The new dividend, payable in March, will be 63.5 cents, up from 59 cents.
3M also said Tuesday that it will boost its share repurchase program to $7.5 billion, replacing an old pool that had $7 billion. That program had $3.2 billion that had not been used as of the end of September, according to an earlier 3M regulatory filing.
Buybacks can return profits to shareholders, giving them a bigger slice of the shares that remain. They also offset the effect of using shares to compensate employees.
Shares of the St. Paul, Minn., company rose 1.5 percent to $102.99 in aftermarket trading.