Traders sold shares of Cisco Systems, Inc. (NASDAQ:CSCO) on strength during trading on Tuesday. $146.32 million flowed into the stock on the tick-up and $233.15 million flowed out of the stock on the tick-down, for a money net flow of $86.83 million out of the stock. Of all stocks tracked, Cisco Systems had the 8th highest net out-flow for the day. Cisco Systems traded up $0.39 for the day and closed at $56.95
CSCO has been the subject of several recent analyst reports. Citigroup increased their target price on Cisco Systems from $52.00 to $56.00 and gave the company a “buy” rating in a research note on Thursday, February 14th. Credit Suisse Group increased their target price on Cisco Systems from $44.00 to $47.00 and gave the company a “neutral” rating in a research note on Thursday, February 14th. Goldman Sachs Group downgraded Cisco Systems from a “conviction-buy” rating to a “buy” rating and increased their target price for the company from $58.00 to $62.00 in a research note on Tuesday. Bank of America restated a “buy” rating and set a $56.00 target price on shares of Cisco Systems in a research note on Thursday, February 14th. Finally, KeyCorp increased their target price on Cisco Systems from $55.00 to $58.00 and gave the company an “overweight” rating in a research note on Monday, March 25th. Seven equities research analysts have rated the stock with a hold rating, nineteen have given a buy rating and one has given a strong buy rating to the company. Cisco Systems presently has a consensus rating of “Buy” and a consensus target price of $53.75.
The company has a quick ratio of 1.74, a current ratio of 1.80 and a debt-to-equity ratio of 0.39. The stock has a market capitalization of $271.18 billion, a P/E ratio of 24.34, a P/E/G ratio of 2.93 and a beta of 1.22.
The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, April 24th. Shareholders of record on Friday, April 5th will be given a $0.35 dividend. The ex-dividend date is Thursday, April 4th. This represents a $1.40 dividend on an annualized basis and a dividend yield of 2.46%. This is an increase from Cisco Systems’s previous quarterly dividend of $0.33. Cisco Systems’s dividend payout ratio (DPR) is currently 59.83%.
Cisco Systems announced that its Board of Directors has approved a share buyback program on Wednesday, February 13th that permits the company to repurchase $15.00 billion in shares. This repurchase authorization permits the network equipment provider to buy up to 6.5% of its stock through open market purchases. Stock repurchase programs are generally a sign that the company’s management believes its shares are undervalued.
In other Cisco Systems news, Director Roderick C. Mcgeary sold 15,000 shares of the firm’s stock in a transaction that occurred on Tuesday, February 19th. The stock was sold at an average price of $49.66, for a total value of $744,900.00. Following the completion of the sale, the director now owns 102,898 shares in the company, valued at approximately $5,109,914.68. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP David Goeckeler sold 30,000 shares of the firm’s stock in a transaction that occurred on Tuesday, March 12th. The stock was sold at an average price of $52.07, for a total value of $1,562,100.00. Following the completion of the sale, the executive vice president now owns 419,439 shares of the company’s stock, valued at approximately $21,840,188.73. The disclosure for this sale can be found here. Insiders sold a total of 115,000 shares of company stock valued at $5,926,000 in the last quarter. Corporate insiders own 0.03% of the company’s stock.
Several hedge funds have recently made changes to their positions in the business. Phocas Financial Corp. acquired a new position in shares of Cisco Systems in the 4th quarter worth approximately $26,000. Stone House Investment Management LLC bought a new position in shares of Cisco Systems in the 1st quarter worth $27,000. Essex Investment Management Co. LLC bought a new position in shares of Cisco Systems in the 4th quarter worth $29,000. Horan Securities Inc. boosted its position in shares of Cisco Systems by 663.0% in the 4th quarter. Horan Securities Inc. now owns 763 shares of the network equipment provider’s stock worth $33,000 after purchasing an additional 663 shares during the last quarter. Finally, Portfolio Solutions LLC bought a new position in Cisco Systems during the fourth quarter worth about $48,000. Institutional investors own 69.14% of the company’s stock.
ILLEGAL ACTIVITY NOTICE: This report was reported by Community Financial News and is the property of of Community Financial News. If you are reading this report on another website, it was illegally stolen and republished in violation of U.S. & international copyright law. The correct version of this report can be read at https://www.com-unik.info/2019/04/16/traders-sell-shares-of-cisco-systems-csco-on-strength-csco.html.
Cisco Systems Company Profile (NASDAQ:CSCO)
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.
Recommended Story: Day Trading
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.