13 Best Defense Stocks to Buy According to Billionaires

3. Northrop Grumman Corporation (NYSE:NOC)

Number of Billionaires: 14

Billionaire Holdings: $1,635,472,404

Northrop Grumman Corporation (NYSE:NOC) is one of the largest defense contractors in the world. The stock has made steady gains over the past week on the back of recent high-value contracts. It is one of the best defense stocks to buy now.

On February 14, Northrop Grumman Corporation (NYSE:NOC) announced receiving two contracts, both focused on Integrated Battle Command System (IBCS), with a total value of $1.4 billion, to modernize the air and missile defense capabilities of the United States and Poland.

Later in the month on February 20, the company signed a Memorandum of Understanding with Hanwha Systems to produce ALMDS hardware components for South Korea’s Mine Countermeasures Helicopter (KMCH) program.

Northrop Grumman Corporation (NYSE:NOC) is also a major player in the autonomous aerial systems sector. It is the maker of the MQ-4C Triton – one of the most advanced maritime ISR UAVs deployed today. It is reported that the company recently completed testing of the third MQ-4C Triton ordered by Australia, with delivery set to take place later this year.

Northrop Grumman Corporation (NYSE:NOC)’s financial performance remains robust. Sales climbed 4% in fiscal 2024 to reach $41 billion, driven by continued demand for weapons. Net awards for the year totaled $50.6 billion, enabling the company to end the year with a record backlog of $91.5 billion.

Wall Street analysts are bullish on the stock, with a consensus Buy rating and an average share price upside potential of 14%. According to Insider Monkey’s database for Q4 2024, 14 billionaires held a stake in the company.