5 Best Halal Dividend Stocks To Buy

2. 3M Company (NYSE:MMM)

Dividend Yield as of December 7: 4.73%

3M Company (NYSE:MMM) is a multinational conglomerate that manufactures products related to different industries. The company has always remained committed to shareholder obligation and in Q3 2022, it returned $1 billion to stakeholders in dividends and share repurchases. The company’s strong cash position and dividend growth streak make it one of the best dividend stocks on our list.

On November 8, 3M Company (NYSE:MMM) declared a quarterly dividend of $1.49 per share, consistent with its previous dividend. The company holds a 64-year streak of dividend growth. As of December 7, the stock has a dividend yield of 4.73%.

At the end of Q3 2022, 49 hedge funds tracked by Insider Monkey owned stakes in 3M Company (NYSE:MMM), worth 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.