As Wall Street awaits the results of the 2024 US election, we revisit one of our favorite trends: analysis of the best stocks to own over a given time period. Specifically, we will focus on stocks that tend to outperform in November.
No. 3 on our list of the 25 best S&P 500 (SPX) stocks to include in your portfolio this month is semiconductor giant Broadcom Inc. (NASDAQ:AVGO), which also happened to outperform in the fourth quarter. AVGO closed November 10 times higher than in the past 10 years, with an average share price of 8%, according to data from Rocky White, senior quantitative analyst at Schaefer & Co.
In addition to this bullish setup, Broadcom stock recently moved within one standard deviation of its 80-day moving average. Five similar signals have been observed over the past three years, according to data from Rocky White, senior quantitative analyst at Schaefer. AVGO had a positive monthly return 100% of the time, with an average return of 9.4%.
The stock was last up 2.3% at $172.41, but if both of these historic bullish signals play out, the stock could soar above its October 9 all-time high of $186.42. AVGO has already outperformed on a year-to-date and year-over-year basis, up 54.4% and 95.7%, respectively, with only two losing months (both less than 2%) in the past 12 months.
