Cisco Systems, Inc. (NASDAQ:CSCO) – KeyCorp increased their Q3 2018 earnings per share estimates for Cisco Systems in a report released on Wednesday. KeyCorp analyst A. Kurtz now anticipates that the network equipment provider will post earnings per share of $0.58 for the quarter, up from their prior estimate of $0.56. KeyCorp currently has a “Overweight” rating and a $49.00 target price on the stock. KeyCorp also issued estimates for Cisco Systems’ Q1 2019 earnings at $0.57 EPS, Q2 2019 earnings at $0.58 EPS, Q3 2019 earnings at $0.63 EPS and Q4 2019 earnings at $0.69 EPS.
A number of other research firms also recently commented on CSCO. Royal Bank of Canada reiterated a “buy” rating and set a $36.00 target price on shares of Cisco Systems in a research report on Wednesday, November 15th. BidaskClub upgraded Cisco Systems from a “buy” rating to a “strong-buy” rating in a research report on Friday, January 5th. Vetr upgraded Cisco Systems from a “buy” rating to a “strong-buy” rating and set a $44.13 target price on the stock in a research report on Monday, February 5th. BMO Capital Markets boosted their target price on Cisco Systems from $36.00 to $43.00 and gave the stock a “market perform” rating in a research report on Thursday, February 15th. Finally, ValuEngine upgraded Cisco Systems from a “hold” rating to a “buy” rating in a research report on Friday, February 2nd. Twelve equities research analysts have rated the stock with a hold rating, twenty-four have issued a buy rating and one has assigned a strong buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and a consensus price target of $43.57.
Cisco Systems (NASDAQ:CSCO) last announced its quarterly earnings data on Wednesday, February 14th. The network equipment provider reported $0.63 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.59 by $0.04. Cisco Systems had a positive return on equity of 17.77% and a negative net margin of 3.00%. The firm had revenue of $11.89 billion for the quarter, compared to analyst estimates of $11.82 billion. During the same quarter in the prior year, the company posted $0.57 earnings per share.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. grew its stake in shares of Cisco Systems by 2.2% in the second quarter. Vanguard Group Inc. now owns 352,120,694 shares of the network equipment provider’s stock valued at $11,021,378,000 after buying an additional 7,411,891 shares in the last quarter. Bank of New York Mellon Corp grew its stake in shares of Cisco Systems by 12.8% in the fourth quarter. Bank of New York Mellon Corp now owns 122,958,272 shares of the network equipment provider’s stock valued at $4,709,302,000 after buying an additional 13,927,416 shares in the last quarter. Ameriprise Financial Inc. grew its stake in shares of Cisco Systems by 23.6% in the third quarter. Ameriprise Financial Inc. now owns 62,709,508 shares of the network equipment provider’s stock valued at $2,109,614,000 after buying an additional 11,972,070 shares in the last quarter. Geode Capital Management LLC grew its stake in shares of Cisco Systems by 1.7% in the fourth quarter. Geode Capital Management LLC now owns 55,764,986 shares of the network equipment provider’s stock valued at $2,131,581,000 after buying an additional 909,507 shares in the last quarter. Finally, Dimensional Fund Advisors LP grew its stake in shares of Cisco Systems by 6.5% in the third quarter. Dimensional Fund Advisors LP now owns 48,741,535 shares of the network equipment provider’s stock valued at $1,639,089,000 after buying an additional 2,987,682 shares in the last quarter. Hedge funds and other institutional investors own 75.06% of the company’s stock.
In related news, CAO Prat Bhatt sold 2,606 shares of the stock in a transaction dated Wednesday, November 22nd. The stock was sold at an average price of $36.49, for a total transaction of $95,092.94. Following the transaction, the chief accounting officer now directly owns 89,184 shares in the company, valued at $3,254,324.16. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, SVP Rebecca Jacoby sold 75,021 shares of the stock in a transaction dated Tuesday, December 19th. The stock was sold at an average price of $38.42, for a total value of $2,882,306.82. Following the transaction, the senior vice president now owns 257,476 shares in the company, valued at $9,892,227.92. The disclosure for this sale can be found here. Insiders have sold 348,643 shares of company stock worth $12,892,271 over the last quarter. 0.05% of the stock is currently owned by company insiders.
Cisco Systems announced that its board has initiated a share repurchase plan on Wednesday, February 14th that authorizes the company to repurchase $25.00 billion in shares. This repurchase authorization authorizes the network equipment provider to buy shares of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s board believes its shares are undervalued.
The firm also recently announced a quarterly dividend, which will be paid on Wednesday, April 25th. Investors of record on Thursday, April 5th will be given a dividend of $0.33 per share. The ex-dividend date of this dividend is Wednesday, April 4th. This is an increase from Cisco Systems’s previous quarterly dividend of $0.29. This represents a $1.32 annualized dividend and a yield of 2.97%. Cisco Systems’s dividend payout ratio is -362.50%.
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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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