Another Dividend Increase From The Food Sector
About: (NKE, Nike)
Athletic apparel and footwear giant Nike (NYSE: NKE) will increase its quarterly dividend by 8% to 27 cents a share from 25 cents. Nike has been steadily boosting its dividend over the past 12 years. The company paid just five cents a share in 1997. While Nike's products will not make you play golf like Tiger Woods or shoot hoops like Michael Jordan, the company's dividend history is approaching championship status.
The five year-dividend growth rate is 19.5%. The shares, which are up 26% year-to-date, currently yield 1.5%. Nike's payout ratio is just 32% and at the end of 2008, Nike had $1.5 billion in free cash compared to just $545 million in debt. The new dividend will be paid on January 4 to shareholders of record on December 7.
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