“(Reuters) – Shares of Cisco Systems Inc looked set to open up 7 percent on Thursday after the network equipment maker’s dividend hike overshadowed a lackluster quarterly sales performance and prompted several brokerages to raise their price targets on the stock.
Shares of the company, which closed at $17.35 on the Nasdaq on Wednesday, rose to $18.49 in premarket trading on Thursday. The stock had fallen 11 percent after Cisco reported a weak third-quarter profit in May.
Cisco said on Wednesday it will raise its quarterly dividend by 75 percent to 14 cents per share after reporting fourth-quarter revenue largely in line with analysts’ estimates. It also said it bought back $1.8 billion worth of shares in the quarter.”
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