5 Best Dividend Stocks for Passive Income

2. 3M Company (NYSE:MMM)

Dividend Yield as of December 1: 4.37%

3M Company (NYSE:MMM) is an American multinational company that produces products related to industrial, healthcare, and consumer industries. Following the company’s Q3 earnings, Deutsche Bank lifted its price target on MMM to $127 with a Hold rating.

In the third quarter of 2022, 3M Company (NYSE:MMM) remained committed to shareholders, returning $1 billion to shareholders in dividends and share repurchases.

3M Company (NYSE:MMM) pays a quarterly dividend of $1.49 per share. The company has been raising its dividends consistently for the past 64 years and has paid dividends for over 100 years. As of December 1, the stock has a dividend yield of 4.37%.

At the end of Q3 2022, 49 hedge funds tracked by Insider Monkey owned stakes in 3M Company (NYSE:MMM), worth over $1.45 billion.

Mayar Capital mentioned 3M Company (NYSE:MMM) in its Q2 2022 investor letter. Here is what the firm has to say:

“We also bought back into 3M (NYSE:MMM) as the stock reached attractive levels. We’d sold our shares in 3M last year when the price exceeded our estimated fair value, and as better opportunities to invest in presented themselves at the time. Nonetheless, we’ve always liked this business with its diversified revenues, its R&D leadership and its stable margins.