Raytheon Reveals Plan to Repurchase $6B Common Stock

This article was originally published on TipRanks.com

Shares of Raytheon Technologies (RTX) gained 1.5% in Tuesday’s extended trading session after the company revealed that its Board of Directors has approved a new common stock repurchase program of up to $6 billion.

Raytheon is an aerospace and defense company, which provides advanced systems and services to commercial, military and government customers worldwide. (See Raytheon stock chart on TipRanks)

The new buyback plan replaces the previous authorization of up to $5 billion, which was approved in December 2020. The buyback plan will be carried out as and when determined by Raytheon in the open market or private transactions.

Wall Street’s Take

Last month, Barclays analyst David E. Strauss reiterated a Buy rating on the stock with a price target of $100 (upside potential of 17.6% from current levels). (See Analysts’ Top Stocks on TipRanks)

Consensus among analysts is a Strong Buy based on 3 unanimous Buys. The average Raytheon price target stands at $101.67 and implies upside potential of 19.6% to current levels.

Bullish Bloggers

TipRanks data shows that financial blogger opinions are 100% Bullish on RTX, compared to the sector average of 68%.

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