MMM’s stated intention of reducing their dividend to approximately 40% of adjusted free cash flow means they will no longer be a Dividend King and no longer qualify for inclusion in the Royal Dividends Empire (please see the related 2024-05-02 post)1. The position can be closed out for a small gain of approximately 3%. I will summarize the performance after the sale, in a separate post.
I am submitting a market order to sell all 36 shares of MMM. The proceeds should be approximately $3,500.00. The cash will be used to make another purchase. Stay tuned for my next post.
- Sure Dividend has independently reached the same conclusion in removing MMM from their list of Dividend Kings. ↩︎