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.-
Going Into Earnings, Is Palantir Stock a Buy, a Sell, or Fairly Valued?
-
What’s Happening in the Markets This Week
-
4 Top Dividend-Paying REIT Stock Picks
-
After Earnings, Is Netflix Stock a Buy, a Sell, or Fairly Valued?
-
P-CAPE: A Better Way for Investors to Estimate Future Returns
-
Which Stocks Have Driven the Stealth Large-Value Rally?
-
Forecasts for Q2 GDP Report Show a Healthy but Slowing Economy
-
5 Stocks to Buy as the Market Rally Broadens
-
4 Top US Travel Stock Picks
-
How Do Interest Rates Affect Stock Market Returns?
-
American Airlines Earnings: Ticket Distribution Misstep Affected Results
-
Going Into Earnings, Is Albemarle Stock a Buy, a Sell, or Fairly Valued?
-
3 Top Cybersecurity Stock Picks for Long-Term Investors
-
AbbVie Earnings: Firm Sees Strong Next-Generation Immunology Drugs Sales
-
Ford Earnings: Warranty Problems on Older Vehicles Slam Results
-
ServiceNow Earnings: Operating on a Higher Plane Within Enterprise Software