3M Company (MMM) announced a 4.17% increase in the company's quarterly dividend. The quarterly dividend increases to 50 cents per share versus 48 cents per share in the same quarter last year. The projected payout ratio is approximately 37% based on estimated 2008 earnings per share of $5.45. This compares to the 5-year average payout ratio of 38%. The company has an S&P Quality Ranking of A+.
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