Nike announced Thursday that its board of directors has approved a new four-year, $12 billion program to repurchase shares of Class B common stock.
The sporting goods company raised its quarterly cash dividend by 14 percent, on a presplit basis. Nike also approved a 2-for-1 split of both Class A and Class B common shares. The stock split will be in the form of a 100 percent stock dividend payable Dec. 23.
Shares of Nike rose nearly 4 percent in extended trade Thursday.