What's Going On With Nike Stock Wednesday?

Nike Inc NKE shares are trading higher. The company announced an increase of its dividend late Tuesday.

What Happened: Nike's board approved a quarterly cash dividend of 37 cents per share, representing a 9% increase compared to the company's prior quarterly dividend of 34 cents per share. 

The dividend is payable on Jan.2 to shareholders of record as of Dec. 4. 

"Nike has a consistent track record of delivering strong cash flow and returns for shareholders and today's announcement marks the 22nd consecutive year we have increased our dividend," said John Donahoe, president and CEO of Nike.

"This dividend increase reflects our continued confidence in our strategies to generate sustainable, profitable growth, while investing for the future."

Nike also announced leadership changes after the market closed on Tuesday. The company appointed chief design officer John Hoke to chief innovation officer. In his new role, Hoke will work to accelerate the company's innovation strategy alongside Nike's president of innovation, effective immediately.

Nike also appointed Nicole Hubbard Graham to chief marketing officer, effective Jan. 2, and Dr. Muge Erdirik Dogan to chief technology officer, effective Nov. 27. 

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NKE Price Action: Nike shares were up 2.3% at $108.18 at the time of writing, according to Benzinga Pro.

Photo: PublicDomainPictures from Pixabay.