Cisco Systems (CSCO) Reaches New 12-Month High Following Dividend Announcement
Cisco Systems, Inc. (NASDAQ:CSCO) shares hit a new 52-week high during trading on Monday following a dividend announcement from the company. The stock traded as high as $38.03 and last traded at $38.02, with a volume of 8112251 shares changing hands. The stock had previously closed at $37.61.
The newly announced dividend which will be paid on Wednesday, January 24th. Stockholders of record on Friday, January 5th will be given a dividend of $0.29 per share. This represents a $1.16 annualized dividend and a dividend yield of 3.06%. The ex-dividend date is Thursday, January 4th. Cisco Systems’s payout ratio is presently 60.10%.
CSCO has been the topic of several analyst reports. Royal Bank of Canada reaffirmed a “buy” rating and set a $36.00 price target on shares of Cisco Systems in a research report on Wednesday, November 15th. Vetr lowered Cisco Systems from a “buy” rating to a “hold” rating and set a $34.13 target price on the stock. in a research report on Monday, September 25th. Stifel Nicolaus set a $34.00 target price on Cisco Systems and gave the company a “hold” rating in a research report on Tuesday, August 15th. BMO Capital Markets reissued a “hold” rating and issued a $32.00 target price on shares of Cisco Systems in a research report on Thursday, September 28th. Finally, JMP Securities reissued a “market perform” rating on shares of Cisco Systems in a research report on Friday, August 18th. Two research analysts have rated the stock with a sell rating, fourteen have issued a hold rating and twenty-one have assigned a buy rating to the company. The stock presently has a consensus rating of “Buy” and a consensus target price of $36.90.
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 company has a market capitalization of $185,929.63, a P/E ratio of 17.33, a P/E/G ratio of 3.40 and a beta of 1.19.
Cisco Systems (NASDAQ:CSCO) last released its quarterly earnings data on Wednesday, November 15th. The network equipment provider reported $0.61 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.60 by $0.01. Cisco Systems had a net margin of 20.26% and a return on equity of 16.64%. The company had revenue of $12.14 billion during the quarter, compared to the consensus estimate of $12.11 billion. During the same quarter in the prior year, the firm posted $0.61 earnings per share. Cisco Systems’s revenue for the quarter was down 1.7% on a year-over-year basis. equities research analysts anticipate that Cisco Systems, Inc. will post 2.21 earnings per share for the current year.
In other Cisco Systems news, SVP Karen Walker sold 5,786 shares of the company’s stock in a transaction on Wednesday, November 22nd. The shares were sold at an average price of $36.49, for a total value of $211,131.14. Following the completion of the transaction, the senior vice president now owns 176,418 shares in the company, valued at $6,437,492.82. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, SVP Mark D. Chandler sold 65,000 shares of the company’s stock in a transaction on Monday, September 18th. The shares were sold at an average price of $32.43, for a total transaction of $2,107,950.00. The disclosure for this sale can be found here. Insiders sold 323,392 shares of company stock valued at $11,539,174 in the last 90 days. 0.05% of the stock is currently owned by insiders.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in CSCO. Barnett & Company Inc. raised its holdings in Cisco Systems by 1,511.5% during the second quarter. Barnett & Company Inc. now owns 3,223 shares of the network equipment provider’s stock worth $101,000 after purchasing an additional 3,023 shares in the last quarter. Tortoise Investment Management LLC raised its holdings in Cisco Systems by 36.1% during the second quarter. Tortoise Investment Management LLC now owns 3,309 shares of the network equipment provider’s stock worth $104,000 after purchasing an additional 878 shares in the last quarter. Mountain Capital Investment Advisors Inc purchased a new position in Cisco Systems during the second quarter worth about $104,000. Grove Bank & Trust raised its holdings in Cisco Systems by 141.3% during the second quarter. Grove Bank & Trust now owns 3,620 shares of the network equipment provider’s stock worth $113,000 after purchasing an additional 2,120 shares in the last quarter. Finally, Manchester Capital Management LLC raised its holdings in Cisco Systems by 10.7% during the second quarter. Manchester Capital Management LLC now owns 3,606 shares of the network equipment provider’s stock worth $113,000 after purchasing an additional 350 shares in the last quarter. Institutional investors own 75.78% of the company’s stock.
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About Cisco Systems
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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