Cisco Systems (NASDAQ:CSCO) Receives “Buy” Rating from Citigroup
Citigroup reaffirmed their buy rating on shares of Cisco Systems (NASDAQ:CSCO) in a research note published on Thursday morning, TipRanks reports. Citigroup currently has a $55.00 price objective on the network equipment provider’s stock.
Several other equities research analysts also recently weighed in on CSCO. Robert W. Baird boosted their target price on shares of Cisco Systems from $52.00 to $55.00 and gave the stock an outperform rating in a research report on Thursday. Piper Jaffray Companies downgraded shares of Cisco Systems from an overweight rating to a neutral rating and dropped their target price for the stock from $55.00 to $51.00 in a research report on Monday, November 11th. Royal Bank of Canada set a $56.00 price target on shares of Cisco Systems and gave the company a buy rating in a report on Wednesday, November 13th. Raymond James decreased their price target on shares of Cisco Systems from $55.00 to $54.00 and set an outperform rating for the company in a report on Thursday. Finally, Edward Jones raised shares of Cisco Systems from a hold rating to a buy rating in a report on Thursday, December 12th. Twelve equities research analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the company. Cisco Systems has a consensus rating of Buy and a consensus price target of $54.41.
Shares of NASDAQ:CSCO traded down $0.35 during midday trading on Thursday, hitting $46.97. 26,731,078 shares of the company’s stock traded hands, compared to its average volume of 19,355,203. The company has a debt-to-equity ratio of 0.42, a quick ratio of 1.64 and a current ratio of 1.70. The company has a market cap of $207.32 billion, a PE ratio of 18.71, a P/E/G ratio of 2.84 and a beta of 1.22. The firm’s fifty day moving average price is $47.96 and its two-hundred day moving average price is $47.93. Cisco Systems has a twelve month low of $43.40 and a twelve month high of $58.26.
The company also recently announced a quarterly dividend, which will be paid on Wednesday, April 22nd. Shareholders of record on Friday, April 3rd will be paid a dividend of $0.36 per share. This represents a $1.44 dividend on an annualized basis and a yield of 3.07%. This is a positive change from Cisco Systems’s previous quarterly dividend of $0.35. The ex-dividend date is Thursday, April 2nd. Cisco Systems’s payout ratio is presently 49.12%.
In other news, CFO Kelly A. Kramer sold 70,000 shares of the company’s stock in a transaction that occurred on Wednesday, November 27th. The shares were sold at an average price of $45.19, for a total value of $3,163,300.00. Following the completion of the sale, the chief financial officer now directly owns 352,587 shares of the company’s stock, valued at approximately $15,933,406.53. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, EVP Irving Tan sold 28,093 shares of the company’s stock in a transaction that occurred on Monday, November 25th. The stock was sold at an average price of $45.36, for a total transaction of $1,274,298.48. Following the completion of the sale, the executive vice president now directly owns 151,587 shares of the company’s stock, valued at $6,875,986.32. The disclosure for this sale can be found here. Insiders have sold a total of 388,864 shares of company stock valued at $17,474,321 over the last three months. 0.03% of the stock is currently owned by company insiders.
Large investors have recently modified their holdings of the company. State Street Corp raised its holdings in shares of Cisco Systems by 0.6% during the fourth quarter. State Street Corp now owns 187,545,264 shares of the network equipment provider’s stock valued at $8,994,671,000 after acquiring an additional 1,132,414 shares during the period. FMR LLC increased its stake in Cisco Systems by 13.1% in the 4th quarter. FMR LLC now owns 36,607,406 shares of the network equipment provider’s stock valued at $1,755,691,000 after buying an additional 4,244,954 shares during the period. Fisher Asset Management LLC increased its stake in Cisco Systems by 2.8% in the 3rd quarter. Fisher Asset Management LLC now owns 30,517,061 shares of the network equipment provider’s stock valued at $1,507,848,000 after buying an additional 839,300 shares during the period. Loomis Sayles & Co. L P increased its stake in Cisco Systems by 3.3% in the 4th quarter. Loomis Sayles & Co. L P now owns 23,480,734 shares of the network equipment provider’s stock valued at $1,126,137,000 after buying an additional 743,907 shares during the period. Finally, Massachusetts Financial Services Co. MA increased its stake in Cisco Systems by 13.1% in the 3rd quarter. Massachusetts Financial Services Co. MA now owns 21,589,214 shares of the network equipment provider’s stock valued at $1,066,724,000 after buying an additional 2,496,113 shares during the period. 72.57% of the stock is owned by institutional investors.
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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