Dividend Increase Announcement
On February 7th, 3M announced a dividend increase of 0.7%. This will increase their dividend from $1.49 to $1.50. It is payable on March 12th for shareholders of record on February 17th. The new dividend represents an annualized dividend amount of $6.00 per share as compared to the current annualized dividend amount of $5.96 per share.
3m Dividend Information
Annual Dividend: $1.50
Dividend Growth History: 66 years
Dividend Yield: 5.57%
Dividend Increase Effect
I am currently holding 20.803 shares of 3M stock in the More Dividends portfolio. With this 0.7% increase it will add an additional $0.83 to my projected annual dividend income and this doesn’t even take into account the compounding factor! That brings the new grand total up to $2,461.88
3M is a position that I began in the early part of 2020. It seemed like a good buy at the time but the stock has pretty much done nothing but go down in value since I originally acquired it.
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Current Stock Position
The 3M company has been hit hard by a global slowdown. Their earnings have been coming in weak. They are forcasting for weaker earnings in the future than expected.
There is a lot of rough waters ahead for this conglomerate but there is some light at the end of the tunnel.
The company seems to be preparing for these slowdowns in growth and they have begun lay offs as well as looking at spinning off some of their businesses that don’t focus on the core business.
While the short term may be rough for us investors in 3M, it looks like a great buying opportunity.
Since the share price is way above my current cost basis, I am really just looking for the right time to add to this position so that I can lower my cost basis some. Unfortunately, this position is already one of my larger positions so I will have to be very stratetgic about when I buy.
Regardless of how large or small, I love all dividend increases. That is how we end up with More Dividends 😉
Do you currently hold any stock in 3M? What do you think of this dividend increase? Just let me know in the comments.
As always I look forward to reading all of your comments and questions, until then….. happy investing!
-Jason from MoreDividends.com
Recent Dividend Increases in Portfolio
Walmart Increases Their Dividend by 1.8% in 2023
Genuine Parts Increases Their Dividend by 6.1% in 2023
BP Increases Their Dividend by 10.1% in 2023
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