This Elite 6.6%-Yielding Dividend Stock Just Increased Its Payout Again (Could It Be the Last One?)
3M (NYSE: MMM) recently declared its latest dividend. There was little fanfare around that raise because it has been commonplace for the industrial giant. It has paid dividends to its shareholders without interruption for over a century, while increasing its payout for more than 60 consecutive years.
That streak puts 3M in the elite group of Dividend Kings, companies with 50 or more years of dividend growth. Meanwhile, its latest raise pushes its dividend yield up to 6.6%, one of the highest levels in the S 500. That high yield has many investors worried that 3M might be nearing the end of its dividend growth streak. Here's a look at whether it might have given investors its last raise.
3M's latest quarterly dividend declaration was $1.51 per share ($6.04 annually). That was up a penny from its prior rate of $1.50 per share each quarter. It matched the meager penny per quarter annual raise the company has provided investors since the pandemic.
Source Fool.com
