5 Best Dogs of the Dow to Invest In

3. 3M Company (NYSE:MMM)

Dividend Yield as of August 22: 4.10%

An American mining and manufacturing company, 3M Company (NYSE:MMM) was listed as one of the 30 companies in the DJIA in 1976. The company holds one of the longest dividend growth streaks in the market, raising its dividends for the past 64 years consecutively. Moreover, the company has also been making consistent dividend payments for over 100 years. As of August 22, the stock’s dividend yield stood at 4.10%.

In August, Bernstein assumed its coverage of 3M Company (NYSE:MMM) with a Market Perform rating and a $155 price target. The firm appreciated its healthcare segment as the company announced the planned spin-off of its healthcare business by the end of 2023.

As of the end of June 2022, 54 hedge funds tracked by Insider Monkey reported owning stakes in 3M Company (NYSE:MMM), up from 51 in the previous quarter. These stakes hold a collective value of over $1.3 billion. Jim Simons, Ken Griffin, and Ken Fisher were some of the company’s most prominent stakeholders in Q2.

Mayar Capital mentioned 3M Company (NYSE:MMM) in its recently-published 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.