Dividend Aristocrat 3M will raise dividend 0.7% in 2022
|Dividend growth has slowed significantly for 3M.|
Dividend Aristocrat 3M (MMM) will raise its dividend by 0.7% to $1.49 quarterly. Last year MMM also announced a 0.7% (1 cent per share) dividend increase. This marks 64 consecutive years of dividend growth for the conglomerate but also matches the smallest dividend hike in decades.
The industrial company will increase its quarterly dividend bu 0.7% to $1.49 per share in the first quarter of 2022. Last year 3M also raised its dividend by 0.7 percent. Because of this new small increase the average dividend growth rate for MMM drops to 4.9% annually in the last 5 years.
The new MMM dividend is payable March 12, 2022, to shareholders of record at the close of business on February 18, 2022. The next ex-dividend date for 3M shares is February 17, 2022. 3M states that it has paid dividends to its shareholders without interruption for over 100 years.
During the past decade, 3M has returned $57 billion to shareholders through a combination of dividends and gross share repurchases, or 121 percent of reported net income.
3M Company is a diversified global manufacturer, technology innovator and marketer of a variety of products and services. The Company operates through four segments: Safety and Industrial, Transportation and Electronics, Health Care and Consumer. 3M is a Dividend Aristocrat with more than 25 consecutive years of increased dividends. The company has been paying a dividend to shareholders every year since at least 1916.