3M Cuts Dividend 54% After Spinoff
By Ben Glickman
3M slashed its dividend by more than half on Tuesday, making good on the company's promise to reduce its payout after the completed spinoff of its healthcare division.
The St. Paul, Minn.-based materials maker declared a dividend of 70 cents a share, compared with a previous dividend of $1.51 a share. The company telegraphed the dividend reduction late last month but didn't say what the new payout would be.
The new dividend, equal to $2.80 a share for the year, represents an annual yield of 2.8% based on the Tuesday closing price of $100.08.
3M's reduction bucks the company's multi-decade streak of raising its dividend every year.
Write to Ben Glickman at ben.glickman@wsj.com
(END) Dow Jones Newswires
May 14, 2024 16:45 ET (20:45 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.-
Six Sports Betting and iGaming Stocks Trading at a Discount
-
4 Predictions for Stocks and the Economy for the Second Half of 2024
-
What Broadening Rally? AI Stocks Dominate Again In Q2
-
After Earnings, Is Nike Stock a Buy, a Sell, or Fairly Valued?
-
Worst-Performing Stock ETFs of the Quarter
-
Top-Performing Stock ETFs of the Quarter
-
Q2 In Review and Q3 2024 Market Outlook
-
5 Stocks to Buy for 3Q 2024
-
Industrials: Sector Offers Investment Opportunities as Performance Lags Broader Market
-
Consumer Defensives: Even Amid Macro Pressures, Deals Permeate the Landscape
-
33 Undervalued Stocks
-
Utilities: Can the Stocks Keep the Rally Going?
-
Basic Materials: Following Index Decline, We See Many Long-Term Opportunities
-
Healthcare: Valuations Look Attractive In Most Industries
-
Financial Services: Amid Uncertainties, We See the Most Value In Banks and Credit Services
-
Consumer Cyclicals: Even With Anxiety Over Spending, We See Attractive Valuations