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4 US Growth Stocks Punching Through Their All-Time Highs: Can Their Run Continue?

It’s always an exciting feeling when a stock you own hits an all-time high.

Even if you do not own the stock, seeing its share price hit a new record suggests that the business is doing something right.

Investors can start searching for attractive growth stocks by identifying stocks that have broken through new highs.

But the more important question should be – can the stock continue its upward climb?

To determine this, we highlight four US growth stocks that recently hit new all-time highs and dig deeper into their businesses and fundamentals.

Applied Materials (NASDAQ: AMAT)

Applied Materials is a leader in the materials engineering solutions space and supplies equipment, services and software for the manufacture of semiconductor chips for use in electronic devices.

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The company’s shares recently touched a new high of US$214.91 and are up 73.2% in the past year.

For fiscal 2023 (FY2023) ending 29 October 2023, Applied Materials reported a 2.8% year on year rise in revenue to US$26.5 billion.

Operating profit dipped slightly by 1.7% year on year to US$7.7 billion but net profit increased by 5.1% year on year to US$6.9 billion.

The semiconductor manufacturer saw its free cash flow surge 64.7% year on year for FY2023 to US$7.6 billion.

For the first quarter of fiscal 2024 (1Q FY2024), both revenue and operating profit dipped slightly by 0.5% and 0.2%, respectively, to US$6.7 billion and US$1.97 billion.

Net profit, however, grew 17.6% year on year to US$2 billion.

The company’s free cash flow also inched up by 5.7% year on year to US$2.1 billion.

Applied Materials upped its quarterly dividend by an impressive 25% year on year from US$0.32 to US$0.40.

Walmart (NYSE: WMT)

Walmart is an omni-channel retailer with more than 10,500 stores serving approximately 255 million customers and members in 19 countries.

Shares of the retailer have risen close to 20% in the past year and recently hit their all-time high of US$61.66.

For its fiscal 2024 (FY2024) ending 31 January 2024, Walmart’s total revenue rose 6% year on year to US$648.1 billion.

Operating profit climbed 32.2% year on year to US$27 million and the company’s earnings per share improved by 34.4% year on year to US$5.74.

The retailer’s free cash flow for FY2024 also jumped 26.2% year on year to US$15.1 billion.

Walmart also raised its quarterly dividend by 9% year on year to US$0.21 per share after accounting for the 3:1 stock split.

Sam’s Club, a division of Walmart, announced that it has deployed artificial-intelligence-powered exit technology at more than 120 locations, or roughly 20% of its total outlets, in just four months.

Boston Scientific (NYSE: BSX)

Boston Scientific is a medical technology company that provides a wide range of solutions to treat patients and reduce healthcare costs.

The company’s devices and therapies help doctors diagnose and treat conditions in the cardiovascular, respiratory, digestive, oncological, neurological, and urological areas.

The medical company’s share price climbed 37.3% over the past year and recently touched an all-time high of US$74.39.

For the first quarter of 2024 (1Q 2024), Boston Scientific reported a 13.8% year on year rise in revenue to US$3.9 billion.

Its Medical Surgery division saw revenue rise by 10.3% year on year to US$1.4 billion while the Cardiovascular segment’s revenue climbed nearly 16% year on year to US$2.4 billion.

Operating profit jumped 22.3% year on year to US$675 million with net profit soaring 65% year on year to US$495 million.

Boston Scientific’s Investor Day last year outlined the company’s three-year plan from 2024 to 2026.

Management expects sales to increase by between 8% to 10% annually along with a 1.5 percentage point operating margin expansion.

Earnings per share is also projected to grow by double-digits with increased free cash flow conversion.

Boston Scientific will also rely on tuck-in mergers and acquisitions to enable it to grow into adjacent areas.

These businesses need to have a strategic fit and also provide attractive financial returns.

RTX Corp (NYSE: RTX)

RTX is a defence and aviation company that deals with advanced aviation and integrated defence systems while developing next-generation technology solutions and manufacturing.

Shares of RTX have advanced nearly 10% in the last year and touched an all-time high of US$106.53.

RTX announced a strong set of earnings for 1Q 2024 with revenue rising 12.1% year on year to US$19.3 billion.

Operating profit increased by 10.8% year on year to US$1.9 billion with net profit climbing close to 20% year on year to US$1.7 billion.

The board of directors also upped RTX’s quarterly dividend by 6.8% year on year to US$0.63 per share.

The company reported a record backlog of US$202 billion with 1Q 2024 seeing more than US$25 billion of new contract awards.

Management reaffirmed the outlook for 2024 with sales of between US$78 billion to US$79 billion along with positive free cash flow of approximately US$5.7 billion.

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Disclosure: Royston Yang does not own shares in any of the companies mentioned.

The post 4 US Growth Stocks Punching Through Their All-Time Highs: Can Their Run Continue? appeared first on The Smart Investor.