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Top 5 High-Flying S&P 500 Stocks of November With More Upside
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The broad-market index, the S&P 500, has been witnessing an impressive bull run in 2023. The benchmark plunged 19.4% in 2022 due to 40-year high inflation, an extremely tight monetary policy and rigorous hikes in interest rate by the Fed.
However, the situation has completely reversed this year. A steady decline in the inflation rate, the cooling down of several key economic metrics, and investors’ expectations of the end of the rate hike cycle resulted in the northbound journey of the index. Year to date, the S&P 500 Index has advanced 19.7%. In November, the benchmark rallied more than 9%.
The U.S. economy is likely to flourish in 2024 as the Fed is set to initiate a rate cut at least in the second half of the year. Several stocks within the S&P 500 portfolio appreciated last month and many outperformed the index itself. However, a handful of those outperformers currently sport a top Zacks Rank.
Our Top Picks
We have narrowed our search to five S&P 500 stocks that provided double-digit returns in November. These stocks have strong upside available for 2024 and have seen positive earnings estimate revisions in the last 30 days. Each of our picks currently sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
The chart below shows the price performance of our five picks in the past month.
Image Source: Zacks Investment Research
Cboe Global Markets Inc. (CBOE - Free Report) is one of the largest stock exchange operators by volume in the United States and a leading market globally for ETP trading. CBOE offers trading across a diverse range of products in multiple asset classes. CBOE operates through six segments: Options, North American Equities, Europe and Asia Pacific, Futures, Global FX, and Digital. The Options segment trades in listed market indices.
Cboe Global Markets has an expected revenue and earnings growth rate of 4.9% and 5.4%, respectively, for next year. The Zacks Consensus Estimate next-year earnings has improved 3.5% over the last 30 days.
Gartner Inc. (IT - Free Report) is reportedly the world’s leading information technology research and advisory firm. IT offers rich domain expertise and technology-related insight necessary for an informed decision-making process. Over the years, IT’s comprehensive services portfolio has enabled customers across the spectrum to research, analyze and interpret the business with greater precision, efficiency and discipline.
Gartner has an expected revenue and earnings growth rate of 7.7% and 9.3%, respectively, for next year. The Zacks Consensus Estimate for next-year earnings has improved 5% over the last 30 days.
Intel Corp. (INTC - Free Report) designs, develops, manufactures, markets, and sells computing and related products worldwide. INTC operates through the Client Computing Group, Data Center and AI, Network and Edge, Mobileye, Accelerated Computing Systems and Graphics, Intel Foundry Services, and Other segments. INTC mainly offers platform products, such as central processing units and chipsets, system-on-chip and multichip packages, accelerators, boards and systems, connectivity products, and memory and storage products.
Intel has an expected revenue and earnings growth rate of 13.7% and 95.2%, respectively, for next year. The Zacks Consensus Estimate for next-year earnings has improved 11% over the last 30 days.
Royal Caribbean Cruises Ltd. (RCL - Free Report) has been benefiting from solid demand for cruising and acceleration in booking volumes. RCL’s emphasis on strong pricing (on closer-in-demand) bodes well.
In the third quarter, RCL reported accelerating demand for 2024 sailings. RCL intends to focus on new innovative ships and onboard experiences to boost its offering and deliver superior yields and margins.
Royal Caribbean Cruises has an expected revenue and earnings growth rate of 13.7% and 37.4%, respectively, for next year. The Zacks Consensus Estimate for next-year earnings has improved 2% over the last 30 days.
DaVita Inc. (DVA - Free Report) has been expanding its global presence via its Integrated Kidney Care business. DVA has been generating solid revenues by providing dialysis services. DVA has been opening and acquiring several dialysis centers both within the United States and overseas, which is promising. A strong solvency position is an added plus.
DaVita has an expected revenue and earnings growth rate of 2.7% and 4.4%, respectively, for next year. The Zacks Consensus Estimate for next-year earnings has improved 9.1% over the last 30 days.
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Top 5 High-Flying S&P 500 Stocks of November With More Upside
The broad-market index, the S&P 500, has been witnessing an impressive bull run in 2023. The benchmark plunged 19.4% in 2022 due to 40-year high inflation, an extremely tight monetary policy and rigorous hikes in interest rate by the Fed.
However, the situation has completely reversed this year. A steady decline in the inflation rate, the cooling down of several key economic metrics, and investors’ expectations of the end of the rate hike cycle resulted in the northbound journey of the index. Year to date, the S&P 500 Index has advanced 19.7%. In November, the benchmark rallied more than 9%.
The U.S. economy is likely to flourish in 2024 as the Fed is set to initiate a rate cut at least in the second half of the year. Several stocks within the S&P 500 portfolio appreciated last month and many outperformed the index itself. However, a handful of those outperformers currently sport a top Zacks Rank.
Our Top Picks
We have narrowed our search to five S&P 500 stocks that provided double-digit returns in November. These stocks have strong upside available for 2024 and have seen positive earnings estimate revisions in the last 30 days. Each of our picks currently sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
The chart below shows the price performance of our five picks in the past month.
Image Source: Zacks Investment Research
Cboe Global Markets Inc. (CBOE - Free Report) is one of the largest stock exchange operators by volume in the United States and a leading market globally for ETP trading. CBOE offers trading across a diverse range of products in multiple asset classes. CBOE operates through six segments: Options, North American Equities, Europe and Asia Pacific, Futures, Global FX, and Digital. The Options segment trades in listed market indices.
Cboe Global Markets has an expected revenue and earnings growth rate of 4.9% and 5.4%, respectively, for next year. The Zacks Consensus Estimate next-year earnings has improved 3.5% over the last 30 days.
Gartner Inc. (IT - Free Report) is reportedly the world’s leading information technology research and advisory firm. IT offers rich domain expertise and technology-related insight necessary for an informed decision-making process. Over the years, IT’s comprehensive services portfolio has enabled customers across the spectrum to research, analyze and interpret the business with greater precision, efficiency and discipline.
Gartner has an expected revenue and earnings growth rate of 7.7% and 9.3%, respectively, for next year. The Zacks Consensus Estimate for next-year earnings has improved 5% over the last 30 days.
Intel Corp. (INTC - Free Report) designs, develops, manufactures, markets, and sells computing and related products worldwide. INTC operates through the Client Computing Group, Data Center and AI, Network and Edge, Mobileye, Accelerated Computing Systems and Graphics, Intel Foundry Services, and Other segments. INTC mainly offers platform products, such as central processing units and chipsets, system-on-chip and multichip packages, accelerators, boards and systems, connectivity products, and memory and storage products.
Intel has an expected revenue and earnings growth rate of 13.7% and 95.2%, respectively, for next year. The Zacks Consensus Estimate for next-year earnings has improved 11% over the last 30 days.
Royal Caribbean Cruises Ltd. (RCL - Free Report) has been benefiting from solid demand for cruising and acceleration in booking volumes. RCL’s emphasis on strong pricing (on closer-in-demand) bodes well.
In the third quarter, RCL reported accelerating demand for 2024 sailings. RCL intends to focus on new innovative ships and onboard experiences to boost its offering and deliver superior yields and margins.
Royal Caribbean Cruises has an expected revenue and earnings growth rate of 13.7% and 37.4%, respectively, for next year. The Zacks Consensus Estimate for next-year earnings has improved 2% over the last 30 days.
DaVita Inc. (DVA - Free Report) has been expanding its global presence via its Integrated Kidney Care business. DVA has been generating solid revenues by providing dialysis services. DVA has been opening and acquiring several dialysis centers both within the United States and overseas, which is promising. A strong solvency position is an added plus.
DaVita has an expected revenue and earnings growth rate of 2.7% and 4.4%, respectively, for next year. The Zacks Consensus Estimate for next-year earnings has improved 9.1% over the last 30 days.