Cisco Systems Inc. (CSCO) Releases Quarterly Earnings Results, Beats Expectations By $0.02 EPS
Cisco Systems Inc. (NASDAQ:CSCO) issued its quarterly earnings results on Wednesday. The network equipment provider reported $0.61 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.59 by $0.02. Cisco Systems had a net margin of 21.81% and a return on equity of 17.64%. The company earned $12.35 billion during the quarter, compared to analyst estimates of $12.34 billion. During the same quarter last year, the business posted $0.59 EPS. Cisco Systems’s quarterly revenue was down 2.6% compared to the same quarter last year.
Shares of Cisco Systems (NASDAQ:CSCO) traded down 0.41% on Wednesday, hitting $31.57. 26,197,030 shares of the stock were exchanged. The stock has a market cap of $158.30 billion, a PE ratio of 14.96 and a beta of 1.42. The company’s 50 day moving average is $30.86 and its 200-day moving average is $29.93. Cisco Systems has a 52-week low of $22.46 and a 52-week high of $31.95.
The company also recently disclosed a quarterly dividend, which was paid on Wednesday, October 26th. Stockholders of record on Wednesday, October 5th were given a $0.26 dividend. This represents a $1.04 dividend on an annualized basis and a dividend yield of 3.29%. The ex-dividend date of this dividend was Monday, October 3rd. Cisco Systems’s payout ratio is currently 49.06%.
CSCO has been the subject of a number of recent research reports. Vetr lowered shares of Cisco Systems from a “buy” rating to a “hold” rating and set a $32.71 price objective for the company. in a research note on Monday, September 5th. Jefferies Group restated a “buy” rating and set a $35.00 price target on shares of Cisco Systems in a research report on Monday, August 29th. Deutsche Bank AG boosted their price target on shares of Cisco Systems from $35.00 to $37.00 and gave the company a “buy” rating in a research report on Wednesday, September 14th. Raymond James Financial Inc. boosted their price target on shares of Cisco Systems from $32.00 to $34.00 and gave the company an “outperform” rating in a research report on Friday, September 23rd. Finally, Bank of America Corp. restated a “neutral” rating and set a $33.00 price target on shares of Cisco Systems in a research report on Monday, September 26th. One analyst has rated the stock with a sell rating, twelve have assigned a hold rating, twenty-three have assigned a buy rating and one has given a strong buy rating to the company. The company has an average rating of “Buy” and an average price target of $32.45.
In other news, CEO Charles Robbins sold 148,800 shares of the stock in a transaction dated Tuesday, September 13th. The shares were sold at an average price of $31.01, for a total transaction of $4,614,288.00. Following the sale, the chief executive officer now owns 629,813 shares of the company’s stock, valued at $19,530,501.13. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Carol Bartz sold 15,000 shares of the stock in a transaction dated Thursday, August 25th. The stock was sold at an average price of $31.25, for a total transaction of $468,750.00. Following the sale, the director now directly owns 23,104 shares in the company, valued at approximately $722,000. The disclosure for this sale can be found here. Insiders own 0.11% of the company’s stock.
Several hedge funds have recently modified their holdings of CSCO. Nelson Van Denburg & Campbell Wealth Management Group LLC boosted its stake in shares of Cisco Systems by 112.3% in the third quarter. Nelson Van Denburg & Campbell Wealth Management Group LLC now owns 3,418 shares of the network equipment provider’s stock valued at $108,000 after buying an additional 1,808 shares in the last quarter. Mark Sheptoff Financial Planning LLC boosted its stake in shares of Cisco Systems by 27.2% in the third quarter. Mark Sheptoff Financial Planning LLC now owns 4,000 shares of the network equipment provider’s stock valued at $127,000 after buying an additional 856 shares in the last quarter. Baldwin Brothers Inc. MA boosted its stake in shares of Cisco Systems by 4.9% in the third quarter. Baldwin Brothers Inc. MA now owns 4,092 shares of the network equipment provider’s stock valued at $130,000 after buying an additional 193 shares in the last quarter. Westbourne Investment Advisors Inc. acquired a new stake in shares of Cisco Systems during the second quarter valued at about $149,000. Finally, Pinkerton Retirement Specialists LLC boosted its stake in shares of Cisco Systems by 887.0% in the second quarter. Pinkerton Retirement Specialists LLC now owns 5,221 shares of the network equipment provider’s stock valued at $150,000 after buying an additional 4,692 shares in the last quarter. 75.12% of the stock is currently owned by institutional investors and hedge funds.
Cisco Systems Company Profile
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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