SAN JOSE (CBS/AP) — Cisco reported its first-ever cash dividend will amount to 6 cents per share and will be paid on April 20.
The company has said since last year that it would start paying a dividend equating to an annual yield of 1 percent to 2 percent, but had not specified the amount or precise timing.
The dividend amounts to an annual yield of 1.4 percent at Thursday’s closing price of $17. The shares hit a 52-week low of $16.97 in Thursday trading.
Cisco said its “leadership position in the markets we serve is strong,” making this the time to reward shareholders.
San Jose-based Cisco Systems Inc. is the world’s largest maker of computer networking gear.
The dividend will be paid to shareholders of record as of March 31.
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