in a report issued on Friday morning, MarketBeat Ratings reports. The brokerage currently has $46.00 target price on the network equipment provider’s stock, up from their prior target price of $38.99. The analysts noted that the move was a valuation call.
CSCO has been the subject of a number of other reports. Oppenheimer reaffirmed a buy rating and issued a $36.00 price objective on shares of Cisco Systems in a research report on Friday, October 20th. Robert W. Baird reaffirmed a buy rating and issued a $38.00 price objective on shares of Cisco Systems in a research report on Monday, September 11th. Wells Fargo & Co reaffirmed an outperform rating and issued a $42.00 price objective on shares of Cisco Systems in a research report on Tuesday, November 14th. ValuEngine raised Cisco Systems from a hold rating to a buy rating in a research report on Tuesday, September 26th. Finally, Vetr raised Cisco Systems from a sell rating to a hold rating and set a $38.01 price objective for the company in a research report on Wednesday, December 27th. One analyst has rated the stock with a sell rating, twelve have given a hold rating, twenty-two have given a buy rating and one has assigned a strong buy rating to the company’s stock. Cisco Systems currently has an average rating of Buy and a consensus price target of $37.66.
Shares of Cisco Systems (CSCO) traded up $0.54 during midday trading on Friday, reaching $39.53. The company had a trading volume of 24,586,502 shares, compared to its average volume of 23,747,352. Cisco Systems has a 1 year low of $29.80 and a 1 year high of $39.88. The company has a quick ratio of 2.81, a current ratio of 2.87 and a debt-to-equity ratio of 0.39. The firm has a market capitalization of $196,980.00, a PE ratio of 20.48, a PEG ratio of 3.57 and a beta of 1.19.
Cisco Systems (NASDAQ:CSCO) last issued its quarterly earnings results on Wednesday, November 15th. The network equipment provider reported $0.61 EPS for the quarter, beating the consensus estimate of $0.60 by $0.01. Cisco Systems had a return on equity of 16.64% and a net margin of 20.26%. The firm had revenue of $12.14 billion during the quarter, compared to analysts’ expectations of $12.11 billion. During the same period in the prior year, the firm posted $0.61 earnings per share. The business’s quarterly revenue was down 1.7% compared to the same quarter last year. sell-side analysts forecast that Cisco Systems will post 2.21 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Wednesday, January 24th. Stockholders of record on Friday, January 5th will be paid a dividend of $0.29 per share. The ex-dividend date of this dividend is Thursday, January 4th. This represents a $1.16 dividend on an annualized basis and a dividend yield of 2.93%. Cisco Systems’s dividend payout ratio (DPR) is currently 60.10%.
In other Cisco Systems news, insider John T. Chambers sold 250,000 shares of the firm’s stock in a transaction on Wednesday, November 22nd. The stock was sold at an average price of $36.50, for a total transaction of $9,125,000.00. Following the transaction, the insider now owns 712,736 shares in the company, valued at approximately $26,014,864. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, SVP Karen Walker sold 5,786 shares of the firm’s stock in a transaction on Wednesday, November 22nd. The stock was sold at an average price of $36.49, for a total value of $211,131.14. Following the transaction, the senior vice president now owns 176,418 shares in the company, valued at approximately $6,437,492.82. The disclosure for this sale can be found here. In the last quarter, insiders have sold 348,643 shares of company stock worth $12,892,271. 0.05% of the stock is owned by corporate insiders.
A number of institutional investors have recently bought and sold shares of CSCO. Barnett & Company Inc. increased its stake in shares of Cisco Systems by 1,511.5% in the 2nd quarter. Barnett & Company Inc. now owns 3,223 shares of the network equipment provider’s stock valued at $101,000 after purchasing an additional 3,023 shares during the last quarter. Tortoise Investment Management LLC increased its stake in shares of Cisco Systems by 36.1% in the 2nd quarter. Tortoise Investment Management LLC now owns 3,309 shares of the network equipment provider’s stock valued at $104,000 after purchasing an additional 878 shares during the last quarter. Mountain Capital Investment Advisors Inc bought a new position in shares of Cisco Systems in the 2nd quarter valued at $104,000. Grove Bank & Trust increased its stake in shares of Cisco Systems by 141.3% in the 2nd quarter. Grove Bank & Trust now owns 3,620 shares of the network equipment provider’s stock valued at $113,000 after purchasing an additional 2,120 shares during the last quarter. Finally, Manchester Capital Management LLC increased its stake in shares of Cisco Systems by 10.7% in the 2nd quarter. Manchester Capital Management LLC now owns 3,606 shares of the network equipment provider’s stock valued at $113,000 after purchasing an additional 350 shares during the last quarter. Hedge funds and other institutional investors own 75.55% of the company’s stock.
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Cisco Systems Company Profile
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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