Dividend Champions List Ranked By Yield: Top 10

7. 3M Company (NYSE:MMM)

Dividend Yield as of December 20: 4.88%

3M Company (NYSE:MMM) is an American multinational conglomerate that operates in the fields of industry, healthcare, and consumer goods. In December, Citigroup lifted its price target on the stock to $126 with a Neutral rating on the shares. The firm mentioned that the supply chain situation will improve the industry’s profitability heading into next year.

In the third quarter of 2022, 3M Company (NYSE:MMM) reported an operating cash flow of $1.5 billion and its free cash flow for the quarter came in at $1.4 billion. Its cash generation was stable as it returned $1 billion to shareholders in dividends and share repurchases during the quarter. The company’s consistent dividend growth and strong cash position make it one of the best dividend stocks on our list.

3M Company (NYSE:MMM) currently offers a per-share dividend of $1.64 every quarter. The company holds a 64-year track record of consistent dividend growth, which makes it one of the best dividend stocks on our list. As of December 20, the stock has a dividend yield of 4.88%.

At the end of Q3 2022, 49 hedge funds tracked by Insider Monkey reported owning stakes in 3M Company (NYSE:MMM), down from 54 in the previous quarter. The consolidated value of these stakes is 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.