3M to Cut Dividend on Health-Care Spin, Losing Aristocrat Status [BNN Bloomberg (Canada)]
Solventum Corporation (SOLV)
Company Research
Source: BNN Bloomberg
Starting in May, the manufacturing giant plans to pay a dividend at roughly 40% of its adjusted free cash flow, 3M said in a statement Tuesday as it reported first-quarter earnings. That compares to a payout that translated to more than 60% of its free cash flow last year. Departing 3M Chief Executive Officer Mike Roman said in an interview that the decision was a “resetting of our dividend” following the April 1 spinoff of its massive health-care business, now known as Solventum Corp. That business had accounted for about 30% of the company's free cash flow, he said. The move breaks with 3M's legacy as so-called dividend aristocrat. The maker of Post-it notes, industrial adhesives and roofing granules earned that reputation by paying a dividend for more than a century without interruption. And through last year, it increased the payout on a per-share annually for several decades. 3M's shares slipped 1.3% before regular trading in New York. The announcement came as 3M reporte
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SOLV
News
- Solventum Co. (NYSE: SOLV) is now covered by analysts at Bank of America Co.. They set a "neutral" rating and a $70.00 price target on the stock.MarketBeat
- Solventum Reports First Quarter 2024 Financial Results and Capital Allocation UpdatePR Newswire
- ‘Dividend aristocrat' no more: 3M slashes payout after more than 60 years of only boosting it [Fortune]Fortune
- Solventum Announces First Quarter 2024 Earnings Release Date and Upcoming Investor EventsPR Newswire
- Solventum Names Shirley Edwards to Board of DirectorsPR Newswire
SOLV
Earnings
- 5/9/24 - Beat
SOLV
Sec Filings
- 5/17/24 - Form 8-K
- 5/10/24 - Form 10-Q
- 5/9/24 - Form 8-K
- SOLV's page on the SEC website