3M Increases Dividend 8% and Authorizes $7.5 Billion Share Repurchase Program
The Board of Directors of 3M (NYSE: MMM) today declared a dividend on the company's common stock of 63.5 cents per share for the first quarter of 2013, an 8 percent increase over the quarterly dividend paid in 2012. The dividend is payable on March 12, 2013, to shareholders of record at the close of business on February 15, 2013. This marks the company's 55th consecutive year of 3M dividend increases, and its 96th year of continuous dividend payments.
The board also authorized the repurchase of up to $7.5 billion of 3M's outstanding common stock, replacing the company's existing repurchase program. The authorization has no pre-established closing date.
“These actions reflect both our confidence in 3M's future and our commitment to return significant cash to our shareholders,” said Inge Thulin, 3M chairman, president and CEO.
Over the past ten years, the company has returned $32 billion to shareholders through a combination of dividends and share repurchases, or 89 percent of reported net income.
As of December 31, 2012, 3M had 687,091,650 common shares outstanding and 96,719 shareholders of record.
The 3M Board of Directors also set March 15, 2013, as the record date for the determination of stockholders entitled to notice of, and to vote at, the Annual Meeting of Stockholders to be held on Tuesday, May 14, 2013.
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