Cisco Systems (NASDAQ:CSCO) had its price objective reduced by Royal Bank of Canada from $64.00 to $53.00 in a research report sent to investors on Thursday morning, Borsen Zeitung reports. Royal Bank of Canada currently has an outperform rating on the network equipment provider’s stock.
A number of other equities analysts have also weighed in on CSCO. Citigroup lowered their price target on shares of Cisco Systems from $65.00 to $57.00 and set a buy rating on the stock in a research report on Thursday. William Blair lowered shares of Cisco Systems from an outperform rating to a market perform rating and set a $56.10 price target on the stock. in a research report on Wednesday, June 12th. UBS Group set a $61.00 price target on shares of Cisco Systems and gave the stock a buy rating in a research report on Wednesday, June 26th. Bank of America restated a buy rating and set a $62.00 price target on shares of Cisco Systems in a research report on Wednesday, July 10th. Finally, Morgan Stanley boosted their price target on shares of Cisco Systems from $49.00 to $51.00 and gave the stock an equal weight rating in a research report on Thursday, May 16th. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating and twenty have given a buy rating to the stock. The company currently has an average rating of Buy and a consensus price target of $56.59.
Shares of NASDAQ CSCO opened at $46.96 on Thursday. The company’s 50-day simple moving average is $55.20 and its 200-day simple moving average is $53.85. Cisco Systems has a 52-week low of $40.25 and a 52-week high of $58.26. The firm has a market cap of $197.98 billion, a price-to-earnings ratio of 16.40, a price-to-earnings-growth ratio of 2.12 and a beta of 1.18. The company has a quick ratio of 1.64, a current ratio of 1.51 and a debt-to-equity ratio of 0.43.
The company also recently announced a quarterly dividend, which was paid on Wednesday, July 24th. Shareholders of record on Friday, July 5th were issued a $0.35 dividend. The ex-dividend date was Wednesday, July 3rd. This represents a $1.40 annualized dividend and a yield of 2.98%. Cisco Systems’s payout ratio is 49.12%.
In other Cisco Systems news, Director Steven M. West sold 20,000 shares of the business’s stock in a transaction dated Wednesday, June 12th. The shares were sold at an average price of $56.21, for a total value of $1,124,200.00. Following the transaction, the director now directly owns 5,263 shares in the company, valued at approximately $295,833.23. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible 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 transaction, 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. Insiders sold a total of 91,379 shares of company stock worth $4,950,541 over the last quarter. 0.03% of the stock is currently owned by company insiders.
Institutional investors have recently added to or reduced their stakes in the company. Evolution Wealth Advisors LLC purchased a new stake in Cisco Systems during the 2nd quarter worth approximately $33,000. Lowe Wealth Advisors LLC purchased a new stake in Cisco Systems during the 2nd quarter worth approximately $38,000. Personal Wealth Partners purchased a new stake in Cisco Systems during the 2nd quarter worth approximately $44,000. Ashburton Jersey Ltd purchased a new stake in Cisco Systems during the 2nd quarter worth approximately $49,000. Finally, Cohen & Steers Inc. purchased a new stake in Cisco Systems during the 4th quarter worth approximately $51,000. 73.73% 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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