Topic: How To Invest

Dividend Advisor Hotline – Friday, June 10, 2022

Article Excerpt

3M COMPANY, $137.65, New York symbol MMM, remains a buy. The company makes over 60,000 consumer and industrial goods, including air purifiers, adhesives, bandages and components for medical devices. Investors tap its main brands, including Post-it notes, Scotch tape, Scotch-Brite cleaning products, Scotchguard protection and Thinsulate insulation. 3M last raised its quarterly dividend with the March 2022 payment. Investors now receive $1.49 a share, up 0.7% from $1.48. The new annual rate of $5.96 yields a high 4.3%. The company has paid dividends continuously for over 100 years and has increased that rate each year for the past 64 years. China’s strict lockdowns to control the spread of COVID-19 have disrupted 3M’s manufacturing operations in that country. As well, the company gets about 60% of its revenue from outside the U.S., and the higher U.S. dollar is hurting the contribution from overseas markets. As a result, the company expects these factors will cut its revenue in the second quarter of 2022 by $300 million…