I have always interpreted the wording to mean “individual” right. Based solely on the wording. It can be taken for granted that state militias will be armed, so those few words, set off by commas, MUST refer to the general public. With me it's purely semantics-—and my S&W M&P.
Dunno, I've always interpreted what the Constitution said according to its words.
I was reading the Constitution the other day.
It said, amongst a slew of different things, that:
A Well regulated Militia, being necessary to the Security of a Fere State, the right...shall not be infringed.
Gee, what's next? Banning of books? If not, why not?