Cisco Systems, Inc. (NASDAQ:CSCO)’s stock price dropped 7.3% on Thursday after Bank of America lowered their price target on the stock from $62.00 to $56.00. Bank of America currently has a buy rating on the stock. Cisco Systems traded as low as $44.60 and last traded at $44.91, approximately 65,559,400 shares changed hands during mid-day trading. An increase of 218% from the average daily volume of 20,631,336 shares. The stock had previously closed at $48.46.

A number of other equities analysts have also weighed in on CSCO. KeyCorp decreased their price target on Cisco Systems from $54.00 to $52.00 and set an “overweight” rating for the company in a research report on Thursday. Needham & Company LLC reiterated a “hold” rating on shares of Cisco Systems in a research report on Thursday. Evercore ISI initiated coverage on Cisco Systems in a research report on Wednesday, September 11th. They set an “outperform” rating and a $60.00 price objective for the company. JPMorgan Chase & Co. set a $62.00 price objective on Cisco Systems and gave the stock a “buy” rating in a research report on Monday, August 12th. Finally, Robert W. Baird restated a “buy” rating and set a $54.00 price objective on shares of Cisco Systems in a research report on Monday. Two investment analysts have rated the stock with a sell rating, nine have issued a hold rating and nineteen have assigned a buy rating to the stock. Cisco Systems has an average rating of “Buy” and a consensus price target of $54.96.

In other news, CEO Charles Robbins sold 18,955 shares of Cisco Systems stock in a transaction dated Friday, September 13th. The stock was sold at an average price of $50.04, for a total transaction of $948,508.20. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, EVP David Goeckeler sold 70,000 shares of Cisco Systems stock in a transaction dated Friday, September 20th. The shares were sold at an average price of $49.22, for a total value of $3,445,400.00. Following the sale, the executive vice president now owns 429,398 shares of the company’s stock, valued at $21,134,969.56. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 193,130 shares of company stock valued at $9,359,179. 0.03% of the stock is owned by corporate insiders.

Several institutional investors have recently made changes to their positions in CSCO. Evolution Wealth Advisors LLC bought a new position in shares of Cisco Systems in the 2nd quarter valued at approximately $33,000. Lowe Wealth Advisors LLC bought a new position in shares of Cisco Systems in the 2nd quarter valued at approximately $38,000. Personal Wealth Partners bought a new position in shares of Cisco Systems in the 2nd quarter valued at approximately $44,000. Ashburton Jersey Ltd bought a new position in shares of Cisco Systems in the 2nd quarter valued at approximately $49,000. Finally, Cordasco Financial Network raised its stake in shares of Cisco Systems by 78.4% in the 3rd quarter. Cordasco Financial Network now owns 1,142 shares of the network equipment provider’s stock valued at $56,000 after acquiring an additional 502 shares in the last quarter. Institutional investors and hedge funds own 73.79% of the company’s stock.

The stock has a 50 day moving average of $47.49 and a two-hundred day moving average of $51.91. The company has a debt-to-equity ratio of 0.43, a quick ratio of 1.46 and a current ratio of 1.51. The firm has a market capitalization of $204.13 billion, a P/E ratio of 15.76, a P/E/G ratio of 2.34 and a beta of 1.28.

Cisco Systems (NASDAQ:CSCO) last issued its quarterly earnings data on Wednesday, November 13th. The network equipment provider reported $0.84 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.81 by $0.03. Cisco Systems had a return on equity of 32.43% and a net margin of 22.39%. The business had revenue of $13.16 billion for the quarter, compared to the consensus estimate of $13.09 billion. During the same period last year, the business earned $0.75 EPS. The firm’s revenue was up .7% compared to the same quarter last year. Sell-side analysts predict that Cisco Systems, Inc. will post 3.03 EPS for the current year.

The firm also recently declared a quarterly dividend, which was paid on Wednesday, October 23rd. Shareholders of record on Friday, October 4th were given a $0.35 dividend. This represents a $1.40 annualized dividend and a yield of 3.12%. The ex-dividend date was Thursday, October 3rd. Cisco Systems’s dividend payout ratio is currently 49.12%.

About Cisco Systems (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.

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