Cisco Systems’ (CSCO) Buy Rating Reiterated at Bank of America

Bank of America reissued their buy rating on shares of Cisco Systems (NASDAQ:CSCO) in a research note released on Wednesday morning, AnalystRatings.com reports. They currently have a $62.00 target price on the network equipment provider’s stock.

Several other brokerages have also issued reports on CSCO. JPMorgan Chase & Co. assumed coverage on SEA in a research note on Wednesday, June 12th. They set an overweight rating and a $36.00 price target on the stock. Morgan Stanley set a $100.00 price target on Cimarex Energy and gave the company a buy rating in a research note on Thursday, May 16th. William Blair lowered Medidata Solutions from an outperform rating to a market perform rating in a research note on Wednesday, June 12th. Oppenheimer assumed coverage on Pareteum in a research note on Friday, April 26th. They set an outperform rating and a $7.00 price target on the stock. Finally, Tigress Financial restated a buy rating on shares of Cisco Systems in a research note on Thursday, June 27th. Seven research analysts have rated the stock with a hold rating and twenty have given a buy rating to the company. Cisco Systems has a consensus rating of Buy and an average price target of $56.30.

Shares of CSCO opened at $57.95 on Wednesday. Cisco Systems has a 12-month low of $40.25 and a 12-month high of $58.15. The company has a quick ratio of 1.64, a current ratio of 1.69 and a debt-to-equity ratio of 0.43. The company has a market capitalization of $248.07 billion, a price-to-earnings ratio of 24.76, a price-to-earnings-growth ratio of 2.93 and a beta of 1.17. The firm’s 50-day moving average price is $55.42.

Cisco Systems (NASDAQ:CSCO) last issued its quarterly earnings results on Wednesday, May 15th. The network equipment provider reported $0.78 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.77 by $0.01. Cisco Systems had a return on equity of 29.88% and a net margin of 25.76%. The firm had revenue of $12.96 billion for the quarter, compared to analyst estimates of $12.89 billion. During the same period in the previous year, the company posted $0.66 earnings per share. The company’s quarterly revenue was up 4.0% compared to the same quarter last year. On average, equities research analysts expect that Cisco Systems will post 2.8 earnings per share for the current fiscal year.

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, July 24th. Shareholders of record on Friday, July 5th will be issued a dividend of $0.35 per share. This represents a $1.40 dividend on an annualized basis and a yield of 2.42%. The ex-dividend date of this dividend is Wednesday, July 3rd. Cisco Systems’s payout ratio is 59.83%.

In other Cisco Systems news, CFO Kelly A. Kramer sold 70,000 shares of Cisco Systems stock in a transaction that occurred on Thursday, May 30th. The stock was sold at an average price of $53.56, for a total transaction of $3,749,200.00. Following the sale, the chief financial officer now directly owns 349,122 shares of the company’s stock, valued at $18,698,974.32. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Mark D. Chandler sold 3,750 shares of Cisco Systems stock in a transaction that occurred on Monday, May 20th. The shares were sold at an average price of $55.79, for a total value of $209,212.50. The disclosure for this sale can be found here. Insiders have sold 95,129 shares of company stock worth $5,159,754 over the last ninety days. Company insiders own 0.03% of the company’s stock.

Institutional investors and hedge funds have recently made changes to their positions in the company. Truewealth LLC boosted its holdings in shares of Cisco Systems by 6.7% in the 4th quarter. Truewealth LLC now owns 14,170 shares of the network equipment provider’s stock worth $614,000 after acquiring an additional 890 shares in the last quarter. Lynch & Associates IN boosted its holdings in shares of Cisco Systems by 1.1% in the 4th quarter. Lynch & Associates IN now owns 143,122 shares of the network equipment provider’s stock worth $6,201,000 after acquiring an additional 1,544 shares in the last quarter. Steward Partners Investment Advisory LLC boosted its holdings in shares of Cisco Systems by 107.1% in the 4th quarter. Steward Partners Investment Advisory LLC now owns 407,383 shares of the network equipment provider’s stock worth $17,651,000 after acquiring an additional 210,659 shares in the last quarter. Eastern Bank boosted its holdings in shares of Cisco Systems by 0.3% in the 4th quarter. Eastern Bank now owns 112,876 shares of the network equipment provider’s stock worth $4,892,000 after acquiring an additional 354 shares in the last quarter. Finally, IHT Wealth Management LLC boosted its holdings in shares of Cisco Systems by 12.7% in the 4th quarter. IHT Wealth Management LLC now owns 28,846 shares of the network equipment provider’s stock worth $1,250,000 after acquiring an additional 3,240 shares in the last quarter. 74.49% of the stock is currently owned by institutional investors and hedge funds.

About Cisco Systems

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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