5 Safe Dividend Stocks to Buy Before 2023

1. 3M Company (NYSE:MMM)

Dividend Yield as of August 3: 4.18%

An American multinational company, 3M Company (NYSE:MMM) reported strong earnings in Q2 2022, with its operating cash flow standing at over $1.12 billion. The company generated $743 million in free cash flow, up from $587 million in the previous quarter. Moreover, the company paid nearly $800 million in dividends during the quarter, which covers 83% of its net income.

3M Company (NYSE:MMM) holds a 64-year track record of consistent dividend growth, which makes it one of the safest dividend stocks to buy. The company pays a quarterly dividend of $1.49 per share, with a yield of 4.18%, as of August 3.

Following the company’s Q2 earnings, Street analysts presented a positive outlook on 3M Company (NYSE:MMM). In July, both Deutsche Bank and Wells Fargo raised their price targets on the stock to $148 and $144, respectively.

3M Company (NYSE:MMM) was a popular buy among hedge funds in Q1, according to Insider Monkey’s database. The company was a part of 51 hedge fund portfolios, up from 41 in the previous quarter. The stakes owned by these funds are collectively valued at over $1.5 billion.

You can also take a look at 10 Semiconductor Stocks to Buy Today According to Billionaire Ken Fisher and 10 Best Vanguard ETFs to Invest In

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