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3M launches large share buyback, raises dividend

3:06 PM MST | February 5, 2013 | Vincent Valk

3M’s board has authorized a share repurchase of up to $7.5 billion, or 10.8% of the company’s market cap as of 5 February. The share repurchase does not have a closing date. 3M shares were trading at about $101 as of the market close on 5 February, and the company has about 687 million shares outstanding.   3M has also authorized a 63.5 cts/share dividend, payable on 12 March to shareholders as of 15 February. The new dividend represents an 8% increase in 3M’s dividend payments, the company says. 3M currently has 96,719 shareholders of...

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