Cisco Systems, Inc. (CSCO) Sees Significant Decline in Short Interest
Cisco Systems, Inc. (NASDAQ:CSCO) was the target of a large decline in short interest during the month of July. As of July 14th, there was short interest totalling 34,852,728 shares, a decline of 4.6% from the June 30th total of 36,528,644 shares. Approximately 0.7% of the shares of the company are sold short. Based on an average daily volume of 16,830,464 shares, the days-to-cover ratio is presently 2.1 days.
Cisco Systems (NASDAQ CSCO) opened at 31.57 on Friday. The stock has a market capitalization of $157.85 billion, a price-to-earnings ratio of 16.03 and a beta of 1.24. The company has a 50-day moving average price of $31.57 and a 200 day moving average price of $32.44. Cisco Systems has a 12 month low of $29.12 and a 12 month high of $34.60.
Cisco Systems (NASDAQ:CSCO) last issued its quarterly earnings results on Wednesday, May 17th. The network equipment provider reported $0.60 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.58 by $0.02. The company had revenue of $11.94 billion during the quarter, compared to the consensus estimate of $11.90 billion. Cisco Systems had a return on equity of 17.31% and a net margin of 20.61%. Cisco Systems’s revenue was down .5% on a year-over-year basis. During the same period in the previous year, the firm posted $0.57 EPS. Equities analysts predict that Cisco Systems will post $2.38 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which was paid on Wednesday, July 26th. Shareholders of record on Friday, July 7th were issued a $0.29 dividend. The ex-dividend date was Wednesday, July 5th. This represents a $1.16 annualized dividend and a yield of 3.67%. Cisco Systems’s dividend payout ratio (DPR) is presently 58.29%.
In other Cisco Systems news, SVP Rebecca Jacoby sold 92,840 shares of the business’s stock in a transaction dated Wednesday, June 14th. The stock was sold at an average price of $31.71, for a total transaction of $2,943,956.40. Following the sale, the senior vice president now owns 271,725 shares in the company, valued at approximately $8,616,399.75. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider John T. Chambers sold 295,537 shares of the business’s stock in a transaction dated Wednesday, May 24th. The shares were sold at an average price of $31.52, for a total value of $9,315,326.24. The disclosure for this sale can be found here. In the last quarter, insiders have sold 396,179 shares of company stock worth $12,503,407. Company insiders own 0.11% of the company’s stock.
A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Barings LLC increased its position in shares of Cisco Systems by 14.9% in the fourth quarter. Barings LLC now owns 254,366 shares of the network equipment provider’s stock valued at $7,687,000 after buying an additional 32,900 shares during the period. Santa Barbara Asset Management LLC acquired a new position in shares of Cisco Systems during the fourth quarter valued at $58,476,000. Mayo Investment Advisers LLC increased its position in shares of Cisco Systems by 12.2% in the fourth quarter. Mayo Investment Advisers LLC now owns 456,250 shares of the network equipment provider’s stock valued at $13,788,000 after buying an additional 49,450 shares during the period. Asset Management Group Inc. increased its position in shares of Cisco Systems by 0.8% in the fourth quarter. Asset Management Group Inc. now owns 13,196 shares of the network equipment provider’s stock valued at $399,000 after buying an additional 107 shares during the period. Finally, First Hawaiian Bank acquired a new position in shares of Cisco Systems during the first quarter valued at $215,000. Institutional investors own 75.39% of the company’s stock.
CSCO has been the topic of several research analyst reports. Zacks Investment Research downgraded Cisco Systems from a “hold” rating to a “sell” rating in a research note on Tuesday, April 18th. Morgan Stanley upgraded Cisco Systems from an “equal weight” rating to an “overweight” rating and boosted their price target for the company from $33.45 to $39.00 in a research note on Monday, May 15th. Credit Suisse Group upgraded Cisco Systems from an “underperform” rating to an “outperform” rating and boosted their price target for the company from $27.00 to $40.00 in a research note on Thursday, April 27th. Barclays PLC reiterated an “overweight” rating on shares of Cisco Systems in a research note on Saturday, April 22nd. Finally, Vetr upgraded Cisco Systems from a “buy” rating to a “strong-buy” rating and set a $37.32 price target on the stock in a research note on Tuesday, April 11th. Thirteen research analysts have rated the stock with a hold rating and twenty-three have given a buy rating to the stock. Cisco Systems currently has an average rating of “Buy” and an average price target of $35.31.
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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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