Daily Stock Pick: March 2nd, 2023

Amid mounting concerns that the Fed will continue hiking interest rates, many investors are seeking ways to shore up their portfolios. 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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