Dividend Aristocrat 3M Co. (MMM) will raise its quarterly dividend by 0.7 percent to $1.48 per share in 2021. This comes after a 2.1 percent hike to $1.47 per share in the first quarter of 2020. 3M has increased its dividend for 63 consecutive years and paid dividends to its shareholders without interruption for more than 100 years.
The next dividend is payable March 12, 2021, to shareholders of record at the close of business on February 12, 2021. A new annualized dividend rate of $5.92 per share yields 3.4% at a stock price of $175.
This 2021 dividend hike is the smallest in decades.In 2009 the quarterly payment was raised by just 2.0 percent during the financial crisis. The average 5-year dividend growth drops from 7.5 percent to 5.9 percent if this small increase is included. 3M pays an estimated $3.4 billion in dividends annually to shareholders based on calculations by dividendhike.com.
3M Company (formerly known as Minnesota Mining and Manufacturing Company) is a technology company which operates in electronics, telecommunications, industrial, consumer and office, health care, safety, and other markets. The company's business segments are Industrial; Safety and Graphics; Health Care; Electronics and Energy; and Consumer. 3M's products include adhesives, abrasives, laminates, passive fire protection, dental and orthodontic products, electronic materials, medical products, car-care products, electronic circuits, and optical films. 3M Company was incorporated in 1929 under the laws of the State of Delaware to continue operations begun in 1902.