The defense sector has been one of the best investments over the past five years.

While I like most of the big names in the space, I haven't liked Raytheon largely due to what I felt was overvaluation.

The company's second-quarter results have caused me to take an interest in the stock.

Raytheon is a dividend contender and has had double-digit dividend growth over the last ten- and five-year time frames.

While I find the stock to be slightly undervalued, I am waiting for a pullback to add Raytheon to our portfolio.

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