Piper Jaffray reissued their overweight rating on shares of Cisco Systems (NASDAQ:CSCO) in a research report sent to investors on Wednesday, The Fly reports. Piper Jaffray currently has a $49.00 price target on the network equipment provider’s stock, up from their prior price target of $48.00.
Several other research firms have also recently issued reports on CSCO. Citigroup raised their price target on Cisco Systems from $46.00 to $52.00 and gave the company a buy rating in a report on Friday, March 16th. Vetr upgraded Cisco Systems from a hold rating to a buy rating and set a $46.93 price target on the stock in a report on Monday, March 19th. Argus reiterated a buy rating and issued a $50.00 price target (up previously from $44.00) on shares of Cisco Systems in a report on Friday, February 16th. MKM Partners raised their price target on Cisco Systems to $48.00 and gave the company a neutral rating in a report on Friday, February 16th. Finally, Oppenheimer reiterated an outperform rating and issued a $50.00 price target (up previously from $46.00) on shares of Cisco Systems in a report on Friday, February 16th. Eleven investment analysts have rated the stock with a hold rating, twenty-four have assigned a buy rating and two have assigned a strong buy rating to the stock. The stock has a consensus rating of Buy and a consensus price target of $44.26.
Shares of NASDAQ:CSCO opened at $44.63 on Wednesday. Cisco Systems has a twelve month low of $30.36 and a twelve month high of $46.16. The firm has a market capitalization of $214,813.13, a PE ratio of 20.76, a price-to-earnings-growth ratio of 2.99 and a beta of 1.14. The company has a debt-to-equity ratio of 0.49, a current ratio of 2.43 and a quick ratio of 2.38.
Cisco Systems declared that its Board of Directors has initiated a share buyback program on Wednesday, February 14th that authorizes the company to buyback $25.00 billion in outstanding shares. This buyback authorization authorizes the network equipment provider to buy shares of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s management believes its shares are undervalued.
The business also recently announced a quarterly dividend, which will be paid on Wednesday, April 25th. Shareholders of record on Thursday, April 5th will be issued a dividend of $0.33 per share. The ex-dividend date of this dividend is Wednesday, April 4th. This represents a $1.32 dividend on an annualized basis and a yield of 2.96%. This is a boost from Cisco Systems’s previous quarterly dividend of $0.29. Cisco Systems’s dividend payout ratio (DPR) is 61.40%.
In other news, Director Arun Sarin sold 14,189 shares of the firm’s stock in a transaction dated Tuesday, February 20th. The stock was sold at an average price of $44.10, for a total transaction of $625,734.90. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, EVP David Goeckeler sold 20,671 shares of the firm’s stock in a transaction dated Thursday, March 15th. The stock was sold at an average price of $45.50, for a total value of $940,530.50. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 46,986 shares of company stock worth $2,116,422. Company insiders own 0.05% of the company’s stock.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Opes Advisors Inc raised its position in Cisco Systems by 0.6% in the 2nd quarter. Opes Advisors Inc now owns 7,475 shares of the network equipment provider’s stock valued at $236,000 after buying an additional 44 shares during the last quarter. Leisure Capital Management raised its position in Cisco Systems by 0.6% in the 2nd quarter. Leisure Capital Management now owns 7,454 shares of the network equipment provider’s stock valued at $233,000 after buying an additional 48 shares during the last quarter. GM Advisory Group Inc. raised its position in Cisco Systems by 0.3% in the 2nd quarter. GM Advisory Group Inc. now owns 19,548 shares of the network equipment provider’s stock valued at $612,000 after buying an additional 61 shares during the last quarter. Heritage Trust Co raised its position in Cisco Systems by 1.2% in the 2nd quarter. Heritage Trust Co now owns 8,381 shares of the network equipment provider’s stock valued at $262,000 after buying an additional 100 shares during the last quarter. Finally, Holt Capital Advisors L.L.C. dba Holt Capital Partners L.P. raised its position in Cisco Systems by 0.4% in the 2nd quarter. Holt Capital Advisors L.L.C. dba Holt Capital Partners L.P. now owns 30,850 shares of the network equipment provider’s stock valued at $966,000 after buying an additional 125 shares during the last quarter. 77.55% of the stock is currently owned by institutional investors.
About Cisco Systems
Cisco Systems, Inc designs, manufactures, and sells Internet Protocol (IP) based networking and other products related to the communications and information technology industry worldwide. The company offers switching products, including fixed-configuration and modular switches, and storage products that provide connectivity to end users, workstations, IP phones, wireless access points, and servers; and next-generation network routing products that interconnect public and private wireline and mobile networks for mobile, data, voice, and video applications.
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