Cisco Systems (NASDAQ:CSCO) Shares Down 1.1% - Here's What Happened

Cisco Systems, Inc. (NASDAQ:CSCO - Get Free Report)'s stock price traded down 1.1% during mid-day trading on Wednesday . The company traded as low as $68.32 and last traded at $68.32. 3,683,550 shares traded hands during mid-day trading, a decline of 82% from the average session volume of 20,236,724 shares. The stock had previously closed at $69.10.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently issued reports on the stock. Morgan Stanley restated a "hold" rating on shares of Cisco Systems in a report on Wednesday, May 21st. JPMorgan Chase & Co. raised their target price on shares of Cisco Systems from $70.00 to $73.00 and gave the company an "overweight" rating in a research note on Thursday, May 15th. Citigroup upped their price target on Cisco Systems from $68.00 to $71.00 and gave the stock a "buy" rating in a report on Thursday, May 15th. Deutsche Bank Aktiengesellschaft raised shares of Cisco Systems from a "hold" rating to a "buy" rating and raised their price target for the company from $65.00 to $73.00 in a report on Monday, June 16th. Finally, KeyCorp began coverage on shares of Cisco Systems in a research note on Thursday, June 26th. They issued an "overweight" rating and a $77.00 target price on the stock. Seven analysts have rated the stock with a hold rating, fourteen have given a buy rating and three have given a strong buy rating to the company's stock. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $69.53.

Cisco Systems Trading Up 1.5%

The stock has a market capitalization of $275.77 billion, a P/E ratio of 28.42, a price-to-earnings-growth ratio of 4.15 and a beta of 0.90. The business has a 50 day simple moving average of $63.93 and a 200-day simple moving average of $61.45. The company has a debt-to-equity ratio of 0.50, a quick ratio of 0.87 and a current ratio of 0.95.

Cisco Systems (NASDAQ:CSCO - Get Free Report) last announced its earnings results on Wednesday, May 14th. The network equipment provider reported $0.96 earnings per share for the quarter, beating the consensus estimate of $0.92 by $0.04. The business had revenue of $14.15 billion during the quarter, compared to analysts' expectations of $14.05 billion. Cisco Systems had a return on equity of 26.48% and a net margin of 17.60%. The company's quarterly revenue was up 11.4% on a year-over-year basis. During the same quarter last year, the business posted $0.88 earnings per share. On average, analysts predict that Cisco Systems, Inc. will post 3.04 EPS for the current year.

Cisco Systems Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, July 23rd. Investors of record on Thursday, July 3rd will be issued a dividend of $0.41 per share. This represents a $1.64 dividend on an annualized basis and a yield of 2.35%. The ex-dividend date of this dividend is Thursday, July 3rd. Cisco Systems's payout ratio is 66.94%.

Insider Transactions at Cisco Systems

In related news, CFO Richard Scott Herren sold 15,678 shares of the stock in a transaction on Tuesday, June 17th. The stock was sold at an average price of $65.52, for a total value of $1,027,222.56. Following the completion of the transaction, the chief financial officer owned 309,543 shares in the company, valued at $20,281,257.36. This trade represents a 4.82% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, EVP Deborah L. Stahlkopf sold 9,643 shares of Cisco Systems stock in a transaction dated Friday, May 16th. The stock was sold at an average price of $63.50, for a total value of $612,330.50. Following the completion of the transaction, the executive vice president directly owned 181,186 shares in the company, valued at $11,505,311. This represents a 5.05% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 97,335 shares of company stock valued at $6,271,054 in the last 90 days. 0.01% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Garde Capital Inc. lifted its holdings in shares of Cisco Systems by 30.1% in the second quarter. Garde Capital Inc. now owns 2,789 shares of the network equipment provider's stock valued at $194,000 after purchasing an additional 646 shares in the last quarter. McLean Asset Management Corp raised its position in Cisco Systems by 4.9% during the second quarter. McLean Asset Management Corp now owns 5,968 shares of the network equipment provider's stock valued at $409,000 after buying an additional 277 shares during the period. City Center Advisors LLC lifted its stake in Cisco Systems by 90.5% in the 2nd quarter. City Center Advisors LLC now owns 6,923 shares of the network equipment provider's stock worth $480,000 after acquiring an additional 3,288 shares in the last quarter. HBW Advisory Services LLC lifted its stake in Cisco Systems by 8.3% in the 2nd quarter. HBW Advisory Services LLC now owns 7,566 shares of the network equipment provider's stock worth $525,000 after acquiring an additional 577 shares in the last quarter. Finally, Kera Capital Partners Inc. boosted its position in Cisco Systems by 21.2% during the 2nd quarter. Kera Capital Partners Inc. now owns 4,672 shares of the network equipment provider's stock worth $324,000 after acquiring an additional 816 shares during the period. 73.33% of the stock is currently owned by institutional investors and hedge funds.

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 in the Americas, Europe, the Middle East, Africa, the Asia Pacific, Japan, and China. The company also offers switching portfolio encompasses campus switching as well as data center switching; enterprise routing portfolio interconnects public and private wireline and mobile networks, delivering highly secure, and reliable connectivity to campus, data center and branch networks; wireless products include wireless access points and controllers; and compute portfolio including the cisco unified computing system, hyperflex, and software management capabilities, which combine computing, networking, and storage infrastructure management and virtualization.