5 Best Defense Stocks To Buy Now

4. Raytheon Technologies Corporation (NYSE:RTX)

Number of Hedge Fund Holders: 51

Raytheon Technologies Corporation (NYSE:RTX) has gained 17.45% over the past 6 months, as of March 21, and is offering a forward dividend yield of 2.26%. The stock is one of the best defense stocks to buy now according to analysts and hedge funds. This January, Citi analyst Jason Gursky raised his price target on Raytheon Technologies Corporation (NYSE:RTX) to $106 from $104 and maintained a Neutral rating on the shares.

At the close of Q4 2022, Raytheon Technologies Corporation (NYSE:RTX) was spotted on 51 hedge funds’ portfolios. These funds held positions worth $1.81 billion in the company, up from $1.61 million in the preceding quarter when 55 hedge funds held stakes in the company.

As of December 31, Balyasny Asset Management is the leading shareholder in Raytheon Technologies Corporation (NYSE:RTX) and has a stake worth $229.9 million.

Here is what Carillon Tower had to say 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.”