3M Gifts Shareholders with $7 Billion Share Buyback

3M Co. announced late Monday it was planning an aggressive $7 billion share-buyback plan through February 2009, its biggest ever. As of Monday's close its market cap was $54.8b. CEO George Buckley: "While our first priority remains investing for growth, returning cash to our shareholders remains an integral part of our strategy... The strength of our operations and our confidence in 3M's future continue to afford us the flexibility to do both." The company also raised its quarterly dividend 4.3% to $0.48. Shares, which closed up slightly Monday, were up $0.91 (1.2%) to $75.50 in pre-market trading.

Sources: Press Release, MarketWatch, Bloomberg
Commentary: 3M Planning Massive Share Buyback - But With What?
Stocks/ETFs to watch: 3M Company (MMM). Competitors: E.I. DuPont de Nemours (DD), Johnson & Johnson (JNJ), Avery Dennison Corp. (AVY)

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