Meridian Wealth Management LLC Purchases 2,034 Shares of RTX Corporation (NYSE:RTX)

Key Points

• Meridian Wealth Management LLC has increased its holdings in RTX Corporation by 3.5%, now owning 60,756 shares valued at $8,046,000.
• Wall Street analysts have lifted their price targets for RTX, with Wells Fargo setting it at $144.00 and Royal Bank of Canada at $170.00, overall reflecting a consensus target of $158.67.
• RTX recently declared a quarterly dividend of $0.68 per share, translating into an annualized dividend yield of 1.8%.

Meridian Wealth Management LLC increased its holdings in shares of RTX Corporation (NYSE:RTX - Free Report) by 3.5% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 60,756 shares of the company's stock after buying an additional 2,034 shares during the quarter. Meridian Wealth Management LLC's holdings in RTX were worth $8,046,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds have also modified their holdings of RTX. Bay Capital Advisors LLC acquired a new position in shares of RTX during the 1st quarter worth about $224,000. Dynamic Advisor Solutions LLC grew its stake in shares of RTX by 8.4% in the 1st quarter. Dynamic Advisor Solutions LLC now owns 34,657 shares of the company's stock valued at $4,591,000 after purchasing an additional 2,686 shares during the period. Brookwood Investment Group LLC bought a new stake in shares of RTX in the 1st quarter valued at approximately $1,288,000. Deutsche Bank AG grew its stake in shares of RTX by 46.0% in the 4th quarter. Deutsche Bank AG now owns 2,973,342 shares of the company's stock valued at $344,075,000 after purchasing an additional 936,953 shares during the period. Finally, LBP AM SA grew its stake in shares of RTX by 17.7% in the 1st quarter. LBP AM SA now owns 279,179 shares of the company's stock valued at $36,980,000 after purchasing an additional 41,990 shares during the period. Hedge funds and other institutional investors own 86.50% of the company's stock.

Analyst Upgrades and Downgrades

Several equities research analysts have recently weighed in on the company. Susquehanna upped their price objective on RTX from $160.00 to $175.00 and gave the company a "positive" rating in a research note on Wednesday, July 23rd. The Goldman Sachs Group increased their price target on RTX from $114.00 to $126.00 and gave the stock a "neutral" rating in a research report on Monday, June 23rd. Citigroup increased their price target on RTX from $148.00 to $182.00 and gave the stock a "buy" rating in a research report on Monday, July 14th. Barclays increased their price target on RTX from $130.00 to $153.00 and gave the stock an "equal weight" rating in a research report on Tuesday, July 29th. Finally, Royal Bank Of Canada restated an "outperform" rating and set a $170.00 price target (up from $165.00) on shares of RTX in a research report on Wednesday, July 23rd. Six equities research 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 MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $158.67.

RTX Trading Down 0.3%

Shares of RTX stock traded down $0.46 during trading hours on Thursday, reaching $155.25. The company had a trading volume of 2,765,935 shares, compared to its average volume of 5,317,897. The company has a 50 day moving average of $148.92 and a 200 day moving average of $136.01. The company has a debt-to-equity ratio of 0.60, a current ratio of 1.01 and a quick ratio of 0.75. The firm has a market cap of $207.81 billion, a price-to-earnings ratio of 34.12, a P/E/G ratio of 2.86 and a beta of 0.69. 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 posted its quarterly earnings results on Tuesday, July 22nd. The company reported $1.56 earnings per share for the quarter, beating analysts' consensus estimates of $1.45 by $0.11. The company had revenue of $21.58 billion for the quarter, compared to the consensus estimate of $20.68 billion. RTX had a return on equity of 12.89% and a net margin of 7.35%. The firm's quarterly revenue was up 9.4% on a year-over-year basis. During the same quarter in the prior year, the business posted $1.41 EPS. On average, equities research analysts anticipate that RTX Corporation will post 6.11 EPS for the current year.

RTX Dividend Announcement

The firm 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 annualized dividend and a yield of 1.8%. RTX's payout ratio is presently 59.78%.

Insider Buying and Selling at RTX

In related news, insider Troy D. Brunk sold 7,654 shares of the firm's stock in a transaction on Tuesday, August 12th. The stock was sold at an average price of $155.20, for a total transaction of $1,187,900.80. Following the sale, the insider owned 16,442 shares of the company's stock, valued at approximately $2,551,798.40. This trade represents a 31.76% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, EVP Ramsaran Maharajh sold 1,462 shares of the firm's 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 sale, the executive vice president directly owned 13,184 shares in the company, valued at $2,007,395.84. The trade was a 9.98% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 47,589 shares of company stock worth $7,126,389 in the last three months. 0.15% of the stock is owned by insiders.

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.