Two consumer giants, Nike (NYSE:NKE) and Walt Disney (NYSE:DIS), just announced hikes to their dividends. The increases in their dividend payouts extend both companies' long dividend history and highlight their commitment to dividend increases.

For investors considering investing in either of these dividend stocks, here's a look at both companies' recent increases, as well as an overview of some key dividend metrics for each stock.

The Nike Air Jordan XXXIII shoe.

The Nike Air Jordan XXXIII. Image source: Nike.

Nike

Footwear and apparel retailer Nike announced on Nov. 15 that it was increasing its quarterly dividend by 10% to $0.22. Payable on Jan. 2 to shareholders of record on Dec. 3, the higher dividend marks the company's 17th consecutive year of dividend increases.

This dividend, combined with the company's new $15 billion share repurchase program announced in June, "shows our continued confidence in NIKE's ability to deliver sustainable, profitable, capital-efficient growth over the long-term," said Nike CEO Mark Parker in a press release about the dividend increase. 

Translating to $0.88 in dividends per share annually, this higher dividend gives Nike a forward dividend yield of 1.1%.

The dividend increase came less than a month after the company announced strong results for its first quarter of fiscal 2019, including an acceleration in both earnings per share and revenue growth. EPS and revenue during the period were up 18% and 10% year over year, respectively. With momentum like this, and considering that Nike is only paying out 28% of its free cash flow in dividends, the company will likely continue to increase its dividend in the years to come.

Walt Disney

Following a record fiscal 2018 that featured 24% earnings-per-share growth, it was no surprise when Disney announced another dividend increase last week. The company boosted its semiannual dividend from $0.84 to $0.88, translating to a forward dividend yield of 1.5%.

The new dividend is payable on Jan. 10 to shareholders of record on Dec. 10.

A man using the ESPN plus app on his smartphone.

Walt Disney's new ESPN+ direct-to-consumer service. Image source: ESPN.

Notably, the 5% dividend hike is lower than the 8% increase in Disney's dividend last year. This is likely explained by the increased investment the company is planning for its new streaming services and its pending acquisition of Twenty-First Century Fox.

"[W]e are pleased to increase our dividend to shareholders, while continuing to invest for future growth with our pending acquisition of 21st Century Fox and the ongoing development of our direct-to-consumer business," noted Disney CEO Bob Iger in the company's press release about the dividend increase.

Given the company's strong earnings growth recently -- and the fact that Disney is paying out just 26% of its free cash flow in dividends -- there's good reason for Disney investors to expect more meaningful dividend growth over the long haul.

Daniel Sparks owns shares of Walt Disney. The Motley Fool owns shares of and recommends Walt Disney. The Motley Fool recommends Nike. The Motley Fool has a disclosure policy.