5 Best Defense Stocks to Buy Heading Into 2023

3. Raytheon Technologies Corporation (NYSE:RTX)

Number of Hedge Fund Holders: 55

Forward Annual Dividend Yield as of December 23: 2.23%

Headquartered in Waltham, Massachusetts, Raytheon Technologies Corporation (NYSE:RTX) is a global aerospace and defense company that provides a range of products and services for military, government, and commercial customers. Raytheon Technologies Corporation (NYSE:RTX) serves a wide range of customers, including the U.S. Department of Defense and other military and government organizations around the world. The company also serves commercial customers, including airlines and original equipment manufacturers. Raytheon Technologies Corporation (NYSE:RTX) provides a dividend yield of 2.23% to investors currently.

On October 26, 2022, Peter Arment, an analyst at Baird, reduced his price target on Raytheon Technologies Corporation (NYSE:RTX) to $106 while keeping an Outperform rating on the stock. The analyst noted that supply chain challenges in the company’s defense operations masked the market’s ongoing rebound and solid third-quarter performance.

As per Insider Monkey’s database, 55 funds remained bullish on the company at the end of Q3 2022.  Fisher Asset Management had the biggest long position on the company’s shares at the end of the third quarter.

Carillon Tower made the following comment about Raytheon Technologies Corporation (NYSE:RTX) in its Q3 2022 investor letter:

Raytheon Technologies Corporation (NYSE:RTX) announced strong results led by strength in its commercial segment, but weakness in its defense business led to investor consternation. Management guided to a recovery in this segment, citing both transitory supply chain issues and continued strong demand.