Please See Loop ToolsLoop Tools
. Please Click on the image to see a larger imageenlarger.
This is an addon which may take 33 seconds to
You can install fromthis addon via User Preferences. InIn the later version of Blender the addon appears with the context menu. (Click with the other mouse button) Now. Now that you know the name of the addon you can see videos about how to use it on the famous video website or exactly here by searching BSE.
I have used some of the other techniques in past and present, presented in the other answers. They work well. Loop Tools has many interesting features which go beyond the scope of your question for your future endeavors. ThereThere are always 33 ways to do something in Blender.
Some images which may be from an earlier version of Blender.
A well populated cube with a hole and then loop tools was used.
The menu location of Loop Tools in an earlier version.
Loop Tools was enabled in User Preferences in this earlier version.