CSCO covered strangle

Sold the OCT 20 30/32, ~ 30 deltas, 58 days, @ 40% IV Rank now, (I missed my chance selling when the IV was higher before earnings )
I'm sitting on 3 lots of stock here with 31.64 cost basis. I could have just sold the 32 call against my stock position, but it seems to make more sense to sell the strangle as it brings in more premium and both the call & put won't be assigned. I'm open to acquiring more CSCO stock at 30. A number of fundamental bullish factors should provide support the stock price:

- Free cash flow yield of 4.6%
- Dividend yield of 3.75%, payout ratio 56%
- Both CFRA and Trefis give a higher 'fair value' around $33, Credit Suisse "outperform" rating
- Valued based on 2.43 operating earnings and 5% earnings growth rate over next 3 years.