Toronto Dominion Bank Acquires 1,961 Shares of 3M (NYSE:MMM)

Toronto Dominion Bank lifted its stake in shares of 3M (NYSE:MMM - Free Report) by 0.7% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 276,937 shares of the conglomerate's stock after purchasing an additional 1,961 shares during the quarter. Toronto Dominion Bank owned 0.05% of 3M worth $35,749,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors also recently made changes to their positions in the stock. Norges Bank acquired a new stake in 3M during the 4th quarter worth approximately $636,767,000. Invesco Ltd. boosted its position in 3M by 51.6% during the 4th quarter. Invesco Ltd. now owns 4,468,549 shares of the conglomerate's stock worth $576,845,000 after buying an additional 1,520,619 shares during the period. D1 Capital Partners L.P. acquired a new stake in 3M during the 4th quarter worth approximately $175,110,000. Capital World Investors boosted its position in 3M by 25.4% during the 4th quarter. Capital World Investors now owns 6,153,924 shares of the conglomerate's stock worth $794,410,000 after buying an additional 1,248,093 shares during the period. Finally, Amundi boosted its position in 3M by 55.7% during the 4th quarter. Amundi now owns 2,511,095 shares of the conglomerate's stock worth $337,815,000 after buying an additional 898,244 shares during the period. 65.25% of the stock is owned by institutional investors.

Insider Activity

In other news, EVP Zoe L. Dickson sold 7,915 shares of the firm's stock in a transaction on Thursday, May 15th. The stock was sold at an average price of $149.02, for a total transaction of $1,179,493.30. Following the completion of the transaction, the executive vice president now directly owns 6,127 shares in the company, valued at $913,045.54. This trade represents a 56.37% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 0.34% of the company's stock.

Wall Street Analyst Weigh In

MMM has been the topic of several recent research reports. Wells Fargo & Company upgraded shares of 3M from an "equal weight" rating to an "overweight" rating and lifted their target price for the stock from $140.00 to $170.00 in a research report on Wednesday, January 22nd. Barclays lifted their target price on shares of 3M from $160.00 to $164.00 and gave the stock an "overweight" rating in a research report on Wednesday, April 23rd. Royal Bank of Canada boosted their price target on shares of 3M from $98.00 to $100.00 and gave the stock an "underperform" rating in a research report on Wednesday, April 23rd. JPMorgan Chase & Co. boosted their price target on shares of 3M from $140.00 to $167.00 and gave the stock an "overweight" rating in a research report on Friday, May 16th. Finally, Bank of America boosted their price target on shares of 3M from $175.00 to $179.00 and gave the stock a "buy" rating in a research report on Thursday, March 6th. Two equities research analysts have rated the stock with a sell rating, three have given a hold rating and ten have issued a buy rating to the stock. According to MarketBeat.com, 3M currently has a consensus rating of "Moderate Buy" and a consensus price target of $152.08.

3M Price Performance

Shares of 3M stock traded down $4.71 on Wednesday, reaching $149.44. The stock had a trading volume of 2,661,780 shares, compared to its average volume of 3,986,107. 3M has a 1 year low of $96.76 and a 1 year high of $156.35. The company has a market cap of $80.42 billion, a P/E ratio of 19.79, a price-to-earnings-growth ratio of 3.30 and a beta of 1.02. The company has a current ratio of 1.41, a quick ratio of 1.08 and a debt-to-equity ratio of 2.86. The business's 50 day moving average is $141.82 and its two-hundred day moving average is $139.83.

3M (NYSE:MMM - Get Free Report) last issued its quarterly earnings results on Tuesday, April 22nd. The conglomerate reported $1.88 earnings per share for the quarter, beating the consensus estimate of $1.77 by $0.11. 3M had a return on equity of 100.77% and a net margin of 15.71%. The firm had revenue of $5.80 billion during the quarter, compared to the consensus estimate of $5.78 billion. As a group, research analysts anticipate that 3M will post 7.8 EPS for the current year.

3M Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, June 12th. Stockholders of record on Friday, May 23rd will be issued a dividend of $0.73 per share. This represents a $2.92 annualized dividend and a dividend yield of 1.95%. 3M's payout ratio is presently 36.87%.

About 3M

3M Company provides diversified technology services in the United States and internationally. The company's Safety and Industrial segment offers industrial abrasives and finishing for metalworking applications; autobody repair solutions; closure systems for personal hygiene products, masking, and packaging materials; electrical products and materials for construction and maintenance, power distribution, and electrical original equipment manufacturers; structural adhesives and tapes; respiratory, hearing, eye, and fall protection solutions; and natural and color-coated mineral granules for shingles.