Daily Stock Pick: March 10th, 2023

Stocks ticked lower this morning and were on track for a losing week after Federal Reserve Chair Powell reaffirmed the central bank’s aggressive stance in its fight against inflation. Nearly half of all market participants are now betting on a 50 basis point interest following the Fed’s upcoming meeting.

Many investors are seeking ways to shore up their portfolios amid growing concerns about higher rates for longer. Investing in dividend-paying stocks can be a great way to generate predictable returns during times of uncertainty. Our recommendation for today has a long history of paying generous dividends and allows investors to earn a steady income with relatively low risk.

Lockheed Martin (LMT)

Given the recession-proof nature of defense contracting, Lockheed Martin should continue reporting positive results and rewarding shareholders through its quarterly 2.5% forward yield. In other words, LMT will likely stand firm even if the market dives again. The company runs a P/E ratio of 22 times, below the sector median of 28.3 times. As well, LMT features excellent longer-term growth and profitability metrics.

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