5 Best Stocks To Buy For Income

4. 3M Company (NYSE:MMM)

Number of Hedge Fund Holders: 49

Dividend Yield as of February 14: 5.25%

3M Company (NYSE:MMM), also known simply as 3M, is an American multinational conglomerate operating in the fields of industry, worker safety, U.S. health care, and consumer goods. The company manufactures and distributes a broad range of products, from building materials and adhesives to medical and home cleaning supplies. However, its Safety and Industrial segment generates the most sales and profits. On February 7, 3M Company (NYSE:MMM) declared a quarterly dividend rate of $1.50, a $0.01 increase from the previous rate.

On January 26, Mizuho analyst Brett Linzey lowered the price target on 3M Company (NYSE:MMM) to $120 from $130 and kept a Neutral rating on the shares. According to the analyst, the company’s Q4 results were below expectations with a weak start to 2023 expected. He believes that 3M is taking a “prudent, conservative approach,” focusing on inventory normalization and aligning production with demand entering a “potentially turbulent” 2023.

According to Insider Monkey’s data, 3M Company (NYSE:MMM) was part of 49 public stock portfolios at the end of September 2022, compared to 54 in the prior quarter. Ken Fisher’s Fisher Asset Management is the largest stakeholder of the company, with 6.3 million shares worth $703 million.

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.