Raytheon gains as travel recovers

Article Excerpt

RAYTHEON TECHNOLOGIES CORP. $98 is a buy. The company (New York symbol RTX; Conservative Growth Portfolio, Manufacturing & Industry sector; Shares outstanding: 1.5 billion; Market cap: $147.0 billion; Price-to-sales ratio: 2.2; Dividend yield: 2.4%; TSINetwork Rating: Above Average; www.rtx.com) makes commercial aircraft equipment, electronic systems for military aircraft, and guided missiles. Revenue in the first quarter of 2023, rose 9.5%, to $17.21 billion from $15.72 billion a year earlier. That’s mainly due to stronger sales to commercial aircraft makers as air travel volumes rebound as COVID-19 restrictions end. Earnings per share gained 6.1%, to $1.22 from $1.15. Raytheon is also raising your quarterly dividend by 7.3%. With the June 2023 payment, investors will receive $0.59 a share instead of $0.55. The new annual rate of $2.36 yields 2.4%. Raytheon Technologies is a buy. buy…