5 Best Dividend Growth Stocks to Buy in August

1. 3M Company (NYSE:MMM)

Dividend Yield as of August 7: 4.04%
Years of Consistent Dividend Growth: 64

A Minnesota-based multinational manufacturing corporation, 3M Company (NYSE:MMM) reported an operating cash flow of $1.2 billion in Q2 2022, up from $1 billion in the previous quarter. The company’s free cash flow came in at $743 million, compared with $587 million in the preceding quarter. It paid 83% of its net income in dividends during the quarter, amounting to over $800 million.

3M Company (NYSE:MMM) pays a quarterly dividend of $1.49 per share. The company has a 64-year track record of consistent dividend growth and a 5-year dividend CAGR of 5.38%. As of August 7, the stock’s dividend yield stood at 4.04%.

At the end of Q1 2022, 51 hedge funds owned stakes in 3M Company (NYSE:MMM), up from 41 a quarter earlier, as shown by Insider Monkey’s database. The stakes owned by hedge funds hold a collective value of over $1.5 billion.

You can also take a look at Jim Cramer Recommends These 10 Stocks For Recession and Michael Burry is Buying These 10 Stocks As Recession Fears Mount.

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