RTX Co. (NYSE:RTX) Raises Dividend to $0.68 Per Share

RTX Co. (NYSE:RTX) announced a quarterly dividend on Thursday, May 1st, RTT News reports. Investors of record on Friday, May 23rd will be paid a dividend of 0.68 per share on Thursday, June 12th. This represents a $2.72 annualized dividend and a dividend yield of 1.98%. The ex-dividend date is Friday, May 23rd. This is a 7.9% increase from RTX’s previous quarterly dividend of $0.63.

RTX has raised its dividend by an average of 7.3% per year over the last three years and has raised its dividend annually for the last 5 consecutive years. RTX has a dividend payout ratio of 40.5% indicating that its dividend is sufficiently covered by earnings. Research analysts expect RTX to earn $6.84 per share next year, which means the company should continue to be able to cover its $2.72 annual dividend with an expected future payout ratio of 39.8%.

RTX Stock Performance

Shares of RTX stock opened at $137.11 on Wednesday. The company has a debt-to-equity ratio of 0.63, a quick ratio of 0.74 and a current ratio of 0.99. The company has a market capitalization of $183.17 billion, a price-to-earnings ratio of 38.62, a PEG ratio of 2.11 and a beta of 0.60. RTX has a 52 week low of $99.07 and a 52 week high of $139.84. The company has a 50-day simple moving average of $129.00 and a 200 day simple moving average of $124.44.

RTX (NYSE:RTX) last posted its quarterly earnings data on Tuesday, April 22nd. The company reported $1.47 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.35 by $0.12. The firm had revenue of $20.31 billion during the quarter, compared to the consensus estimate of $19.80 billion. RTX had a net margin of 5.91% and a return on equity of 12.45%. On average, sell-side analysts predict that RTX will post 6.11 earnings per share for the current year.

Insider Buying and Selling

In related news, VP Amy L. Johnson sold 4,146 shares of the company’s stock in a transaction that occurred on Tuesday, May 6th. The shares were sold at an average price of $127.54, for a total transaction of $528,780.84. Following the completion of the transaction, the vice president now directly owns 9,546 shares in the company, valued at $1,217,496.84. This represents a 30.28% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Neil G. Mitchill, Jr. sold 16,118 shares of the company’s stock in a transaction that occurred on Thursday, February 27th. The stock was sold at an average price of $130.35, for a total transaction of $2,100,981.30. Following the transaction, the chief financial officer now owns 59,556 shares of the company’s stock, valued at approximately $7,763,124.60. This represents a 21.30% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 69,946 shares of company stock worth $9,024,856 in the last three months. 0.15% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On RTX

An institutional investor recently raised its position in RTX stock. Revolve Wealth Partners LLC raised its holdings in RTX Co. (NYSE:RTX) by 3.4% in the 4th quarter, according to the company in its most recent filing with the SEC. The firm owned 4,873 shares of the company’s stock after acquiring an additional 159 shares during the quarter. Revolve Wealth Partners LLC’s holdings in RTX were worth $564,000 as of its most recent SEC filing. Hedge funds and other institutional investors own 86.50% of the company’s stock.

Analyst Ratings Changes

A number of analysts have issued reports on the stock. Citigroup cut their price objective on shares of RTX from $153.00 to $148.00 and set a “buy” rating for the company in a report on Thursday, April 10th. Bank of America boosted their price objective on shares of RTX from $145.00 to $155.00 and gave the company a “buy” rating in a report on Thursday, January 30th. Susquehanna cut their price objective on shares of RTX from $147.00 to $140.00 and set a “positive” rating for the company in a report on Wednesday, April 23rd. Morgan Stanley upgraded shares of RTX from an “equal weight” rating to an “overweight” rating and set a $135.00 target price for the company in a research report on Wednesday, April 23rd. Finally, Robert W. Baird upgraded shares of RTX from a “neutral” rating to an “outperform” rating and boosted their target price for the company from $136.00 to $160.00 in a research report on Wednesday, March 19th. Three research analysts have rated the stock with a hold rating, fourteen have issued a buy rating and three have given a strong buy rating to the company’s stock. According to data from MarketBeat, RTX presently has an average rating of “Buy” and a consensus target price of $159.82.

RTX Company Profile

RTX Corporation, an aerospace and defense company, provides systems and services for the commercial, military, and government customers in the United States and internationally. It operates through three segments: Collins Aerospace, Pratt & Whitney, and Raytheon. The Collins Aerospace Systems segment offers aerospace and defense products, and aftermarket service solutions for civil and military aircraft manufacturers and commercial airlines, as well as regional, business, and general aviation, defense, and commercial space operations.