13 Best Defense Stocks to Buy According to Billionaires

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

Number of Billionaires: 11

Billionaire Holdings: $319,024,019

L3Harris Technologies, Inc. (NYSE:LHX) is known for its wireless and night vision equipment, command and control systems, avionics, and terrestrial and spaceborne antennas. It was formed in 2019 after Harris Corporation and L3 Technologies merged.

On February 28, the company’s board of directors approved an increase in quarterly cash dividend from $1.16 to $1.20 per share. This is the 24th successive annual dividend raise, reflecting L3Harris Technologies, Inc. (NYSE:LHX)’s commitment to strong shareholder returns.

Recent contract awards have also enhanced the stock’s appeal among investors. On January 21, L3Harris Technologies, Inc. (NYSE:LHX) clinched a $263 million deal from the US Army for additional production of Enhanced Night Vision Goggle–Binocular (ENVG-B) systems, which will boost the capabilities of American troops to identify and engage enemy targets in low-light conditions.

Later in the month, the Army awarded L3Harris Technologies, Inc. (NYSE:LHX) another $300 million contract for the production of military communication radios, as part of continued proliferation of resilient communication solutions for American soldiers serving the nation in complex operational environments.

L3Harris Technologies, Inc. (NYSE:LHX)’s financial performance remains robust. During its Q4 2024 earnings call, the company reported non-GAAP diluted earnings per share of $3.47, beating expectations. This was driven by robust demand across the business coupled with operational efficiencies. Revenue for fiscal 2024 stood at $21.3 billion, growing 10% from last year.

Wall Street analysts have a consensus Buy rating for L3Harris Technologies, Inc. (NYSE:LHX), with an average share price upside potential of 25%. According to Insider Monkey’s database for Q4 2024, 11 billionaires have investments in the company, making it one of the best defense stocks to buy according to billionaires.

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