Cisco Systems (CSCO) Shares Gap Up Following Strong Earnings
Cisco Systems, Inc. (NASDAQ:CSCO)’s share price gapped up prior to trading on Thursday after the company announced better than expected quarterly earnings. The stock had previously closed at $41.95, but opened at $43.86. Cisco Systems shares last traded at $45.16, with a volume of 48496300 shares changing hands.
The network equipment provider reported $0.70 EPS for the quarter, beating the consensus estimate of $0.69 by $0.01. Cisco Systems had a negative net margin of 2.61% and a positive return on equity of 19.48%. The business had revenue of $12.84 billion during the quarter, compared to analyst estimates of $12.76 billion. During the same quarter in the previous year, the business posted $0.61 EPS. The company’s quarterly revenue was up 5.9% compared to the same quarter last year.
The firm also recently declared a quarterly dividend, which was paid on Wednesday, July 25th. Stockholders of record on Friday, July 6th were issued a $0.33 dividend. The ex-dividend date of this dividend was Thursday, July 5th. This represents a $1.32 annualized dividend and a dividend yield of 2.88%. Cisco Systems’s dividend payout ratio is currently 61.40%.
In other Cisco Systems news, EVP David Goeckeler sold 35,000 shares of the company’s stock in a transaction that occurred on Friday, June 22nd. The shares were sold at an average price of $43.27, for a total transaction of $1,514,450.00. Following the transaction, the executive vice president now owns 490,458 shares in the company, valued at approximately $21,222,117.66. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 0.05% of the company’s stock.
A number of institutional investors have recently modified their holdings of CSCO. Bank of New York Mellon Corp increased its stake in Cisco Systems by 12.8% during the 4th quarter. Bank of New York Mellon Corp now owns 122,958,272 shares of the network equipment provider’s stock valued at $4,709,302,000 after purchasing an additional 13,927,416 shares in the last quarter. Amundi Pioneer Asset Management Inc. increased its stake in Cisco Systems by 91.0% during the 4th quarter. Amundi Pioneer Asset Management Inc. now owns 19,498,882 shares of the network equipment provider’s stock valued at $746,806,000 after purchasing an additional 9,292,187 shares in the last quarter. Morgan Stanley increased its stake in Cisco Systems by 15.9% during the 2nd quarter. Morgan Stanley now owns 50,957,358 shares of the network equipment provider’s stock valued at $2,192,694,000 after purchasing an additional 7,009,359 shares in the last quarter. Charles Schwab Investment Advisory Inc. acquired a new position in Cisco Systems during the 2nd quarter valued at approximately $279,790,000. Finally, Mackenzie Financial Corp increased its stake in Cisco Systems by 5,651.3% during the 4th quarter. Mackenzie Financial Corp now owns 4,910,280 shares of the network equipment provider’s stock valued at $188,064,000 after purchasing an additional 4,824,903 shares in the last quarter. Institutional investors and hedge funds own 73.40% of the company’s stock.
The company has a debt-to-equity ratio of 0.44, a quick ratio of 2.28 and a current ratio of 2.34. The company has a market cap of $210.91 billion, a PE ratio of 21.33, a P/E/G ratio of 2.64 and a beta of 1.07.
Cisco Systems Company Profile (NASDAQ:CSCO)
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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