#6 - Lockheed Martin (NYSE:LMT)
Another area to look for recession-proof stocks is in the defense sector. The United States is the country that spends the most on its national defense. In 2023, defense spending will likely top $880 billion. And while our elected officials frequently bemoan the level of defense spending, that number rarely goes down in a meaningful way. That’s what makes Lockheed Martin Corporation (NYSE: LMT) an attractive option.
Lockheed touches every area of the defense industry from land, sea, and air to space and cybersecurity. In the company’s April 2023 earnings report which covered the first quarter of 2023, revenue and earnings both beat expectations. And the company believes defense spending will increase by 3% this year. That should lay the foundation for future growth.
As of May 2023, LMT stock has a P/E ratio of around 20.6x earnings and a low beta of 0.67. It also has a dividend yield of 2.66% and has increased its dividend for the last 20 consecutive years.
About Lockheed Martin
Lockheed Martin Corporation, a security and aerospace company, engages in the research, design, development, manufacture, integration, and sustainment of technology systems, products, and services worldwide. The company operates through Aeronautics, Missiles and Fire Control, Rotary and Mission Systems, and Space segments.
Read More - Current Price
- $542.22
- Consensus Rating
- Moderate Buy
- Ratings Breakdown
- 9 Buy Ratings, 4 Hold Ratings, 1 Sell Ratings.
- Consensus Price Target
- $611.00 (12.7% Upside)
