Cisco Systems’ (CSCO) “Buy” Rating Reiterated at Citigroup
Citigroup reaffirmed their buy rating on shares of Cisco Systems (NASDAQ:CSCO) in a research report released on Thursday morning, TipRanks reports. Citigroup currently has a $55.00 target price on the network equipment provider’s stock.
CSCO has been the subject of a number of other research reports. Robert W. Baird raised their price objective on Cisco Systems from $52.00 to $55.00 and gave the stock an outperform rating in a research report on Thursday. Nomura raised their price objective on Cisco Systems from $45.00 to $47.00 and gave the stock a neutral rating in a research report on Thursday. BidaskClub raised Cisco Systems from a sell rating to a hold rating in a research report on Thursday. Evercore ISI reissued a buy rating on shares of Cisco Systems in a research report on Sunday, December 15th. Finally, Zacks Investment Research raised Cisco Systems from a sell rating to a hold rating and set a $50.00 price objective for the company in a research report on Wednesday, January 15th. Twelve research analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the company’s stock. Cisco Systems currently has an average rating of Buy and an average price target of $54.41.
Shares of Cisco Systems stock traded down $0.35 during trading on Thursday, reaching $46.97. The company’s stock had a trading volume of 26,731,078 shares, compared to its average volume of 19,355,203. The company has a quick ratio of 1.64, a current ratio of 1.70 and a debt-to-equity ratio of 0.42. The company has a market cap of $207.32 billion, a price-to-earnings ratio of 18.71, a P/E/G ratio of 2.84 and a beta of 1.22. Cisco Systems has a 1-year low of $43.40 and a 1-year high of $58.26. The company has a 50-day simple moving average of $47.96 and a two-hundred day simple moving average of $47.93.
The company also recently declared a quarterly dividend, which will be paid on Wednesday, April 22nd. Shareholders of record on Friday, April 3rd will be given a dividend of $0.36 per share. The ex-dividend date of this dividend is Thursday, April 2nd. This represents a $1.44 dividend on an annualized basis and a yield of 3.07%. This is a boost from Cisco Systems’s previous quarterly dividend of $0.35. Cisco Systems’s payout ratio is currently 49.12%.
In other Cisco Systems news, CEO Charles Robbins sold 12,597 shares of Cisco Systems stock in a transaction dated Monday, November 18th. The stock was sold at an average price of $44.81, for a total transaction of $564,471.57. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Irving Tan sold 28,093 shares of Cisco Systems stock in a transaction dated Monday, November 25th. The shares were sold at an average price of $45.36, for a total value of $1,274,298.48. Following the transaction, the executive vice president now owns 151,587 shares of the company’s stock, valued at approximately $6,875,986.32. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 388,864 shares of company stock valued at $17,474,321. 0.03% of the stock is currently owned by insiders.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Cairn Investment Group Inc. purchased a new stake in Cisco Systems during the 4th quarter worth approximately $937,000. Evoke Wealth LLC acquired a new position in Cisco Systems in the third quarter valued at approximately $1,387,000. Beacon Financial Group lifted its holdings in Cisco Systems by 2.1% in the fourth quarter. Beacon Financial Group now owns 144,526 shares of the network equipment provider’s stock valued at $6,931,000 after acquiring an additional 3,005 shares during the last quarter. Eagle Asset Management Inc. raised its position in Cisco Systems by 10.3% in the third quarter. Eagle Asset Management Inc. now owns 3,195,050 shares of the network equipment provider’s stock valued at $157,867,000 after purchasing an additional 299,499 shares during the period. Finally, Russell Investments Group Ltd. raised its position in Cisco Systems by 11.2% in the fourth quarter. Russell Investments Group Ltd. now owns 2,415,950 shares of the network equipment provider’s stock valued at $115,517,000 after purchasing an additional 244,296 shares during the period. Institutional investors and hedge funds own 72.57% of the company’s stock.
Cisco Systems Company Profile
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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