3M (MMM)

• Market cap: $70.7B
• 1 day: -1.91%
• 5 days: -3.75%
• 1 month: -4.38%
• 3 months: 2.07%
• 6 months: 28.20%
• Year to date: 41.12%
• 1 year: 60.33%
• 5 years: -9.69%
• 10 years: -2.18%
• Sector: Healthcare
• Industry: Surgical & Medical Instruments & Apparatus

About: 3M, a multinational conglomerate founded in 1902, sells tens of thousands of products ranging from sponges to respirators. The firm is well known for its extensive research and development capabilities, and it is a pioneer in inventing new use cases for its proprietary technologies. 3M is organized across three business segments: safety and industrial (representing around 44% of revenue), transportation and electronics (36%), and consumer (20%). The firm recently spun off its healthcare business, now known as Solventum. Nearly half of 3M's revenue comes from outside the Americas.

Employees: 85,000

Fund manager confidence

Based on 2024 Q3 regulatory filings by fund managers ($100M+ AUM)

57% more first-time investments, than exits

New positions opened: 263 | Existing positions closed: 168

41% more call options, than puts

Call options by funds: $1.8B | Put options by funds: $1.28B

35% more funds holding in top 10

Funds holding in top 10: 20 [Q2] → 27 (+7) [Q3]

30% more capital invested

Capital invested by funds: $37.9B [Q2] → $49.3B (+$11.4B) [Q3]

5% more funds holding

Funds holding: 1,909 [Q2] → 2,004 (+95) [Q3]

1.1% less ownership

Funds ownership: 66.42% [Q2] → 65.33% (-1.1%) [Q3]

30% less repeat investments, than reductions

Existing positions increased: 591 | Existing positions reduced: 842

Research analyst outlook

10 Wall Street Analysts provided 1 year price targets over the past 3 months

• Low target: $100 23% downside
• Avg. target: $153 17% upside
• High target: $184 42% upside

10 analyst ratings

• positive: 6 60%
• neutral: 2 20%
• negative: 2 20%

UBS Damian Karas 92% 1-year accuracy 12 / 13 met price target	42% upside $184	Buy Upgraded	13 Nov 2024
JP Morgan Stephen Tusa 65% 1-year accuracy 15 / 23 met price target	27% upside $165	Overweight Maintained	28 Oct 2024
RBC Capital Deane Dray 75% 1-year accuracy 47 / 63 met price target	23% downside $100	Underperform Maintained	23 Oct 2024
B of A Securities Andrew Obin 92% 1-year accuracy 22 / 24 met price target	23% upside $160	Buy Maintained	23 Oct 2024
Barclays Julian Mitchell 74% 1-year accuracy 66 / 89 met price target	27% upside $165	Overweight Maintained	23 Oct 2024