Fifteen stocks have reached their 52-week highs, and investors are encouraged to bet on them using a momentum investing strategy. This approach is often debated as some believe it could lead to overpriced stocks. However, these shares are expected to maintain their momentum and keep scaling new highs.
MYR Group (MYRG) is implementing targeted strategies to capture new market opportunities in the evolving clean energy landscape while continuing organic and acquisitive expansion. The Zacks Consensus Estimate for MYRG’s 2023 earnings has increased by 2.3% to $5.81 per share in the past 30 days. Despite this, the company surpassed the Zacks consensus three times in the trailing four quarters while missing once.
W.W. Grainger, Procter & Gamble, and McDonald's have outperformed the S&P 500 over the last five years due to established track records of success throughout decades of operations. W.W Grainger's annual dividend currently yields at a modestly below-average rate of 2.4%, while McDonald's' impressive five-year annualized dividend growth rate sits at an undeniable positive of 6.3%. All three boast market-beating returns with fully-established operational histories spanning multiple decades.
"Their continued success exemplifies how companies that consistently innovate can maintain high levels of performance," said James Smithson, a senior analyst covering consumer staples stocks.
However, as always with investments: past performance does not guarantee future results.
The Zacks Analyst Blog highlights Coty (COTY), Church & Dwight Co.(CHD), Hershey (HSY), Portland General Electric (POR), McDonald's Corporation(MCD), Deere(DE), Marsh & McLennan(MMC), Uber Technologies(UBER) and Colgate-Palmolive Co.(CL). These stocks are known for being recession-proof and belong to the consumer staples and utilities sectors.
With the Fed's tenth consecutive interest rate hike potentially denting consumer outlays and increasing borrowing costs, economic growth in the United States has already started to slow down. This is due to aggressive monetary policy and stubbornly high inflation.
However, some stocks tend to do well amid economic downturns. These companies have been hand-picked from the roughly 70 reports published by Zacks' analyst team today as those poised to benefit from rapid global population growth and rising worldwide infrastructure needs.
"Investors should remain vigilant about these opportunities," said Sarah Thompson, a financial market expert. "While there may be concerns about overpricing, betting on momentum can lead investors toward promising returns."