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Welcome to Episode #415 of the Zacks Market Edge Podcast.
Every week, host and Zacks stock strategist, Tracey Ryniec, will be joined by guests to discuss the hottest investing topics in stocks, bonds, and ETFs and how it impacts your life.
This week, Tracey went solo to look at top Zacks Rank stocks which were also trading at 52-week highs. Before last week’s semiconductor stock sell-off, you might think stocks like NVIDIA and Broadcom would be on this list.
But they weren’t, as they are no longer trading near their highs AND some of them no longer have the top Zacks Rank of #1 (Strong Buy).
What IS on this list?
Screening for Top Stocks Near Their Highs
This was a basic screen. It included stocks with the top Zacks Rank of Strong Buy and they had to be at 52-week highs.
On the day the screen was run, there were 235 Zacks Rank #1 (Strong Buys). Fully 56 of those were trading AT their 52-week highs. Stocks did sell off in the days that followed the recording of this podcast, so several of them are now trading just off their 52-week highs.
They represented big caps, small caps and many different industries. It’s a reflection of the health of the 2024 stock market rally. It’s not all about AI and the chip stocks.
Many industries are taking part in this year’s rally. Here are five.
Intuitive Surgical make the Da Vinci Surgical System and has a market cap of $173 billion. Shares of Intuitive Surgical are up 41.6% year-to-date and are just off last week’s 52-week highs.
Over the last 5-years, Intuitive Surgical shares are up 183.7%. It’s been one of the big cap growth stock winners. It’s not cheap. Intuitive Surgical trades at 73x forward earnings but the Street doesn’t seem concerned about valuation.
Newmont Corp is a large gold miner with a market cap of $60 billion. Shares of Newmont are up 23% year-to-date to new 52-week highs as the price of gold has hit numerous new highs this year.
Newmont is paying it back to shareholders. It has a $1 per share base dividend and a $1 billion share repurchase program. Newmont pays a dividend yielding 1.9%.
Should you be buying a gold miner like Newmont with gold at record highs?
3. Skyward Specialty Insurance Group, Inc. (SKWD - Free Report)
Skyward Specialty Insurance Group is a small cap property and casualty insurer with a market cap of just $1.6 billion. It specializes in niche areas including captives, agriculture and accident and health, among others.
Skyward Specialty Insurance Group shares are up 22.1% year-to-date and kept hitting new highs even as the market pulled back. Skyward Specialty is still cheap, with a forward P/E of 13.7.
Should investors be getting into insurance with a stock like Skyward Specialty?
4. The Bank of New York Mellon Corp. (BK - Free Report)
The Bank of New York Mellon is a large global financial services company with a market cap of $49 billion. It has dropped to a Zacks Rank #2 (Buy) from a #1 (Strong Buy) since last week. Remember, the Zacks Rank can change daily.
Shares of the Bank of New York Mellon are up 30.5% year-to-date and are also at 5-year highs. It remains cheap on a P/B ratio basis with a P/B ratio of just 1.4. A bank with a price-to-book near 1.0 is considered cheap whereas a P/B ratio of 2.0 is considered fully valued.
Bank of New York Mellon also pays a dividend, currently yielding 2.8%.
Are you surprised a bank like Bank of New York Mellon has appeared on this red-hot stock screen?
Climb Global Solutions is a small cap software company with a market cap of just $422 million. The small cap stocks have been ignored by the Street, but Climb Global Solutions has not. Shares are up 61.3% year-to-date.
Climb Global Solutions isn’t cheap. It trades with a forward P/E of 27. But it’s also a rare small cap stock that pays a dividend, currently yielding 0.7%.
Should small cap technology stocks like Climb Global Solutions be on your short list?
What else do you need to know about today’s red-hot stocks?
Tune into this week’s video podcast to find out.
[In full disclosure, Zacks Value Investor portfolio owns SKWD.]
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5 Top Red-Hot Stocks to Buy Now
Welcome to Episode #415 of the Zacks Market Edge Podcast.
Every week, host and Zacks stock strategist, Tracey Ryniec, will be joined by guests to discuss the hottest investing topics in stocks, bonds, and ETFs and how it impacts your life.
This week, Tracey went solo to look at top Zacks Rank stocks which were also trading at 52-week highs. Before last week’s semiconductor stock sell-off, you might think stocks like NVIDIA and Broadcom would be on this list.
But they weren’t, as they are no longer trading near their highs AND some of them no longer have the top Zacks Rank of #1 (Strong Buy).
What IS on this list?
Screening for Top Stocks Near Their Highs
This was a basic screen. It included stocks with the top Zacks Rank of Strong Buy and they had to be at 52-week highs.
On the day the screen was run, there were 235 Zacks Rank #1 (Strong Buys). Fully 56 of those were trading AT their 52-week highs. Stocks did sell off in the days that followed the recording of this podcast, so several of them are now trading just off their 52-week highs.
They represented big caps, small caps and many different industries. It’s a reflection of the health of the 2024 stock market rally. It’s not all about AI and the chip stocks.
Many industries are taking part in this year’s rally. Here are five.
5 Top Red-Hot Stocks to Buy Now
1. Intuitive Surgical, Inc. (ISRG - Free Report)
Intuitive Surgical make the Da Vinci Surgical System and has a market cap of $173 billion. Shares of Intuitive Surgical are up 41.6% year-to-date and are just off last week’s 52-week highs.
Over the last 5-years, Intuitive Surgical shares are up 183.7%. It’s been one of the big cap growth stock winners. It’s not cheap. Intuitive Surgical trades at 73x forward earnings but the Street doesn’t seem concerned about valuation.
Should Intuitive Surgical be on your short list?
2. Newmont Corp. (NEM - Free Report)
Newmont Corp is a large gold miner with a market cap of $60 billion. Shares of Newmont are up 23% year-to-date to new 52-week highs as the price of gold has hit numerous new highs this year.
Newmont is paying it back to shareholders. It has a $1 per share base dividend and a $1 billion share repurchase program. Newmont pays a dividend yielding 1.9%.
Should you be buying a gold miner like Newmont with gold at record highs?
3. Skyward Specialty Insurance Group, Inc. (SKWD - Free Report)
Skyward Specialty Insurance Group is a small cap property and casualty insurer with a market cap of just $1.6 billion. It specializes in niche areas including captives, agriculture and accident and health, among others.
Skyward Specialty Insurance Group shares are up 22.1% year-to-date and kept hitting new highs even as the market pulled back. Skyward Specialty is still cheap, with a forward P/E of 13.7.
Should investors be getting into insurance with a stock like Skyward Specialty?
4. The Bank of New York Mellon Corp. (BK - Free Report)
The Bank of New York Mellon is a large global financial services company with a market cap of $49 billion. It has dropped to a Zacks Rank #2 (Buy) from a #1 (Strong Buy) since last week. Remember, the Zacks Rank can change daily.
Shares of the Bank of New York Mellon are up 30.5% year-to-date and are also at 5-year highs. It remains cheap on a P/B ratio basis with a P/B ratio of just 1.4. A bank with a price-to-book near 1.0 is considered cheap whereas a P/B ratio of 2.0 is considered fully valued.
Bank of New York Mellon also pays a dividend, currently yielding 2.8%.
Are you surprised a bank like Bank of New York Mellon has appeared on this red-hot stock screen?
5. Climb Global Solutions, Inc. (CLMB - Free Report)
Climb Global Solutions is a small cap software company with a market cap of just $422 million. The small cap stocks have been ignored by the Street, but Climb Global Solutions has not. Shares are up 61.3% year-to-date.
Climb Global Solutions isn’t cheap. It trades with a forward P/E of 27. But it’s also a rare small cap stock that pays a dividend, currently yielding 0.7%.
Should small cap technology stocks like Climb Global Solutions be on your short list?
What else do you need to know about today’s red-hot stocks?
Tune into this week’s video podcast to find out.
[In full disclosure, Zacks Value Investor portfolio owns SKWD.]