Mediolanum International Funds Ltd Sells 13,049 Shares of RTX Corporation (NYSE:RTX)

Key Points

• Mediolanum International Funds Ltd reduced its stake in RTX Corporation by 21.3%, owning 48,241 shares worth approximately $6.35 million after selling 13,049 shares during the first quarter.
• In the latest earnings report, RTX Corporation reported $1.56 EPS for the quarter, surpassing expectations by $0.11 and achieving a revenue of $21.58 billion, which is a 9.4% increase year-over-year.
• RTX Corporation announced a quarterly dividend of $0.68 per share, with a projected annualized dividend yield of 1.73%, and a payout ratio of 59.78%.

Mediolanum International Funds Ltd lessened its holdings in RTX Corporation (NYSE:RTX - Free Report) by 21.3% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 48,241 shares of the company's stock after selling 13,049 shares during the quarter. Mediolanum International Funds Ltd's holdings in RTX were worth $6,354,000 at the end of the most recent quarter.

A number of other hedge funds have also recently added to or reduced their stakes in RTX. Angeles Wealth Management LLC boosted its holdings in shares of RTX by 7.4% during the first quarter. Angeles Wealth Management LLC now owns 9,147 shares of the company's stock valued at $1,212,000 after acquiring an additional 631 shares during the period. Bell & Brown Wealth Advisors LLC boosted its holdings in shares of RTX by 2.0% during the first quarter. Bell & Brown Wealth Advisors LLC now owns 27,634 shares of the company's stock valued at $3,661,000 after acquiring an additional 531 shares during the period. Skandinaviska Enskilda Banken AB publ acquired a new position in shares of RTX during the first quarter valued at $56,025,000. Private Management Group Inc. bought a new stake in shares of RTX during the first quarter valued at about $212,000. Finally, Caliber Wealth Management LLC KS bought a new stake in shares of RTX during the first quarter valued at about $927,000. Institutional investors and hedge funds own 86.50% of the company's stock.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on RTX. Royal Bank Of Canada restated an "outperform" rating and set a $170.00 price objective (up from $165.00) on shares of RTX in a research note on Wednesday, July 23rd. The Goldman Sachs Group lifted their price objective on shares of RTX from $114.00 to $126.00 and gave the company a "neutral" rating in a research note on Monday, June 23rd. Barclays boosted their price target on shares of RTX from $130.00 to $153.00 and gave the stock an "equal weight" rating in a research report on Tuesday. 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 research report on Friday, April 25th. Finally, Sanford C. Bernstein set a $154.00 price target on shares of RTX and gave the stock a "market perform" rating in a research report on Friday, July 11th. Six investment analysts have rated the stock with a hold rating, thirteen have given a buy rating and three have given a strong buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average price target of $158.67.

RTX Stock Down 0.8%

Shares of NYSE RTX traded down $1.23 during trading hours on Thursday, hitting $157.18. The stock had a trading volume of 1,869,404 shares, compared to its average volume of 5,383,157. The company has a market capitalization of $210.39 billion, a P/E ratio of 34.54, a P/E/G ratio of 2.89 and a beta of 0.64. The firm's 50-day moving average price is $144.73 and its two-hundred day moving average price is $133.67. RTX Corporation has a 52 week low of $112.27 and a 52 week high of $158.79. The company has a debt-to-equity ratio of 0.60, a quick ratio of 0.75 and a current ratio of 1.01.

RTX (NYSE:RTX - Get Free Report) last posted its earnings results on Tuesday, July 22nd. The company reported $1.56 earnings per share for the quarter, topping 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 firm had revenue of $21.58 billion during the quarter, compared to analyst estimates of $20.68 billion. During the same period in the previous year, the company earned $1.41 EPS. The company's revenue for the quarter was up 9.4% on a year-over-year basis. Analysts anticipate that RTX Corporation will post 6.11 EPS for the current fiscal year.

RTX Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, September 4th. Stockholders of record on Friday, August 15th will be issued a dividend of $0.68 per share. This represents a $2.72 dividend on an annualized basis and a dividend yield of 1.73%. RTX's dividend payout ratio (DPR) is presently 59.78%.

Insiders Place Their Bets

In other news, EVP Dantaya M. Williams sold 16,922 shares of the business's stock in a transaction that occurred on Tuesday, June 3rd. The stock was sold at an average price of $137.62, for a total transaction of $2,328,805.64. Following the sale, the executive vice president directly owned 16,538 shares in the company, valued at approximately $2,275,959.56. The trade was a 50.57% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, EVP Ramsaran Maharajh sold 1,462 shares of the business's stock in a transaction that occurred on Wednesday, July 23rd. The shares were sold at an average price of $152.26, for a total value of $222,604.12. Following the sale, the executive vice president owned 13,184 shares in the company, valued at approximately $2,007,395.84. This represents a 9.98% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 31,234 shares of company stock valued at $4,439,755 in the last three months. 0.15% of the stock is owned by corporate insiders.

RTX 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.