5 Best Defense Stocks to Buy Heading Into 2023

2. Lockheed Martin Corporation (NYSE:LMT)

Number of Hedge Fund Holders: 53

Forward Annual Dividend Yield as of December 23: 2.50%

Lockheed Martin Corporation (NYSE:LMT) is a leading global aerospace and defense company that provides a range of products and services for military, government, and commercial customers. Lockheed Martin Corporation (NYSE:LMT) product portfolio include aircraft, missiles, 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 2.50% to investors.

On December 8, 2022, Jason Gursky, an analyst at Citi, started covering Lockheed Martin Corporation (NYSE:LMT) with a price target of $546 and a Buy rating on the stock. The analyst is upbeat about the forecast for growth in defense spending over the coming years, as well as the diversification of Lockheed Martin Corporation (NYSE:LMT)’s capabilities across all domains.

According to Insider Monkey’s database, 53 hedge funds had stakes in Lockheed Martin Corporation (NYSE:LMT) at the end of the September quarter. GQG Partners remained the leading stakeholder of the company at the end of the third quarter.