Cisco Systems (CSCO) Hits New 1-Year High After Dividend Announcement

Cisco Systems, Inc. (NASDAQ:CSCO) hit a new 52-week high during mid-day trading on Monday following a dividend announcement from the company. The company traded as high as $38.03 and last traded at $38.02, with a volume of 8112251 shares traded. 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 issued a dividend of $0.29 per share. This represents a $1.16 dividend on an annualized basis and a dividend yield of 3.05%. Cisco Systems’s payout ratio is currently 60.10%.

A number of analysts have recently issued reports on the company. Sanford C. Bernstein reiterated an “outperform” rating and set a $38.00 target price on shares of Cisco Systems in a report on Sunday, August 20th. BMO Capital Markets reiterated a “hold” rating and set a $32.00 target price on shares of Cisco Systems in a report on Thursday, September 28th. Vetr cut Cisco Systems from a “hold” rating to a “sell” rating and set a $35.93 target price for the company. in a report on Wednesday, November 29th. JMP Securities reiterated a “market perform” rating on shares of Cisco Systems in a report on Friday, August 18th. Finally, Berenberg Bank set a $33.00 target price on Cisco Systems and gave the stock a “hold” rating in a report on Thursday, August 17th. Two investment analysts have rated the stock with a sell rating, fourteen have issued a hold rating and twenty-one have issued a buy rating to the stock. The stock presently has an average rating of “Buy” and an average target price of $36.90.

The company has a market capitalization of $185,929.63, a PE ratio of 17.33, a PEG ratio of 3.40 and a beta of 1.19. The company has a debt-to-equity ratio of 0.39, a quick ratio of 2.81 and a current ratio of 2.87.

Cisco Systems (NASDAQ:CSCO) last announced its earnings results on Wednesday, November 15th. The network equipment provider reported $0.61 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.60 by $0.01. Cisco Systems had a return on equity of 16.64% and a net margin of 20.26%. The company had revenue of $12.14 billion for the quarter, compared to analyst estimates of $12.11 billion. During the same period in the prior year, the company posted $0.61 EPS. Cisco Systems’s quarterly revenue was down 1.7% on a year-over-year basis. sell-side analysts expect that Cisco Systems, Inc. will post 2.21 EPS for the current fiscal year.

In related news, CAO Prat Bhatt sold 25,638 shares of the company’s stock in a transaction that occurred on Wednesday, September 13th. The stock was sold at an average price of $32.06, for a total transaction of $821,954.28. Following the sale, the chief accounting officer now directly owns 119,996 shares of the company’s stock, valued at approximately $3,847,071.76. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CEO Charles Robbins sold 121,390 shares of the company’s stock in a transaction that occurred on Wednesday, September 13th. The shares were sold at an average price of $32.06, for a total value of $3,891,763.40. Following the sale, the chief executive officer now directly owns 552,694 shares in the company, valued at $17,719,369.64. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 493,530 shares of company stock worth $16,993,798. 0.05% of the stock is currently owned by corporate insiders.

Hedge funds have recently bought and sold shares of the stock. Vantage Financial Partners Ltd. Inc. acquired a new stake in shares of Cisco Systems during the 2nd quarter valued at approximately $231,000. Barnett & Company Inc. increased its position in Cisco Systems by 1,511.5% in the second quarter. Barnett & Company Inc. now owns 3,223 shares of the network equipment provider’s stock worth $101,000 after buying an additional 3,023 shares during the period. Tortoise Investment Management LLC increased its position in Cisco Systems by 36.1% in the second quarter. Tortoise Investment Management LLC now owns 3,309 shares of the network equipment provider’s stock worth $104,000 after buying an additional 878 shares during the period. Mountain Capital Investment Advisors Inc acquired a new stake in Cisco Systems in the second quarter worth $104,000. Finally, Manchester Capital Management LLC increased its position in Cisco Systems by 10.7% in the second quarter. Manchester Capital Management LLC now owns 3,606 shares of the network equipment provider’s stock worth $113,000 after buying an additional 350 shares during the period. 75.78% of the stock is currently owned by institutional investors and hedge funds.

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Cisco Systems Company Profile

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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