Sign up to create alerts for Instruments,
Economic Events and content by followed authors
Free Sign Up Already have an account? Sign In
Quotes
All Instrument Types
- All Instrument Types
- Indices
- Equities
- ETFs
- Funds
- Commodities
- Currencies
- Crypto
- Bonds
- Certificates
Please try another search
🚨 NDVA surged 43%. This AI Chipmaker Could Be Next See Analysis
Raytheon Technologies rises on new $6B share repurchase program
Published Dec 13, 2022 13:18
© Reuters.
By Sam Boughedda
Raytheon Technologies (NYSE:RTX) shares jumped at the start of Tuesday's session after the aerospace and defense company announced it has authorized a $6 billion share repurchase program.
The company said the new authorization replaces the company's previous program, which was approved last year on December 7, 2021.
Reacting to the news, Jefferies analysts said the new program compares to the $6B authorization approved last year.
"As of Q3:22, $3.5BB of repurchases were left on the prior authorization, which compares to $2.4BB repurchased YTD in 2022. The company guided to at least $2.5BB of shares repurchased in 2022E and $3.0BB in 2023," wrote the analysts. "Since 2020, RTX has repurchased $6.8BB of shares as of Q3:22, driving the average diluted share count down 47.8MM shares from 1,525MM at MoE close."
The analysts, who maintained a Buy rating and $100 per share price target on the stock, added: "RTX has set a target to return $20BB+ of capital to shareholders in the first four years following MoE close (Apr 2020). To date, the company has returned $14.8BB to shareholders through the dividend ($8.8BB or 105% of FCF) and share repurchase ($6.0BB or 71% of FCF). This implies an incremental $5.2BB returned to shareholders through Q1:24 with our estimate incorporating upside to the target with $7.3BB deployed during Q4:22 and 2023."
Raytheon shares opened up the session at $101.57. However, they have since declined, now at $100.16 per share, up 0.58% on the day.
Related Articles
Add Chart to Comment
Confirm Block
Are you sure you want to block %USER_NAME%?
By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.
%USER_NAME% was successfully added to your Block List
Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.
Report this comment
I feel that this comment is:
Comment flagged
Thank You!
Your report has been sent to our moderators for review
Add a Comment
We encourage you to use comments to engage with users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:
Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.