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

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

Several other research firms have also recently commented on CSCO. Credit Suisse Group upped their price target on Johnson & Johnson from $152.00 to $156.00 and gave the stock an outperform rating in a research note on Thursday, May 16th. BidaskClub cut Xencor from a sell rating to a strong sell rating in a research note on Tuesday, June 11th. UBS Group set a $13.00 price target on Freeport-McMoRan and gave the stock a hold rating in a research note on Wednesday, June 26th. KeyCorp restated a hold rating on shares of Tyler Technologies in a research note on Monday, March 25th. Finally, Goldman Sachs Group upped their price target on MEG Energy from C$6.00 to C$7.00 in a research note on Tuesday, April 16th. Seven investment analysts have rated the stock with a hold rating and twenty have given a buy rating to the company. Cisco Systems has an average rating of Buy and an average target price of $56.30.

Shares of NASDAQ CSCO opened at $57.95 on Wednesday. The company has a debt-to-equity ratio of 0.43, a quick ratio of 1.64 and a current ratio of 1.69. Cisco Systems has a twelve month low of $40.25 and a twelve month high of $58.15. The company has a 50 day moving average price of $55.42. The stock has a market capitalization of $248.07 billion, a PE ratio of 24.76, a P/E/G ratio of 2.96 and a beta of 1.17.

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

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

In other Cisco Systems news, EVP Mark D. Chandler sold 3,750 shares of the stock in a transaction on Monday, May 20th. The stock was sold at an average price of $55.79, for a total value of $209,212.50. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Kelly A. Kramer sold 70,000 shares of the stock in a transaction on Thursday, May 30th. The stock was sold at an average price of $53.56, for a total value of $3,749,200.00. Following the completion of the transaction, the chief financial officer now owns 349,122 shares of the company’s stock, valued at approximately $18,698,974.32. The disclosure for this sale can be found here. Insiders sold 95,129 shares of company stock valued at $5,159,754 in the last quarter. 0.03% of the stock is currently owned by company insiders.

Large investors have recently added to or reduced their stakes in the business. Lido Advisors LLC raised its holdings in shares of Cisco Systems by 12.2% in the 3rd quarter. Lido Advisors LLC now owns 69,460 shares of the network equipment provider’s stock worth $3,379,000 after acquiring an additional 7,557 shares during the last quarter. CapWealth Advisors LLC raised its holdings in shares of Cisco Systems by 0.8% in the 3rd quarter. CapWealth Advisors LLC now owns 397,170 shares of the network equipment provider’s stock worth $19,322,000 after acquiring an additional 3,240 shares during the last quarter. Trust Investment Advisors raised its holdings in shares of Cisco Systems by 2.9% in the 3rd quarter. Trust Investment Advisors now owns 41,725 shares of the network equipment provider’s stock worth $2,030,000 after acquiring an additional 1,175 shares during the last quarter. LPL Financial LLC raised its holdings in shares of Cisco Systems by 10.6% in the 3rd quarter. LPL Financial LLC now owns 1,520,553 shares of the network equipment provider’s stock worth $73,975,000 after acquiring an additional 145,254 shares during the last quarter. Finally, Pacer Advisors Inc. raised its holdings in shares of Cisco Systems by 29.1% in the 3rd quarter. Pacer Advisors Inc. now owns 507,244 shares of the network equipment provider’s stock worth $24,677,000 after acquiring an additional 114,426 shares during the last quarter. Hedge funds and other institutional investors own 74.49% of the company’s stock.

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.

Featured Story: What are the advantages to having securities held in street name?

Analyst Recommendations for Cisco Systems (NASDAQ:CSCO)

Receive News & Ratings for Cisco Systems Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Cisco Systems and related companies with MarketBeat.com's FREE daily email newsletter.