5 Best Defense Stocks to Buy Heading Into 2023

4. L3Harris Technologies, Inc. (NYSE:LHX)

Number of Hedge Fund Holders: 39

Forward Annual Dividend Yield as of December 23: 2.18%

L3Harris Technologies, Inc. (NYSE:LHX) is a leading global technology company that provides a range of products and services for the aerospace, defense, and commercial markets. L3Harris Technologies, Inc. (NYSE:LHX) portfolio includes communications systems, electronic warfare systems, space systems, and cybersecurity solutions. The company also provides a range of services, including logistics, maintenance, and repair. The company currently offers a dividend yield of 2.18% to investors.

On December 15, 2022, Kristine Liwag, an analyst at Morgan Stanley, raised the price target on L3Harris Technologies, Inc. (NYSE:LHX) to $278 and upgraded his rating on the stock to Overweight. According to the analyst, 2023 should continue to be influenced by geopolitical tensions, with significant growth from higher defense budget commitments.

39 hedge funds were long on the company’s stock at the end of the third quarter, according to Insider Monkey’s database. Diamond Hill Capital had the biggest long position in the company at the end of Q3 2022.