KeyCorp Cuts Cisco Systems (NASDAQ:CSCO) Price Target to $56.00

Share on StockTwits

Cisco Systems (NASDAQ:CSCO) had its price target reduced by KeyCorp from $60.00 to $56.00 in a research report sent to investors on Thursday, BenzingaRatingsTable reports. They currently have an overweight rating on the network equipment provider’s stock.

CSCO has been the subject of several other reports. Morgan Stanley lifted their target price on Cisco Systems from $49.00 to $51.00 and gave the stock an equal weight rating in a research note on Thursday, May 16th. William Blair downgraded Cisco Systems from an outperform rating to a market perform rating and set a $56.10 price target for the company. in a research note on Wednesday, June 12th. Credit Suisse Group restated a neutral rating and issued a $52.00 price target (up from $47.00) on shares of Cisco Systems in a research note on Thursday, May 16th. UBS Group set a $61.00 price target on Cisco Systems and gave the company a buy rating in a research note on Wednesday, June 26th. Finally, BidaskClub downgraded Cisco Systems from a hold rating to a sell rating in a research note on Wednesday, August 7th. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating and twenty have given a buy rating to the company’s stock. The stock has a consensus rating of Buy and an average target price of $56.59.

Shares of NASDAQ CSCO opened at $46.96 on Thursday. The company has a current ratio of 1.51, a quick ratio of 1.64 and a debt-to-equity ratio of 0.43. Cisco Systems has a 12 month low of $40.25 and a 12 month high of $58.26. The stock has a 50 day moving average of $55.20 and a 200-day moving average of $53.85. The company has a market capitalization of $197.98 billion, a P/E ratio of 16.40, a P/E/G ratio of 2.12 and a beta of 1.18.

Cisco Systems (NASDAQ:CSCO) last issued its earnings results on Wednesday, August 14th. The network equipment provider reported $0.83 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.82 by $0.01. Cisco Systems had a return on equity of 32.43% and a net margin of 22.39%. The company had revenue of $13.43 billion during the quarter, compared to the consensus estimate of $13.39 billion. During the same period in the previous year, the company posted $0.70 EPS. The firm’s revenue for the quarter was up 4.5% compared to the same quarter last year. Analysts predict that Cisco Systems will post 3.11 EPS for the current fiscal year.

The business also recently announced a quarterly dividend, which was paid on Wednesday, July 24th. Stockholders of record on Friday, July 5th were given a dividend of $0.35 per share. The ex-dividend date was Wednesday, July 3rd. This represents a $1.40 dividend on an annualized basis and a dividend yield of 2.98%. Cisco Systems’s payout ratio is 49.12%.

In other news, Director Steven M. West sold 20,000 shares of the company’s stock in a transaction on Wednesday, June 12th. The stock was sold at an average price of $56.21, for a total transaction of $1,124,200.00. Following the completion of the sale, the director now directly owns 5,263 shares in the company, valued at approximately $295,833.23. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CFO Kelly A. Kramer sold 70,000 shares of the company’s stock in a transaction on Thursday, May 30th. The shares were sold at an average price of $53.56, for a total value of $3,749,200.00. Following the sale, the chief financial officer now owns 349,122 shares of the company’s stock, valued at $18,698,974.32. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 91,379 shares of company stock valued at $4,950,541. Corporate insiders own 0.03% of the company’s stock.

Several institutional investors have recently bought and sold shares of the company. Pioneer Trust Bank N A OR raised its stake in shares of Cisco Systems by 11.9% during the fourth quarter. Pioneer Trust Bank N A OR now owns 143,120 shares of the network equipment provider’s stock valued at $6,202,000 after purchasing an additional 15,200 shares during the period. Kanawha Capital Management LLC increased its stake in shares of Cisco Systems by 1.2% in the fourth quarter. Kanawha Capital Management LLC now owns 229,160 shares of the network equipment provider’s stock worth $9,930,000 after buying an additional 2,745 shares during the last quarter. Assenagon Asset Management S.A. bought a new stake in shares of Cisco Systems in the fourth quarter worth $1,755,000. Bartlett & Co. LLC increased its stake in shares of Cisco Systems by 2.9% in the fourth quarter. Bartlett & Co. LLC now owns 50,092 shares of the network equipment provider’s stock worth $2,170,000 after buying an additional 1,400 shares during the last quarter. Finally, Paulson Wealth Management Inc. increased its stake in shares of Cisco Systems by 18.4% in the fourth quarter. Paulson Wealth Management Inc. now owns 7,280 shares of the network equipment provider’s stock worth $326,000 after buying an additional 1,129 shares during the last quarter. 73.73% of the stock is owned by institutional investors.

Cisco Systems Company Profile

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.

Further Reading: How is an ETF different from a mutual fund?

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.