Investing.com -- Nike (NYSE:NKE) announced on Friday afternoon that its Board of Directors has declared a quarterly cash dividend of $0.16 per share on the company’s outstanding Class A and Class B Common Stock.
The dividend is payable on July 5, 2016, to shareholders of record at the close of business on June 6, 2016. The dividend is in line with the 0.16 quarterly dividend the Nike board declared in February. Nike's forward yield will fall slightly to 1.12%, from 1.14% during its last declaration three months ago. In late-December, Nike shares reached an all-time high of 136.39, a day before the company completed a 2-for-1 stock split. A month earlier, Nike hiked its quarterly dividend by 14% on the same day its board authorized a new $12 billion share repurchase program. The plan was set to commence at the completion of its $8 billion buyback program at the end of Fiscal Year 2016.
Earlier this week, the global sports apparel giant unveiled a comprehensive paid family leave program for its employees. Under the new program, full-time Nike employees who are new parents or who need to care for sick family members will receive eight weeks of paid leave, the company said. In addition, birth mothers will now receive up to 14 weeks of paid leave, according to Nike. Previously, the company granted six weeks of paid leave for new birthmothers.
In March, Nike announced that company revenues rose by 8% in the third quarter to $8 billion, while diluted earnings per share surged 22% to 0.55. At the same time, Nike said worldwide future orders jumped by 12%, while company inventories grew by 8% as of late-February. Nike has also landed a deal with the International Olympic Committee as an official sponsor of the Rio 2016 Summer Olympic Games. Two years ago, Nike extended its deal with Team USA through the 2020 Tokyo Olympics.
Shares in Nike inched up 0.05 or 0.09% to 57.34 in after-hours trading.