On September 13, 2023, financial news outlets reported that Abacus Wealth Partners LLC had acquired a new stake in the conglomerate company 3M (NYSE: MMM) during the first quarter of the year. According to its most recent filing with the Securities and Exchange Commission (SEC), Abacus purchased 2,015 shares of 3M’s stock with an approximate value of $208,000.
Founded in 1902, 3M is a multinational conglomerate known for its diversified range of products including industrial adhesives, personal protective equipment, healthcare products, and consumer goods. With a long-standing history and global presence, the company has continuously attracted investor interest due to its stable financial performance.
In addition to Abacus Wealth Partners’ investment in 3M, recent reports indicate that the company also declared a quarterly dividend. This dividend was paid to shareholders on Tuesday, September 12th. Investors who were recorded as shareholders on Monday, August 21st received a dividend payout of $1.50 per share held. Considering this amount over a year, it represents an annualized dividend of $6.00 per share and offers shareholders a yield of 5.60%.
It is important to note that the ex-dividend date for this payment was Friday, August 18th. The significance of this date lies in determining which shareholders are eligible to receive the dividend payment based on their ownership before or after this particular date.
The information regarding 3M’s dividend payout ratio (DPR) is worth mentioning as well. As of now, the company’s DPR stands at -211.27%. The term “dividend payout ratio” refers to the percentage of earnings distributed by a company to its shareholders in dividends. A negative DPR indicates that currently, 3M is not distributing any dividends or experiencing losses exceeding its earnings.
These developments surrounding Abacus Wealth Partners’ acquisition and the quarterly dividend provided by 3M have caught the attention of investors and financial analysts alike. While experts evaluate the implications of these events, shareholders eagerly await further updates on the company’s performance and future growth prospects.
In conclusion, Abacus Wealth Partners LLC has recently acquired a new stake in 3M, an American multinational conglomerate. This investment follows the announcement of a quarterly dividend paid to shareholders on September 12th. While these developments generate interest among investors, further analysis is necessary to assess the potential impact on both Abacus Wealth Partners’ portfolio and 3M’s continued growth in the global market.
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Large Investors Make Significant Changes to Their Stakes in 3M, Analysts Remain Mixed
In recent months, several large investors have made significant changes to their stakes in the conglomerate 3M. Charles Schwab Investment Management Inc. increased its stake by 9.3% during the fourth quarter, resulting in ownership of 13,132,871 shares valued at $1,567,502,000. Similarly, Geode Capital Management LLC raised its position by 5.7% during the first quarter and now owns 11,474,791 shares worth $1,203,635,000. Morgan Stanley also boosted its stake by 8.3% during the fourth quarter and now holds 10,769,973 shares valued at $1,291,535,000.
Furthermore, Flossbach Von Storch AG’s stake in 3M increased by 5.3% in the first quarter to a total of 9,344,091 shares worth $982,157,000. Additionally,Northern Trust Corp saw a slight increase of 0.6%, resulting in ownership of 7ØŒ413ØŒ149 shares valued at $1ØŒ103ØŒ670ØŒ000.
Interestingly enough, 65.24% of the stock is owned by institutional investors.
A number of brokerages have also released reports on MMM (company stock symbol). For instance, StockNews.com recently initiated coverage on September …. issuing a “hold” rating for the company.
Similarly VNET Group has maintained their rating as suggested last June.
Analysts from Barclays raised their target price from $93 to $96 on July and
Morgan Stanley upgraded their rating on August from “underweight” to “equal weight,” while increasing their price target from $102 to $113.
Royal Bank of Canada also raised their price target from $95 to $100 in July.
According to data from Bloomberg,suggest that there are mixed signals among the analysts with one Sell rating alongside ten Hold ratings. On average, these analysts have set a consensus price target of $113.45
Yesterday, MMM stock opened at $107.16 showing relative stability from recent month events.
The business’s 50-day simple moving average is $104.14 , indicating some degree of steady growth… while its 200 day simple moving average remains around $103.07.
it is worth noting that 3M has a quick ratio of 0.96, and a current ratio of 1.44, both signaling a healthy financial position for the company
3M’s debt-to-equity ratio stands at 1.65,
and it has a market capitalization of whopping $$59.15 billion.
With respect to valuation metrics, the Price Earnings (PE) ratio stands at -37.73 . The price-to-earnings-growth (PEG) ratio is positioned at an interesting 1:64 , and beta suggests low volatility in the market at 0:96.
During its last earnings announcement on July 25th,3M reported earnings per share (EPS) of $2.17 for the second quarter surpassing analyst estimates by $0:44…
&over which ends up being close to %44 Additionally,the revenue for that quarter was $7:90 billion exceeding expectations by generating higher than expected $100 million
However,this number shows a visible decline compared to same period last year as it faced an %8:1 drop in total revenue
Despite all this,given promising dialogue between such large scale investors as well as solid lawsuit wins against COVID-19 counterfeit suppliers
