Stock Purchase: MMM

I purchased shares of 3M (Google Finance: MMM) today. Reasons that I purchased:

1. Two year stock buyback program of $7.0 billion approved in February
2. Over 60% of earnings are from outside the U.S. -- provides good international exposure
3. Historical earnings growth -- 20% annual growth in last 5 years
   
4. Dividend yield of 2.51%
5. Margin of safety around 40% based on 10% growth for next 10 years with an 11% discount rate