Business Week reported on February 10, 2004 that 3M's dividends increased, and that according to Standard and Poor's there were expectation about its future cash flows, which is reflected in the stock price.

3M raised its quarterly dividend to 36 cents from 33 cents. S&P notes this is the 46th straight year of dividend increases by the company, and that this 9.1% hike brings the 10-year growth rate for 3M's dividends to an above-average 4.6%, compared with 2.4% for the S&P 500. S&P continues to believe that the company will post strong free-cash flow growth and returns on equity, given its focus on cost control and balance sheet maintenance. S&P is maintaining the $83, discounted cash-flow-based 12-month target price.