Previous close | 0.0200 |
Open | 0.0200 |
Bid | 0.0000 |
Ask | 2.1300 |
Strike | 133.00 |
Expiry date | 2022-08-12 |
Day's range | 0.0200 - 0.0200 |
Contract range | N/A |
Volume | |
Open interest | 14 |
3M's (NYSE: MMM) spin-off announcement last month caught the market by surprise and inevitably raised comparisons with General Electric's (NYSE: GE) impending breakup. Both companies plan to spin off their healthcare businesses in 2023 (with GE also planning to spin off its power and renewable energy businesses together in 2024) to unlock value for shareholders. Let's look at 3M's plans and what they mean for the investment case for the stock.
If things go as planned, shareholders will be able to look forward to more decades of reliable earnings and dividend growth. As announced on July 26, 3M is planning to spin off its healthcare division, which brought in around $8.6 billion out of the company's $26.8 billion in revenue during 2021. The transaction is expected to close by the end of 2023, and it'll help to streamline its operations and pave the way for further profitable growth.
S&P Global, Sony Group, 3M, Northrop Grumman and Shopify are part of Zacks top Analyst Blog.