Nike Approves $12 Bln Buyback Program, Hikes Dividend

(RTTNews) - Nike Inc. (NKE) Thursday announced a $12 billion share repurchase program, a 14 percent increase in its quarterly dividend and a two-for-one stock split.

Nike's Board of Directors approved a new four-year, $12 billion share repurchase program. The company expects the current $8 billion program to be completed before the end of fiscal 2016, and the new program to begin at completion of the current program.

Nike also increased its dividend by 14 percent to $0.32 per share, on a pre-split basis, payable on January 4, 2016 to shareholders of record as of on December 9, 2015.

The Board of Directors also approved a two-for-one split of both NIKE's Class A and Class B Common shares. The stock split will be in the form of a 100 percent stock dividend payable on December 23, 2015 to shareholders of record at the close of business December 9, 2015.