Massachusetts-headquartered aerospace and defense conglomerate Raytheon Technologies (NYSE:RTX) is world famous, but not always top-of-mind among investors during peaceful times. Now that geopolitical turmoil is in the headlines, however, it’s increasingly evident that RTX stock is a solid defensive play.

It’s amazing to consider how quickly the world can change. Since Russia invaded Ukraine, military spending has ramped up and investors must factor this into their strategies.

Amid this unsettling backdrop, Raytheon Technologies offers an appealing combination of value, dividends and growth potential to the company’s shareholders. In the end, you might be convinced to hold your Raytheon shares regardless of how the current crisis pans out.

What’s Happening with RTX Stock?

Just to provide a technical backdrop, prior to the onset of the Covid-19 pandemic, RTX stock reached a peak of around $99. Lately, the stock has been flirting with the $100 level again. A long-awaited breakout of this level, particularly if the volume is heavy, could induce a buying spree.

Even after a two-year rally, shares of Raytheon Technologies aren’t particularly expensive. Consider that Raytheon’s trailing-12-month price-to-earnings ratio is 32, which value seekers shouldn’t object to.

To sweeten the deal, Raytheon Technologies offers a forward annual dividend yield of 2.3%. Income-focused investors ought to appreciate that.

Meanwhile, Raytheon’s bottom-line results seem to justify a higher share price. Specifically, the company demonstrated 28% year-over-year growth when Raytheon Technologies reported first-quarter 2022 adjusted earnings per share (EPS) of $1.15. Moreover, Raytheon’s GAAP EPS from continuing operations of 74 cents indicated an impressive 45% year-over-year improvement.

Big Defense Deals

Looking ahead, Raytheon’s bottom line is poised to get a nice boost (or two) from a pair of high-dollar deals. One of them involves Pratt & Whitney, which is Raytheon Technology’s business segment.

Reportedly, Pratt & Whitney will offer support/maintenance/modification services for the U.S. military’s the F135 propulsion system. This deal is worth a whopping $408 million for Raytheon Technology.

If you thought that’s a big-ticket contract, well, it’s not the only one. A Raytheon Technologies business called Raytheon Missiles & Defense was recently awarded a U.S. Army contract for 1,300 Stinger missiles. This contract is valued at $624 million.

Wes Kremer, president of Raytheon Missiles & Defense, seemed to suggest that his company is working hand-in-hand with the American military to support the nation’s defense capabilities.

“We’re aligned with the U.S. Army on a plan that ensures we fulfill our current foreign military sale order, while replenishing Stingers provided to Ukraine and accelerating production,” Kremer explained.

That is also part of why Raytheon announced it’s moving its headquarters from Massachusetts to Arlington, Va.

What You Can Do Now

There’s no denying that the future is uncertain and some growth stocks might not perform well in 2022. However, RTX stock offers growth and reliability during unstable times, along with consistent dividend payments.

With all of that in mind, investors can consider holding some Raytheon Technology shares. Crises will happen, but Raytheon will likely continue to offer great shareholder value throughout the turmoil.

On the date of publication, neither Louis Navellier nor the InvestorPlace Research Staff member primarily responsible for this article held (either directly or indirectly) any positions in the securities mentioned in this article.