Analyst Price Forecast Suggests 10.94% Upside
As of August 31, 2023, the average one-year price target for 3M is 115.87. The forecasts range from a low of 96.96 to a high of $129.57. The average price target represents an increase of 10.94% from its latest reported closing price of 104.45.
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The projected annual revenue for 3M is 34,318MM, an increase of 3.82%. The projected annual non-GAAP EPS is 10.57.
3M Declares $1.50 Dividend
On August 11, 2023 the company declared a regular quarterly dividend of $1.50 per share ($6.00 annualized). Shareholders of record as of August 21, 2023 will receive the payment on September 12, 2023. Previously, the company paid $1.50 per share.
At the current share price of $104.45 / share, the stock’s dividend yield is 5.74%.
Looking back five years and taking a sample every week, the average dividend yield has been 3.80%, the lowest has been 2.54%, and the highest has been 6.17%. The standard deviation of yields is 0.93 (n=235).
The current dividend yield is 2.09 standard deviations above the historical average.
Additionally, the company’s dividend payout ratio is -2.26. The payout ratio tells us how much of a company’s income is paid out in dividends. A payout ratio of one (1.0) means 100% of the company’s income is paid in a dividend. A payout ratio greater than one means the company is dipping into savings in order to maintain its dividend – not a healthy situation. Companies with few growth prospects are expected to pay out most of their income in dividends, which typically means a payout ratio between 0.5 and 1.0. Companies with good growth prospects are expected to retain some earnings in order to invest in those growth prospects, which translates to a payout ratio of zero to 0.5.
The company’s 3-Year dividend growth rate is 0.02%, demonstrating that it has increased its dividend over time.
What is the Fund Sentiment?
There are 2670 funds or institutions reporting positions in 3M. This is a decrease of 122 owner(s) or 4.37% in the last quarter. Average portfolio weight of all funds dedicated to MMM is 0.29%, a decrease of 1.57%. Total shares owned by institutions increased in the last three months by 0.57% to 385,861K shares. The put/call ratio of MMM is 0.88, indicating a bullish outlook.
What are Other Shareholders Doing?
VTSMX – Vanguard Total Stock Market Index Fund Investor Shares holds 17,456K shares representing 3.16% ownership of the company. In it’s prior filing, the firm reported owning 17,267K shares, representing an increase of 1.08%. The firm decreased its portfolio allocation in MMM by 11.18% over the last quarter.
VFINX – Vanguard 500 Index Fund Investor Shares holds 13,135K shares representing 2.38% ownership of the company. In it’s prior filing, the firm reported owning 12,845K shares, representing an increase of 2.20%. The firm decreased its portfolio allocation in MMM by 11.81% over the last quarter.
Charles Schwab Investment Management holds 12,898K shares representing 2.34% ownership of the company. In it’s prior filing, the firm reported owning 12,535K shares, representing an increase of 2.82%. The firm decreased its portfolio allocation in MMM by 4.68% over the last quarter.
Geode Capital Management holds 11,846K shares representing 2.15% ownership of the company. In it’s prior filing, the firm reported owning 11,475K shares, representing an increase of 3.13%. The firm decreased its portfolio allocation in MMM by 11.07% over the last quarter.
Flossbach Von Storch holds 9,581K shares representing 1.74% ownership of the company. In it’s prior filing, the firm reported owning 9,344K shares, representing an increase of 2.47%. The firm decreased its portfolio allocation in MMM by 6.31% over the last quarter.
3M Background Information
(This description is provided by the company.)
3M Company is a diversified corporation manufacturing a wide range of products, including abrasives, adhesive tape and related products, and consumer-electronics components. It is headquartered in St. Paul, Minnesota. 3M apply science in collaborative ways to improve lives daily. With $32 billion in sales, 96,000 employees connect with customers all around the world.
This article originally appeared on Fintel
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