Bank of America Reaffirms Buy Rating for Cisco Systems (NASDAQ:CSCO)

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

CSCO has been the topic of several other research reports. Jefferies Financial Group lifted their target price on shares of Nice to $166.00 and gave the stock a buy rating in a research note on Thursday, May 16th. MKM Partners lifted their target price on shares of Cisco Systems to $56.00 and gave the stock a neutral rating in a research note on Thursday, May 16th. Tigress Financial reaffirmed a buy rating on shares of Cisco Systems in a research note on Thursday, June 27th. KeyCorp reaffirmed a hold rating on shares of Tyler Technologies in a research note on Monday, March 25th. Finally, Goldman Sachs Group lifted their price target on MEG Energy from C$6.00 to C$7.00 in a report on Tuesday, April 16th. Seven investment analysts have rated the stock with a hold rating and twenty have assigned a buy rating to the company. Cisco Systems has a consensus rating of Buy and a consensus target price of $56.30.

Shares of CSCO opened at $57.95 on Wednesday. Cisco Systems has a 52-week low of $40.25 and a 52-week high of $58.15. The company has a debt-to-equity ratio of 0.43, a quick ratio of 1.64 and a current ratio of 1.69. The business’s fifty day simple moving average is $55.42. The firm has a market cap of $248.07 billion, a PE ratio of 24.76, a PEG ratio of 2.96 and a beta of 1.17.

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

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

In related news, EVP Mark D. Chandler sold 1,379 shares of the business’s stock in a transaction dated Wednesday, June 12th. The shares were sold at an average price of $55.94, for a total value of $77,141.26. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CFO Kelly A. Kramer sold 70,000 shares of the business’s stock in a transaction dated Thursday, May 30th. The shares were sold at an average price of $53.56, for a total transaction of $3,749,200.00. Following the completion of the sale, the chief financial officer now owns 349,122 shares in the company, valued at $18,698,974.32. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 95,129 shares of company stock worth $5,159,754. 0.03% of the stock is owned by insiders.

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Baystate Wealth Management LLC raised its holdings in Cisco Systems by 2.0% in the 2nd quarter. Baystate Wealth Management LLC now owns 10,228 shares of the network equipment provider’s stock valued at $600,000 after buying an additional 202 shares during the period. Barrow Hanley Mewhinney & Strauss LLC increased its stake in Cisco Systems by 6.1% during the fourth quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 3,609 shares of the network equipment provider’s stock worth $156,000 after purchasing an additional 207 shares during the period. Bigelow Investment Advisors LLC increased its stake in Cisco Systems by 0.5% during the fourth quarter. Bigelow Investment Advisors LLC now owns 44,515 shares of the network equipment provider’s stock worth $1,929,000 after purchasing an additional 235 shares during the period. Winfield Associates Inc. increased its stake in Cisco Systems by 3.0% during the second quarter. Winfield Associates Inc. now owns 8,250 shares of the network equipment provider’s stock worth $452,000 after purchasing an additional 239 shares during the period. Finally, Waldron Private Wealth LLC increased its stake in Cisco Systems by 1.5% during the third quarter. Waldron Private Wealth LLC now owns 16,212 shares of the network equipment provider’s stock worth $788,000 after purchasing an additional 242 shares during the period. Hedge funds and other institutional investors own 74.49% of the company’s stock.

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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Analyst Recommendations for Cisco Systems (NASDAQ:CSCO)

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