Today, May 3rd the Board of Directors of RTX Corporation (RTX) announced a quarterly dividend increase of from $0.59 to $0.63 per share that’s payable June 13, 2024 to holders of record May 17, 2024. This represents a 6.78% increase over the last quarter dividend.
"The growth of RTX's dividend reflects our confidence that our portfolio is strong and demand for our products continues to grow," said RTX President and CEO Chris Calio. "We are on track to return between $36 and $37 billion of capital to shareowners through dividends and share repurchases from the date of the merger through 2025."
With current price $101.89 (yesterday's close), this raise brings their dividend yield to 2.47%.
RTX is a Dividend Champions with a 31 year streak of dividend increases. Dividend growth rates for 1, 3, 5 and 10 years are 7.28, 7.50, 5.50 and 5.32 (Dividend Radar)
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 5%, so this was actually a slightly higher increase which I'm happy to accept.
This is the fourth dividend increase I've received from RTX since initiating a position in May 2020. During this period, the quarterly dividend has increased comfortably from $0.475 to $0.63, or 32.6 percent.
This increase raises my Yield on Cost to 4.47%.
Summary of 2024 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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