How is this an argument? Price is taking into consideration the dividends. Also Cisco didn’t start paying dividend until 2011, when CSCO was trading at $20 or so.
If you think that $69 is a good price to pay for CSCO I’m happy to sell you as many stocks as you want.
Point is, you as an investor need to add the total of dividends over time to the current price and only then compare against your buy price to see if you're ahead or not.