Cisco Systems, Inc. (CSCO) Posts Earnings Results, Meets Estimates
Cisco Systems, Inc. (NASDAQ:CSCO) announced its earnings results on Wednesday. The network equipment provider reported $0.61 earnings per share for the quarter, hitting the Zacks’ consensus estimate of $0.61, Briefing.com reports. The company had revenue of $12.13 billion for the quarter, compared to analyst estimates of $12.07 billion. Cisco Systems had a return on equity of 17.31% and a net margin of 20.61%. The firm’s quarterly revenue was down 4.0% compared to the same quarter last year. During the same quarter last year, the company earned $0.63 earnings per share. Cisco Systems updated its Q1 guidance to $0.59-0.61 EPS.
Shares of Cisco Systems (CSCO) traded down 4.02% during mid-day trading on Thursday, reaching $31.04. The company had a trading volume of 53,288,773 shares. The firm has a 50-day moving average of $31.51 and a 200-day moving average of $32.56. Cisco Systems has a 12-month low of $29.12 and a 12-month high of $34.60. The company has a market capitalization of $155.20 billion, a P/E ratio of 15.76 and a beta of 1.24. Cisco Systems also was the target of unusually large options trading activity on Tuesday. Stock investors bought 24,568 put options on the stock. This represents an increase of 223% compared to the average daily volume of 7,606 put options.
The company also recently announced a quarterly dividend, which was paid on Wednesday, July 26th. Investors of record on Friday, July 7th were given a $0.29 dividend. This represents a $1.16 dividend on an annualized basis and a yield of 3.74%. The ex-dividend date of this dividend was Wednesday, July 5th. Cisco Systems’s payout ratio is 58.29%.
A number of research firms have commented on CSCO. Berenberg Bank set a $33.00 price objective on Cisco Systems and gave the stock a “hold” rating in a research note on Saturday, July 1st. Sanford C. Bernstein set a $38.00 price objective on Cisco Systems and gave the stock a “buy” rating in a research note on Saturday, July 1st. Credit Suisse Group restated a “buy” rating on shares of Cisco Systems in a research note on Thursday, August 10th. Stifel Nicolaus set a $34.00 price objective on Cisco Systems and gave the stock a “hold” rating in a research note on Tuesday. Finally, Robert W. Baird set a $38.00 price objective on Cisco Systems and gave the stock a “buy” rating in a research note on Thursday. Fourteen analysts have rated the stock with a hold rating and twenty-two have issued a buy rating to the stock. The company currently has a consensus rating of “Buy” and an average target price of $35.38.
In other Cisco Systems news, SVP Karen Walker sold 7,802 shares of the firm’s stock in a transaction dated Tuesday, June 13th. The shares were sold at an average price of $31.29, for a total value of $244,124.58. Following the completion of the sale, the senior vice president now directly owns 178,577 shares in the company, valued at $5,587,674.33. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider John T. Chambers sold 295,537 shares of the firm’s stock in a transaction dated Wednesday, May 24th. The stock was sold at an average price of $31.52, for a total transaction of $9,315,326.24. The disclosure for this sale can be found here. Insiders sold 396,179 shares of company stock valued at $12,503,407 over the last 90 days. 0.11% of the stock is currently owned by company insiders.
A number of hedge funds have recently modified their holdings of the company. First Hawaiian Bank bought a new stake in shares of Cisco Systems during the first quarter valued at approximately $215,000. Dodge & Cox bought a new stake in shares of Cisco Systems during the fourth quarter valued at approximately $1,950,935,000. Hefty Wealth Partners raised its stake in shares of Cisco Systems by 15,679.3% in the first quarter. Hefty Wealth Partners now owns 68,482 shares of the network equipment provider’s stock valued at $2,314,000 after buying an additional 68,048 shares during the period. Syntal Capital Partners LLC bought a new stake in shares of Cisco Systems during the first quarter valued at approximately $257,000. Finally, Atlas Brown Inc. raised its stake in shares of Cisco Systems by 4.6% in the second quarter. Atlas Brown Inc. now owns 9,777 shares of the network equipment provider’s stock valued at $306,000 after buying an additional 430 shares during the period. Institutional investors and hedge funds own 75.28% of the company’s stock.
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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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