Dividend Increase Announcement
On February 4th, 3M announced a dividend increase of 2%. This will increase their dividend per quarter from $1.44 to $1.47. It is payable on March 12th for shareholders of record on February 14th. The new quarterly dividend represents an annualized dividend amount of $5.88 per share as compared to the current annualized dividend amount of $5.76 per share.
3M Dividend Information
Annual Dividend: $5.88
Dividend Yield: 3.74%
Dividend Growth History: 62 years
Payout Ratio: 60.58%
Dividend Increase Affect On More Dividends
I am currently holding 7 shares of 3M in the More Dividends portfolio. With this 2% increase it will add an additional $0.84 to my projected annual dividend income and this doesn’t even take into account the compounding factor!
3M is actually one of my newest positions that I have been building. I love the company for the long term. One of my favorite things about the 3M is there style of products because a lot of them are highly consumable able products which goes over real well in a consumerism driven world.
As long as the share price stays around my cost basis, I will continue to add to my 3M position. While their dividend growth history is very impressive, I look forward to seeing just how long they can continue their streak and I fully intend to collect the compounded rewards along the way.
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
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