3M (NYSE:MMM) Boosts Dividend, Announces $7 Billion Stock Buyback

The board of directors of 3M Co. (NYSE:MMM) announced the authorization for the company to repurchase $7 billion in a share buyback, and also a 5 percent increase in the dividend.

George W. Buckley, 3M chairman, president and CEO said, "Today's announcement reflects the strength of our business model and our confidence in the future. Our strong balance sheet and outstanding free cash flow allow us to fund growth investments and continue our legacy of returning significant cash to shareholders."

The repurchase program will replace the existing buyback program, according to 3M, which gave no specific dates for when it would be launched.

A dividend of 55 cents a share was declared by the board of directors, 5 percent over the prior quarterly dividend. The dividend is payable March 12 to shareholders of record at the close of business on February 18.

According to 3M, this is the 53rd year in a row they've boosted the dividend, and at least the 94th year in a row they've paid a dividend.