5 Best Conglomerate Stocks to Buy Now

2. 3M Company (NYSE:MMM)

Number of Hedge Fund Holders: 52

3M Company (NYSE:MMM) was a part of 52 investors’ portfolios at the close of the fourth quarter of 2022. These funds held positions worth $1.5 billion in the company. As of December 31, AQR Capital Management is the leading shareholder in the company and has a stake worth $220 million. 3M Company (NYSE:MMM) is placed second on our list of best conglomerate stock to buy now according to hedge funds.

As of March 2023, 3M Company (NYSE:MMM) has 15 Hold ratings from Wall Street analysts and an average price target of $110. The stock’s average price target represents an upside of 3.56% from current levels. As of April 28, 3M Company (NYSE:MMM) is trading at a PE multiple of 10.97 and is offering a forward dividend yield of 5.65%.

On April 25, 3M Company (NYSE:MMM) posted market-beating earnings for the first quarter of fiscal 2023. The company reported an EPS of $1.97 and beat EPS expectations by $0.37. The company generated a revenue of $8.03 billion and outperformed market consensus by $517.3 million.