Company Update (NYSE:MMM): 3M to buy back up to $10 bln shares, raises dividend

[Reuters] – Feb 2 (Reuters) – 3M Co, the maker of Scotch tape and Post-it notes, said it would buy back up to $10 billion worth of shares and also raised its quarterly dividend. The company raised its quarterly dividend to $1.11 per share from $1.025 per share. At Tuesday’s close of 147.87, the company would be able to buy back about 67.6 million, or 11 percent, of its total outstanding shares. Read more on this. 3M Company (MMM) , valued at $90.10B, started trading this morning at $147.59. Today, shares have traded between $146.05 and $148.27 per share and has traded between $134.00 and $170.50 over the past 12 months. MMM shares are currently priced at 18.12x this year’s forecasted earnings, which makes them relatively expensive compared to the industry ’s 13.81x forward p/e ratio. And for those looking to make a return holding the stock, the company pays shareholders $4.10 per share annually in dividends, yielding 2.72%. According to a consensus of 15 analysts, the earnings estimate of $1.92 per share would be $0.07 better than the year-ago quarter and a $0.12 sequential decrease. The full-year EPS estimate is $8.21 which would be a $0.63 better than last year’s full-year earnings. The quarterly earnings estimate is based on a consensus revenue forecast of the current quarter of $7.36 Billion. If realized, that would be a 2.90% decrease over the year-ago quarter. In terms of ratings, Credit Suisse upgraded MMM from Neutral to Outperform (Sep 25, 2015). Previously, UBS Initiated MMM at to Buy. The average price target for MMM shares is $160.13, which is 8.50% above where the stock opened this morning. See more in (NYSE:MMM) Similar Articles: Market Update: 3M Company (NYSE:MMM) – 3M Showcases Science on Display at CES 2016 Company Update: 3M Company (NYSE:MMM) – 3M Sells Its Library Systems Business Company Update: 3M Company (NYSE:MMM) – 3M Drug Delivery Systems and Impel NeuroPharma Form a Strategic Alliance
Data & News supplied by www.cloudquote.io
Stock quotes supplied by Barchart
Quotes delayed at least 20 minutes.
By accessing this page, you agree to the following
Privacy Policy and Terms and Conditions.