Industrial and consumer products conglomerate 3M Co. (NYSE: MMM – $151.17) said it would buy back up to $10 billion worth of shares and also raised its quarterly dividend. The company hiked its quarterly dividend 8.3% to $1.11 per share from $1.025 per share. On an annual basis, 3M will pay investors $4.44, equal to nearly 3% at present quotations. At current prices, 3M would be able to buy back about 67.6 million, or 11 percent, of its total outstanding shares. The new buyback program replaces its existing program and does not have a pre-established closing date.