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Analyst: Nike may increase its dividend soon

NEW YORK (AP) -- A Citi analyst believes that Nike may lift its dividend by 10 to 15 percent by the middle of November, saying the clothing and footwear company has raised its dividend by an average 14.4 percent annually over the last five years.

Last November, Nike Inc. raised its dividend 16 percent. In November 2010, the company increased its dividend 15 percent.

Nike most recently paid out a 36-cent quarterly dividend.

The analyst, Kate McShane, kept a "Neutral" rating and $100 price target on Nike shares.

Nike declined to comment on the report.

The Beaverton, Ore., company's stock dropped $1.48, or 1.6 percent, to $93 in afternoon trading, in line with broader declines in the stock market.