Cisco Systems Inc. (CSCO) Updates Q2 Earnings Guidance
Cisco Systems Inc. (NASDAQ:CSCO) issued an update on its second quarter earnings guidance on Wednesday morning. The company provided earnings per share guidance of ~$0.55-0.57 for the period, compared to the Thomson Reuters consensus earnings per share estimate of $0.59. The company issued revenue guidance of down 2-4% to ~$11.27-11.51 billion, compared to the consensus revenue estimate of $12.15 billion.
Shares of Cisco Systems Inc. (NASDAQ:CSCO) traded down 0.41% during trading on Wednesday, reaching $31.57. 26,365,945 shares of the company were exchanged. Cisco Systems Inc. has a 1-year low of $22.46 and a 1-year high of $31.95. The stock’s 50 day moving average is $30.86 and its 200 day moving average is $29.93. The company has a market capitalization of $158.30 billion, a price-to-earnings ratio of 14.96 and a beta of 1.42.
Cisco Systems (NASDAQ:CSCO) last posted its quarterly earnings results on Wednesday, November 16th. The network equipment provider reported $0.61 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.59 by $0.02. The business earned $12.35 billion during the quarter, compared to analyst estimates of $12.34 billion. Cisco Systems had a net margin of 21.81% and a return on equity of 17.64%. The company’s revenue was down 2.6% on a year-over-year basis. During the same period in the prior year, the business posted $0.59 earnings per share. Equities analysts anticipate that Cisco Systems Inc. will post $2.43 earnings per share for the current year.
The business also recently announced a quarterly dividend, which was paid on Wednesday, October 26th. Investors of record on Wednesday, October 5th were given a dividend of $0.26 per share. The ex-dividend date of this dividend was Monday, October 3rd. This represents a $1.04 dividend on an annualized basis and a dividend yield of 3.29%. Cisco Systems’s dividend payout ratio is 49.06%.
A number of equities research analysts recently issued reports on CSCO shares. Vetr downgraded shares of Cisco Systems from a buy rating to a hold rating and set a $32.71 price target on the stock. in a research note on Monday, September 5th. RBC Capital Markets reaffirmed an outperform rating and set a $35.00 price target on shares of Cisco Systems in a research note on Sunday, September 4th. Deutsche Bank AG reaffirmed a buy rating and set a $35.00 price target on shares of Cisco Systems in a research note on Tuesday, September 6th. Raymond James Financial Inc. upped their price target on shares of Cisco Systems from $32.00 to $34.00 and gave the company an outperform rating in a research note on Friday, September 23rd. Finally, JMP Securities reaffirmed a market perform rating on shares of Cisco Systems in a research note on Wednesday, October 5th. One research analyst has rated the stock with a sell rating, twelve have given a hold rating, twenty-three have given a buy rating and one has assigned a strong buy rating to the company’s stock. The stock currently has an average rating of Buy and a consensus target price of $32.45.
In other Cisco Systems news, Director Roderick C. Mcgeary sold 15,000 shares of the stock in a transaction on Tuesday, August 23rd. The stock was sold at an average price of $30.91, for a total value of $463,650.00. Following the completion of the transaction, the director now owns 140,595 shares in the company, valued at $4,345,791.45. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, SVP Mark D. Chandler sold 25,024 shares of the stock in a transaction on Monday, August 22nd. The stock was sold at an average price of $30.44, for a total value of $761,730.56. Following the completion of the transaction, the senior vice president now owns 229,905 shares of the company’s stock, valued at approximately $6,998,308.20. The disclosure for this sale can be found here. 0.11% of the stock is owned by company insiders.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Prudential PLC raised its stake in Cisco Systems by 1.4% in the second quarter. Prudential PLC now owns 10,662,404 shares of the network equipment provider’s stock valued at $305,904,000 after buying an additional 142,324 shares during the period. PineBridge Investments L.P. raised its stake in Cisco Systems by 4.8% in the second quarter. PineBridge Investments L.P. now owns 1,084,565 shares of the network equipment provider’s stock valued at $31,116,000 after buying an additional 49,695 shares during the period. Sii Investments Inc. WI raised its stake in Cisco Systems by 21.1% in the second quarter. Sii Investments Inc. WI now owns 102,597 shares of the network equipment provider’s stock valued at $2,942,000 after buying an additional 17,860 shares during the period. National Planning Corp raised its stake in Cisco Systems by 4.5% in the second quarter. National Planning Corp now owns 51,875 shares of the network equipment provider’s stock valued at $1,588,000 after buying an additional 2,244 shares during the period. Finally, Principal Financial Group Inc. raised its stake in Cisco Systems by 1.6% in the second quarter. Principal Financial Group Inc. now owns 14,683,745 shares of the network equipment provider’s stock valued at $421,277,000 after buying an additional 231,102 shares during the period. Hedge funds and other institutional investors own 75.12% of the company’s stock.
About Cisco Systems
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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