Monday, April 25th the Board of Directors of Raytheon Technologies Corporation (RTX) announced a quarterly dividend increase of from $0.51 to $0.55 per share that’s payable June 16, 2022 to holders of record May 20, 2022. This represents a 7.84% increase over the last quarter dividend.
"The increase in our dividend reflects our strong commitment to delivering value to our shareowners," said Raytheon Technologies Chairman and CEO Greg Hayes. "Today's announcement extends our long history of growing dividends, and we remain on track to return at least $20 billion of capital to shareowners in the four years following the merger."
Raytheon Technologies, formerly United Technologies Corporation, has paid cash dividends on its common stock every year since 1936.
With current price $99.19 (yesterday's close), this raise brings their dividend yield to 2.22%.
Since I own 60 shares of RTX, this will increase my portfolio's projected annual net dividend income by $7.15.
I was expecting an increase of about 6%, so this increase was a little higher than I expected and I am happy to take it.
This is the second dividend increase I've received from Raytheon Technologies since initiating a position in May 2020. During that period, the quarterly dividend has grown nicely from $0.475 to $0.55, or 15.8 percent.
This increase raises my YoC to 3.90%.
Summary of 2022 Dividend Increases / Cuts
Click here to see my portfolio holdings.
You can follow the development of my dividends here.
Full Disclosure: Long RTX
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