Cisco Systems, Inc. (CSCO) Reaches New 1-Year High Following Earnings Beat

Cisco Systems, Inc. (NASDAQ:CSCO)’s share price hit a new 52-week high during trading on Thursday after the company announced better than expected quarterly earnings. The company traded as high as $36.23 and last traded at $36.23, with a volume of 38400000 shares changing hands. The stock had previously closed at $36.04.

The network equipment provider reported $0.61 EPS for the quarter, topping the consensus estimate of $0.60 by $0.01. The business had revenue of $12.14 billion during the quarter, compared to analysts’ expectations of $12.11 billion. Cisco Systems had a net margin of 20.02% and a return on equity of 16.91%. The firm’s quarterly revenue was down 1.7% compared to the same quarter last year. During the same period last year, the company posted $0.61 earnings per share.

The business also recently declared a quarterly dividend, which was paid on Wednesday, October 25th. Investors of record on Thursday, October 5th were issued a dividend of $0.29 per share. This represents a $1.16 annualized dividend and a dividend yield of 3.40%. The ex-dividend date of this dividend was Wednesday, October 4th. Cisco Systems’s dividend payout ratio is currently 60.10%.

Several equities analysts recently weighed in on the stock. Jefferies Group LLC raised their price objective on shares of Cisco Systems to $40.00 and gave the company a “buy” rating in a research report on Thursday. Deutsche Bank AG raised their price objective on shares of Cisco Systems from $40.00 to $45.00 and gave the company a “buy” rating in a research report on Thursday. Bank of America Corporation raised their price objective on shares of Cisco Systems from $35.00 to $37.00 and gave the company a “neutral” rating in a research report on Thursday. Vetr raised shares of Cisco Systems from a “hold” rating to a “buy” rating and set a $35.02 price objective on the stock in a research report on Wednesday, September 6th. Finally, Robert W. Baird reaffirmed a “buy” rating and set a $38.00 price objective on shares of Cisco Systems in a research report on Monday, September 11th. One research analyst has rated the stock with a sell rating, fourteen have issued a hold rating and twenty-two have issued a buy rating to the company. The company presently has a consensus rating of “Buy” and a consensus price target of $36.15.

In other Cisco Systems news, CEO Charles Robbins sold 121,390 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 $3,891,763.40. Following the completion of the transaction, the chief executive officer now owns 552,694 shares of the company’s stock, valued at approximately $17,719,369.64. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, 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 value of $821,954.28. Following the transaction, the chief accounting officer now directly owns 119,996 shares of the company’s stock, valued at approximately $3,847,071.76. The disclosure for this sale can be found here. Insiders sold a total of 485,138 shares of company stock valued at $15,347,574 over the last quarter. 0.05% of the stock is owned by insiders.

Large investors have recently added to or reduced their stakes in the business. Boston Partners raised its stake in shares of Cisco Systems by 304.2% during the 1st quarter. Boston Partners now owns 30,563,666 shares of the network equipment provider’s stock worth $1,033,052,000 after purchasing an additional 23,002,159 shares in the last quarter. Ameriprise Financial Inc. raised its stake in shares of Cisco Systems by 23.6% during the 3rd quarter. Ameriprise Financial Inc. now owns 62,709,508 shares of the network equipment provider’s stock worth $2,109,614,000 after purchasing an additional 11,972,070 shares in the last quarter. Stifel Financial Corp raised its stake in shares of Cisco Systems by 6,109.5% during the 3rd quarter. Stifel Financial Corp now owns 8,147,775 shares of the network equipment provider’s stock worth $273,977,000 after purchasing an additional 8,016,561 shares in the last quarter. Vanguard Group Inc. raised its stake in shares of Cisco Systems by 2.2% during the 2nd quarter. Vanguard Group Inc. now owns 352,120,694 shares of the network equipment provider’s stock worth $11,021,378,000 after purchasing an additional 7,411,891 shares in the last quarter. Finally, American Century Companies Inc. raised its stake in shares of Cisco Systems by 54.2% during the 2nd quarter. American Century Companies Inc. now owns 14,362,422 shares of the network equipment provider’s stock worth $449,544,000 after purchasing an additional 5,049,326 shares in the last quarter. 75.22% of the stock is owned by hedge funds and other institutional investors.

The firm has a market capitalization of $179,400.00, a P/E ratio of 15.69, a PEG ratio of 2.98 and a beta of 1.15. The company has a debt-to-equity ratio of 0.39, a current ratio of 3.03 and a quick ratio of 2.98.

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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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