3M hikes dividend for 58th consecutive year

Dividend Aristocrat 3M (MMM) will raise its dividend by 8.3%.

3M will increase the quarterly dividend to $1.11 per share, marking the 58th consecutive year of dividend increases. Also the industrial company announced a $10 billion buyback program, replacing the $12 billion buyback program dating from 2014.

“Investing in our business remains priority one, while at the same time our strong and consistent cash generation also allows 3M to return significant cash to shareholders,'' said Inge G. Thulin, 3M chairman, president and chief executive officer.

During the past 10 years, the company has returned $46 billion to shareholders through a combination of dividends and gross share repurchases, or 110 percent of reported net income (source: 3M)

At a stock price of $151 3M currently has an estimated dividend yield of 2.9%.

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