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How to Find the Best Top-Ranked Stocks to Buy in 2024
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Stocks keep climbing heading into Christmas as money pours into the market across various sectors. Even hard-hit areas such as solar and beyond have rebounded heavily in recent weeks as Wall Street ramps up its bets on Fed cuts in 2024.
The S&P 500 is on the cusp of posting fresh all-time highs. Yet, markets never go straight up and a cooldown will be welcome at some point.
Thankfully, any near-term dips might be bought up quickly since more money is chasing stocks as rates fade and big Wall Street money managers and retail investors alike add exposure to stocks to make sure they don’t miss out on what could be a sustained rally in 2024.
The bullish backdrop heading into Christmas and 2024 might have investors looking for top-ranked stocks to buy right now. Here is how to utilize the Filtered Zacks Rank 5 Stock Screen to help find potentially winning stocks to buy to close out December and throughout 2024.
Zacks Rank #1 (Strong Buy) stocks outperform the market in both good and bad times. However, there are over 200 stocks that earn a Zacks Rank #1 at any given time. Therefore, it’s helpful to understand how to apply filters to the Zacks Rank in order to narrow the list down to a more manageable and tradable set of stocks.
Parameters
Clearly, there are only three items on this screen. But together, these three filters can result in some impressive returns.
• Zacks Rank equal to 1
Starting with a Zacks Rank #1 is often a strong jumping off point because it boasts an average annual return of roughly 24.4% per year since 1988.
• % Change (Q1) Est. over 4 Weeks greater than 0
Positive current quarter estimate revisions over the last four weeks.
• % Broker Rating Change over 4 Week equal to Top # 5
Top 5 stocks with the best average broker rating changes over the last four weeks.
This strategy comes loaded with the Research Wizard and is called bt_sow_filtered zacks rank5. It can be found in the SoW (Screen of the Week) folder.
Here is one of the five stocks that qualified for the Filtered Zacks Rank 5 strategy today…
Insulet Corporation is a medical device company focused on helping people with diabetes and some other conditions. Insulet’s core offering is the Omnipod Insulin Management System. Its wearable insulin pumps provide up to three days of non-stop insulin delivery and integrate with continuous glucose monitors. Insulet’s addressable market is expanding even though 1 in 10 Americans already have diabetes because far more currently have prediabetes. Diabetes is also on the rise outside of the U.S.
Insulet's devices are part of a wave of connected health technologies that might become standard care in the future. Insulet is attempting to expand its reach by tailoring its Omnipod technology platform for the delivery of non-insulin subcutaneous drugs across other therapeutic areas. Insulet has crushed our bottom line estimates by an average of 105% over the trailing four quarters, including a big beat and raise third quarter.
Image Source: Zacks Investment Research
Insulet’s earnings outlook has surged since then to continue a large upswing in its earnings outlook since the start of 2023. PODD’s most accurate/most recent estimates came in solidly above consensus. PODD’s overall upbeat earnings revisions help it earn a Zacks Rank #1 (Strong Buy).
Zacks estimates call for PODD’s revenue to climb by 26% this year and another 20% next year from $1.31 billion last year to roughly $2 billion in 2024. The company is projected to boost its adjusted earnings from $0.07 a share to +$1.91 this year and then climb another 30% higher next year.
PODD stock has soared over 50% since its strong Q3 report in early November to help it retake its 50-day moving average. Insulet, however, still trades 35% below its highs from earlier this year. PODD stock got caught up in a wave of selling based on the idea that the growing popularity of weight loss drugs would lead to fewer health issues.
Insulet’s recent results and outlook helped dispel many of those fears. PODD is still up 480% in the past decade and it is attempting to retake its long-term 200-week and 50-week moving averages. Insulet’s PEG ratio, which factors in its earnings growth outlook, has PODD trading at a discount 60% discount to its five-year highs and solidly below its industry at 2.2 vs. 2.4.
Get the rest of the stocks on this list and start looking for the newest companies that fit these criteria. It's easy to do. And it could help you find your next big winner. Start screening for these companies today with a free trial to the Research Wizard. You can do it.
Want more articles from this author? Scroll up to the top of this article and click the FOLLOW AUTHOR button to get an email each time a new article is published.
Disclosure: Officers, directors and/or employees of Zacks Investment Research may own or have sold short securities and/or hold long and/or short positions in options that are mentioned in this material. An affiliated investment advisory firm may own or have sold short securities and/or hold long and/or short positions in options that are mentioned in this material.
Image: Bigstock
How to Find the Best Top-Ranked Stocks to Buy in 2024
Stocks keep climbing heading into Christmas as money pours into the market across various sectors. Even hard-hit areas such as solar and beyond have rebounded heavily in recent weeks as Wall Street ramps up its bets on Fed cuts in 2024.
The S&P 500 is on the cusp of posting fresh all-time highs. Yet, markets never go straight up and a cooldown will be welcome at some point.
Thankfully, any near-term dips might be bought up quickly since more money is chasing stocks as rates fade and big Wall Street money managers and retail investors alike add exposure to stocks to make sure they don’t miss out on what could be a sustained rally in 2024.
The bullish backdrop heading into Christmas and 2024 might have investors looking for top-ranked stocks to buy right now. Here is how to utilize the Filtered Zacks Rank 5 Stock Screen to help find potentially winning stocks to buy to close out December and throughout 2024.
Zacks Rank #1 (Strong Buy) stocks outperform the market in both good and bad times. However, there are over 200 stocks that earn a Zacks Rank #1 at any given time. Therefore, it’s helpful to understand how to apply filters to the Zacks Rank in order to narrow the list down to a more manageable and tradable set of stocks.
Parameters
Clearly, there are only three items on this screen. But together, these three filters can result in some impressive returns.
• Zacks Rank equal to 1
Starting with a Zacks Rank #1 is often a strong jumping off point because it boasts an average annual return of roughly 24.4% per year since 1988.
• % Change (Q1) Est. over 4 Weeks greater than 0
Positive current quarter estimate revisions over the last four weeks.
• % Broker Rating Change over 4 Week equal to Top # 5
Top 5 stocks with the best average broker rating changes over the last four weeks.
This strategy comes loaded with the Research Wizard and is called bt_sow_filtered zacks rank5. It can be found in the SoW (Screen of the Week) folder.
Here is one of the five stocks that qualified for the Filtered Zacks Rank 5 strategy today…
Insulet Corporation ((PODD - Free Report) )
Insulet Corporation is a medical device company focused on helping people with diabetes and some other conditions. Insulet’s core offering is the Omnipod Insulin Management System. Its wearable insulin pumps provide up to three days of non-stop insulin delivery and integrate with continuous glucose monitors. Insulet’s addressable market is expanding even though 1 in 10 Americans already have diabetes because far more currently have prediabetes. Diabetes is also on the rise outside of the U.S.
Insulet's devices are part of a wave of connected health technologies that might become standard care in the future. Insulet is attempting to expand its reach by tailoring its Omnipod technology platform for the delivery of non-insulin subcutaneous drugs across other therapeutic areas. Insulet has crushed our bottom line estimates by an average of 105% over the trailing four quarters, including a big beat and raise third quarter.
Image Source: Zacks Investment Research
Insulet’s earnings outlook has surged since then to continue a large upswing in its earnings outlook since the start of 2023. PODD’s most accurate/most recent estimates came in solidly above consensus. PODD’s overall upbeat earnings revisions help it earn a Zacks Rank #1 (Strong Buy).
Zacks estimates call for PODD’s revenue to climb by 26% this year and another 20% next year from $1.31 billion last year to roughly $2 billion in 2024. The company is projected to boost its adjusted earnings from $0.07 a share to +$1.91 this year and then climb another 30% higher next year.
PODD stock has soared over 50% since its strong Q3 report in early November to help it retake its 50-day moving average. Insulet, however, still trades 35% below its highs from earlier this year. PODD stock got caught up in a wave of selling based on the idea that the growing popularity of weight loss drugs would lead to fewer health issues.
Insulet’s recent results and outlook helped dispel many of those fears. PODD is still up 480% in the past decade and it is attempting to retake its long-term 200-week and 50-week moving averages. Insulet’s PEG ratio, which factors in its earnings growth outlook, has PODD trading at a discount 60% discount to its five-year highs and solidly below its industry at 2.2 vs. 2.4.
Get the rest of the stocks on this list and start looking for the newest companies that fit these criteria. It's easy to do. And it could help you find your next big winner. Start screening for these companies today with a free trial to the Research Wizard. You can do it.
Click here to sign up for a free trial to the Research Wizard today.
Want more articles from this author? Scroll up to the top of this article and click the FOLLOW AUTHOR button to get an email each time a new article is published.
Disclosure: Officers, directors and/or employees of Zacks Investment Research may own or have sold short securities and/or hold long and/or short positions in options that are mentioned in this material. An affiliated investment advisory firm may own or have sold short securities and/or hold long and/or short positions in options that are mentioned in this material.
Disclosure: Performance information for Zacks’ portfolios and strategies are available at: https://www.zacks.com/performance_disclosure/