RTX Corporation (NYSE:RTX) Stock Position Decreased by Prudential PLC

Key Points

• Prudential PLC reduced its stake in RTX Corporation by 21%, holding 50,319 shares valued at approximately $6.67 million after selling 13,398 shares.
• Several analysts have increased their price targets for RTX, with Barclays and Citigroup boosting targets to $153.00 and $182.00 respectively, reflecting positive sentiment towards the stock.
• RTX announced a quarterly dividend of $0.68, scheduled for payment on September 4th, representing an annualized yield of 1.7% with a payout ratio of 59.78%.

Prudential PLC decreased its position in shares of RTX Corporation (NYSE:RTX - Free Report) by 21.0% during the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 50,319 shares of the company's stock after selling 13,398 shares during the period. Prudential PLC's holdings in RTX were worth $6,665,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors have also recently made changes to their positions in the company. Vanguard Group Inc. raised its position in shares of RTX by 1.1% in the 1st quarter. Vanguard Group Inc. now owns 119,836,487 shares of the company's stock valued at $15,873,541,000 after purchasing an additional 1,357,328 shares during the last quarter. Northern Trust Corp raised its position in shares of RTX by 8.4% in the 4th quarter. Northern Trust Corp now owns 12,912,698 shares of the company's stock valued at $1,494,257,000 after purchasing an additional 997,806 shares during the last quarter. T. Rowe Price Investment Management Inc. raised its position in shares of RTX by 43.1% in the 4th quarter. T. Rowe Price Investment Management Inc. now owns 10,508,662 shares of the company's stock valued at $1,216,063,000 after purchasing an additional 3,164,844 shares during the last quarter. Charles Schwab Investment Management Inc. raised its position in shares of RTX by 1.0% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 10,351,568 shares of the company's stock valued at $1,371,171,000 after purchasing an additional 104,139 shares during the last quarter. Finally, Invesco Ltd. raised its position in shares of RTX by 1.5% in the 1st quarter. Invesco Ltd. now owns 10,312,313 shares of the company's stock valued at $1,365,969,000 after purchasing an additional 154,544 shares during the last quarter. 86.50% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other news, EVP Ramsaran Maharajh sold 1,462 shares of the stock in a transaction on Wednesday, July 23rd. The stock was sold at an average price of $152.26, for a total value of $222,604.12. Following the completion of the transaction, the executive vice president owned 13,184 shares of the company's stock, valued at approximately $2,007,395.84. This represents a 9.98% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, VP Kevin G. Dasilva sold 8,704 shares of the stock in a transaction on Thursday, July 24th. The stock was sold at an average price of $156.20, for a total value of $1,359,564.80. Following the completion of the transaction, the vice president directly owned 30,004 shares of the company's stock, valued at approximately $4,686,624.80. The trade was a 22.49% decrease in their position. The disclosure for this sale can be found here. Insiders sold 47,589 shares of company stock worth $7,126,389 over the last 90 days. Insiders own 0.15% of the company's stock.

Wall Street Analysts Forecast Growth

RTX has been the subject of a number of research analyst reports. Barclays raised their target price on RTX from $130.00 to $153.00 and gave the stock an "equal weight" rating in a research note on Tuesday, July 29th. JPMorgan Chase & Co. increased their price target on shares of RTX from $145.00 to $175.00 and gave the stock an "overweight" rating in a report on Wednesday, July 23rd. DZ Bank upgraded shares of RTX from a "sell" rating to a "hold" rating and set a $129.00 price target on the stock in a report on Friday, April 25th. Morgan Stanley increased their price target on shares of RTX from $165.00 to $180.00 and gave the stock an "overweight" rating in a report on Wednesday, July 23rd. Finally, Royal Bank Of Canada reiterated an "outperform" rating and issued a $170.00 price target (up previously from $165.00) on shares of RTX in a report on Wednesday, July 23rd. Six analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and three have issued a strong buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $158.67.

RTX Trading Down 0.7%

Shares of RTX stock traded down $1.04 during trading hours on Friday, reaching $154.04. The stock had a trading volume of 4,593,662 shares, compared to its average volume of 4,988,229. The firm has a 50 day simple moving average of $149.54 and a two-hundred day simple moving average of $136.40. The firm has a market capitalization of $206.19 billion, a price-to-earnings ratio of 33.85, a P/E/G ratio of 2.86 and a beta of 0.69. The company has a current ratio of 1.01, a quick ratio of 0.75 and a debt-to-equity ratio of 0.60. RTX Corporation has a 1 year low of $112.27 and a 1 year high of $158.79.

RTX (NYSE:RTX - Get Free Report) last announced its earnings results on Tuesday, July 22nd. The company reported $1.56 EPS for the quarter, beating the consensus estimate of $1.45 by $0.11. RTX had a return on equity of 12.89% and a net margin of 7.35%. The business had revenue of $21.58 billion for the quarter, compared to the consensus estimate of $20.68 billion. During the same period last year, the business posted $1.41 EPS. The company's revenue was up 9.4% on a year-over-year basis. As a group, equities research analysts anticipate that RTX Corporation will post 6.11 earnings per share for the current year.

RTX Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, September 4th. Investors of record on Friday, August 15th will be paid a dividend of $0.68 per share. This represents a $2.72 dividend on an annualized basis and a yield of 1.8%. RTX's payout ratio is currently 59.78%.

About RTX

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.