Meridian Wealth Management LLC Buys Shares of 64,005 RTX Co. (NYSE:RTX)

Meridian Wealth Management LLC purchased a new position in shares of RTX Co. (NYSE:RTX) during the third quarter, HoldingsChannel.com reports. The fund purchased 64,005 shares of the company’s stock, valued at approximately $7,754,000.

A number of other hedge funds also recently modified their holdings of the business. Legal & General Group Plc raised its position in shares of RTX by 4.4% during the second quarter. Legal & General Group Plc now owns 8,577,770 shares of the company’s stock worth $861,122,000 after purchasing an additional 362,340 shares during the period. Ameriprise Financial Inc. grew its holdings in shares of RTX by 5.2% during the second quarter. Ameriprise Financial Inc. now owns 8,284,944 shares of the company’s stock worth $831,740,000 after buying an additional 408,551 shares in the last quarter. Dimensional Fund Advisors LP grew its holdings in shares of RTX by 5.9% during the second quarter. Dimensional Fund Advisors LP now owns 7,444,471 shares of the company’s stock worth $747,347,000 after buying an additional 417,789 shares in the last quarter. Sumitomo Mitsui Trust Group Inc. grew its holdings in shares of RTX by 1.3% during the third quarter. Sumitomo Mitsui Trust Group Inc. now owns 2,937,660 shares of the company’s stock worth $355,927,000 after buying an additional 38,930 shares in the last quarter. Finally, National Pension Service grew its stake in RTX by 14.5% in the third quarter. National Pension Service now owns 2,483,792 shares of the company’s stock valued at $300,936,000 after purchasing an additional 313,710 shares in the last quarter. Institutional investors and hedge funds own 86.50% of the company’s stock.

Analyst Ratings Changes

A number of research analysts have weighed in on the company. Royal Bank of Canada raised their price target on RTX from $115.00 to $130.00 and gave the company a “sector perform” rating in a research note on Wednesday, October 23rd. JPMorgan Chase & Co. lifted their target price on RTX from $110.00 to $130.00 and gave the stock an “overweight” rating in a research note on Monday, July 29th. Bank of America upgraded RTX from a “neutral” rating to a “buy” rating and lifted their target price for the stock from $110.00 to $140.00 in a research note on Wednesday, July 31st. The Goldman Sachs Group lifted their target price on RTX from $94.00 to $104.00 and gave the stock a “neutral” rating in a research note on Monday, July 29th. Finally, Citigroup lifted their target price on RTX from $122.00 to $132.00 and gave the stock a “neutral” rating in a research note on Thursday, October 10th. Nine analysts have rated the stock with a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $177.27.

RTX Price Performance

RTX stock opened at $120.69 on Friday. The stock has a market capitalization of $160.64 billion, a P/E ratio of 34.33, a price-to-earnings-growth ratio of 2.11 and a beta of 0.82. RTX Co. has a 52 week low of $79.13 and a 52 week high of $128.70. The company has a debt-to-equity ratio of 0.62, a quick ratio of 0.73 and a current ratio of 0.99. The stock has a fifty day moving average of $122.13 and a 200-day moving average of $113.89.

RTX (NYSE:RTX) last announced its quarterly earnings data on Tuesday, October 22nd. The company reported $1.45 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.34 by $0.11. The company had revenue of $20.09 billion for the quarter, compared to the consensus estimate of $19.84 billion. RTX had a return on equity of 11.96% and a net margin of 5.97%. The firm’s revenue was up 6.0% compared to the same quarter last year. During the same period in the previous year, the business earned $1.25 EPS. On average, sell-side analysts expect that RTX Co. will post 5.56 earnings per share for the current fiscal year.

RTX Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, December 12th. Investors of record on Friday, November 15th will be paid a dividend of $0.63 per share. This represents a $2.52 dividend on an annualized basis and a yield of 2.09%. The ex-dividend date is Friday, November 15th. RTX’s dividend payout ratio (DPR) is currently 72.00%.

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.