This article delves into the examination of the 14 best 52-week high stocks to buy now. To explore more such companies that meet comparable criteria, go directly to 5 Best 52-Week High Stocks To Buy Now.
The outlook for 2024 is positive for the economy and the stock market. Market conditions improved significantly in Q4 of 2023 due to a slowdown in inflation, allowing the Federal Reserve to ease its monetary policy. Looking ahead to 2024, there is potential for a soft landing as the central bank aims to slow economic growth to curb inflation without causing a recession.
AI emerged as the most promising investment theme in 2023 and so far in 2024. NVIDIA Corporation (NASDAQ:NVDA), one of the top-performing tech stocks, exhibited robust performance with a staggering 265% revenue growth in Q4 of 2023. It has substantially benefited from the recent tech industry’s focus on large artificial intelligence models. Analysts believe that the AI-driven market is in its early stages and foresee significant potential in the coming years, driven by advancements in productivity and AI technology.
In March 2024, the three major stock indexes experienced an outstanding surge, each reaching unprecedented closing levels. The Dow Jones Industrial Average soared by 401.37 points, closing at 39,512.13. Simultaneously, the S&P 500 broke the milestone of 5,200 for the first time, marking an increase of 0.89%. Additionally, the Nasdaq Composite surged by 1.25%, settling at 16,369.41. The Federal Reserve has also reaffirmed forecasts for three rate cuts by the end of 2024. However, inflation remains stubborn and the Fed might not be able to remain on its planned course.
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Our Methodology
For this article, we first used a stock screener to identify stocks that recently hit 52-week highs or are currently trading their 52-week highs. We enumerated a list of stocks and narrowed down this list by choosing 14 52-week high stocks with market capitalization of at least $10 billion with the highest number of hedge fund investors. We gauged hedge fund sentiment for stocks using Insider Monkey’s database of 933 hedge funds and their holdings updated as of the end of fourth quarter last year.
Best 52-Week High Stocks To Invest In Now
14. Lennar Corporation (NYSE:LEN)
Number of Hedge Fund Holders: 65
Lennar Corporation (NYSE:LEN) is a homebuilder company that engages in real estate financial and investment management services. It was established in 1954 by Arnold Paul Rosen and Gene Fisher with headquarters in Miami, Florida.
On March 13, 2024, Lennar Corporation (NYSE:LEN) announced its fiscal Q1 profits that exceeded Wall Street expectations driven by continued demand for new unit construction amidst a historically low supply of existing homes. The company delivered 16,798 homes for the quarter ended February 29, marking a 23% surge from the prior year.
According to Insider Monkey’s database of 933 hedge funds in Q4 of 2023, Lennar Corporation (NYSE:LEN) has 65 hedge funds. Edgar Wachenheim’s Greenhaven Associates is the largest shareholder with 9 million shares valued at $1.35 billion.
13. CRH plc (NYSE:CRH)
Number of Hedge Fund Holders: 65
CRH plc (NYSE:CRH), headquartered in Dublin, Ireland, is an international group of diversified building materials businesses in the construction industry.
According to Insider Monkey’s Q4 2023 database, CRH plc is held by 65 funds out of 933 elite hedge funds. Alexander Mitchell’s Scopus Asset Management is the largest shareholder of the company, holding 410,000 shares valued at $28.4 million.
12. Spotify Technology S.A. (NYSE:SPOT)
Number of Hedge Fund Holders: 68
Spotify Technology S.A. (NYSE:SPOT), headquartered in Luxembourg, provides audio streaming services, offering both online and offline music and podcast streaming, along with ad-free music listening options. Its subscription plans include Family, Student, and Duo options.
According to Insider Monkey’s database of 933 elite hedge funds, Spotify Technology S.A. (NYSE:SPOT) is among the best 52-week high stocks to invest in, with 68 funds holding shares as of Q4 2023. Ken Griffin’s Citadel Investment Group has the largest stake in the company, with 1.7 million shares valued at $311.2 million.
11. DexCom, Inc. (NASDAQ:DXCM)
Number of Hedge Fund Holders: 69
DexCom, Inc. (NASDAQ:DXCM) is a medical device manufacturing company since 1999, focusing on the design, development, and commercialization of continuous glucose monitoring (CGM) systems. DexCom, Inc. (NASDAQ:DXCM) said in March that its new over-the-counter continuous glucose monitor, Stelo, has received clearance from the US Food and Drug Administration.
Ken Griffin’s Citadel Investment Group is the largest shareholder of the company, holding 2.4 million shares worth $294.8 million. DexCom, Inc. (NASDAQ:DXCM), is a compelling choice for investors among the best 52-week high stocks, with 69 funds holding shares according to Insider Monkey’s Q4 2023 database of 933 hedge funds.
10. McKesson Corporation (NYSE:MCK)
Number of Hedge Fund Holders: 69
McKesson Corporation (NYSE:MCK) is a healthcare services company founded in 1833 by John Mckesson and Charles Olcott in New York. It serves as a prominent pharmaceutical distributor, offering a wide range of services, including health care supply chain management, oncology, specialty care, retail pharmacy and health care information technology services.
Along with Micron Technology, Inc. (NASDAQ:MU), The Walt Disney Company (NYSE:DIS) and Netflix, Inc. (NASDAQ:NFLX), McKesson Corporation (NYSE:MCK), is considered as one of the best 52-week high stocks to invest in.
9. Boston Scientific Corporation (NYSE:BSX)
Number of Hedge Fund Holders: 71
Boston Scientific Corporation (NYSE:BSX) is a medical technology company specializing in the development, manufacturing and commercialization of devices for various medical specialties. Boston Scientific Corporation (NYSE:BSX) is at the forefront of medical innovation and technology and is considered one of the best 52-week high stocks. It sells its products both directly and through distributers and dealers in Europe, Africa, the Middle East, Asia Pacific and the Americas.
According to Insider Monkey’s database of 933 hedge funds, Boston Scientific Corporation (NYSE:BSX) has a stake of 71 funds as per Q4 of 2023. Ken Griffin’s Citadel Investment Group is the largest shareholder of the company, with 9 million shares valued at $519.2 million.
8. Fiserv, Inc. (NYSE:FI)
Number of Hedge Fund Holders: 73
Fiserv, Inc. (NYSE:FI) is a fintech and payments company, offering solutions to thousands of financial institutions and businesses in more than 100 countries. It operates globally with headquarters in Brookfield, Wisconsin, USA.
Fiserv, Inc. (NYSE:FI) is one of the best 52-week high stocks that has experienced a significant gain of 18% in Q4 of 2024.
According to Insider Monkey’s database of 933 hedge funds, Fiserv, Inc. (NYSE:FI) had stakes held by 73 funds as of Q4 2023. Natixis Global Asset Management’s Harris Associates emerged as the largest shareholder of the company, possessing 15 million shares valued at $2 billion.
7. Vertiv Holdings Co (NYSE:VRT)
Number of Hedge Fund Holders: 75
Vertiv Holdings Co (NYSE:VRT), formerly known as Emerson Network Power Inc., is headquartered in Columbus, Ohio, USA. The company focuses on critical digital infrastructure technology, offering a product range that includes embedded computing systems, power and UPS systems, thermal management systems, and data center solutions like racks and enclosures.
6. The Cigna Group (NYSE:CI)
Number of Hedge Fund Holders: 76
The Cigna Group (NYSE:CI) was founded in 1792, with headquarters in Bloomfield, CT. It is a global health service provider that operates across several segments, including Health Services, Integrated Medical, International Markets, and Group Disability and Other.
The Cigna Group (NYSE:CI) has agreed to sell its Medicare health benefits division and medical care provider services to Health Care Service Corp. for $3.3 billion.
According to Insider Monkey’s database, Larry Robbin’s Glenview Capital holds the largest position in The Cigna Group (NYSE:CI) with 2.1 million shares valued at approximately $641.6 million.
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Disclosure: None. 14 Best 52-Week High Stocks To Invest In Now is originally published on Insider Monkey.