Raytheon Board: Our Stock Is a Buy

Are Raytheon (NYSE: RTN) shares, which are trading near an all-time high, a good buy? The company's board seems to think so.

After markets closed on Wednesday, Raytheon declared a $0.7975 per-share dividend -- unchanged from the previous quarter -- and said its board had authorized the company to repurchase up to $2 billion in shares. That's on top of the $900 million available under Raytheon's previous repurchase program, which was authorized in 2015.

The new buyback continues a trend. Raytheon, in the last decade, has reduced its share count by nearly 30% via share repurchases, and management has said it expects to return about 80% of free cash to shareholders. But should investors get excited about this latest move?

Source: Fool.com