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10 NYSE Stocks Hitting 52-Week Highs Tuesday

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Bull sentiment dominated the markets during the first two trading sessions of the week, thanks to growing optimism about economic growth in the U.S after a strong jobs report, as well as receding political volatility in the U.K. In the midst of this positive sentiment, several major stocks hit their 52-week highs on Tuesday.

The list includes Allstate Corp (NYSE:ALL), Baxter International Inc (NYSE:BAX), Bristol-Myers Squibb Co (NYSE:BMY), CBS Corporation (NYSE:CBS), Cabelas Inc (NYSE:CAB), Coach Inc (NYSE:COH), Chevron Corporation (NYSE:CVX), Exxon Mobil Corporation (NYSE:XOM), Lowe’s Companies, Inc. (NYSE:LOW), and Philip Morris International Inc. (NYSE:PM). Let’s check out the performance of these stocks and see how the hedge funds in our database have been trading some of them.

Academic research has shown that certain insider purchases historically outperformed the market by an average of seven percentage points per year. This effect is more pronounced in small-cap stocks. Another exception is the small-cap stock picks of hedge funds. Our research has shown that imitating the 15 most popular small-cap stocks among hedge funds outperformed the market by nearly a percentage point per month between 1999 and 2012 (read more details here).

Exxon Mobil Corporation (NYSE:XOM), Sign, headquarters, Logo, Symbol, Building, Gas, Oil

Katherine Welles / Shutterstock.com

Shares of Allstate Corp (NYSE:ALL) reached a new 52-week high after hitting $70.38 on Tuesday. The Illinois-based insurance company has given back some of those gains today, falling back under the $70 mark. Allstate announced the promotion of Patrick Macellaro to President of Encompass Insurance today, one of Allstate’s subsidiaries.

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Baxter International Inc (NYSE:BAX) hit a new one-year high of $47.13 in trading on Tuesday. Shares touched $47.22 today, but have since slid back to $46.99. 16.30% of Baxter’s outstanding shares were held by the hedge funds in our database as of March 31.

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Bristol-Myers Squibb Co (NYSE:BMY) reached a new 52-week high on Tuesday, hitting $76.55, and has pushed that to $76.89. The company’s stock was recently given a ‘Buy’ rating from Goldman Sachs. Earlier this month, Bristol-Myers announced the acquisition of privately-held Cormorant Pharmaceuticals.

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CBS Corporation (NYSE:CBS) hit its 52-week high of $58.15 on Tuesday. The media company recently revealed its plans to spin-off its radio unit as a publicly-traded company. CBS shares have gained 22% this year.

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Move to the next page where we discuss six more stocks that hit new highs yesterday.

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