Benzinga - by Piero Cingari, Benzinga Staff Writer.
Nvidia Corp. (NASDAQ:NVDA) has undoubtedly emerged as the standout performer among S&P 500 stocks in the initial two months of 2024.
While the Santa Clara, California-based tech company enjoyed a 60% gain, there’s a pack of lesser-trumpeted names that have quietly delivered impressive returns in their own right.
These stocks have significantly outpaced the broader market.
Within the S&P 500 index, 10 stocks have achieved returns exceeding 25% so far this year. Noteworthy among them are three from the Magnificent Seven subset, showcasing the enduring strength of mega-cap tech players.
In contrast, the median S&P 500 stock, tracked by the S&P 500 Equal Weight ETF (NYSE:RSP), has eked out a modest 3% return, while the market-cap weighted SPDR S&P 500 ETF Trust (NYSE:SPY) has posted a more substantial 7% surge.
Top 10 Performing S&P 500 Stocks (As Of Feb. 29, 2024)
| Company | YTD Return | Market Cap |
| NVIDIA Corporation | 60.02% | $1,950.35B |
| Constellation Energy Corporation (NASDAQ:CEG) | 43.31% | $53.04B |
| Meta Platforms, Inc. (NASDAQ:CEG) | 38.14% | $1,246.58B |
| Advanced Micro Devices, Inc. (NASDAQ:CEG) | 29.17% | $307.66B |
| Eli Lilly and Company (NYSE:LLY) | 29.03% | $677.07B |
| Ralph Lauren Corporation (NYSE:RL) | 28.37% | $11.83B |
| Tapestry, Inc. (NYSE:TPR) | 28.27% | $10.83B |
| Catalent, Inc. (NYSE:CTLT) | 28.24% | $10.41B |
| Uber Technologies, Inc. (NYSE:UBER) | 28.18% | $163.88B |
| Juniper Networks, Inc. (NYSE:JNPR) | 25.12% | $11.96B |
What Wall Street Thinks… Investors are likely considering whether the top-performing stocks still offer room for further growth, given their already impressive returns.
A reliable measure to gauge this potential is comparing the current stock price with the 1-year median price target projected by Wall Street analysts.
Among the top 10 S&P 500 stocks year-to-date, Uber Technologies stands out with the largest potential upside to its median price target, showing a significant difference of 13.8%. Catalent follows closely behind, boasting a 10% potential upside, while Nvidia still maintains a respectable 7% upside compared to its median price target.
However, it’s worth noting that there are other stocks within the S&P 500 index showing even more substantial potential upside.
Here’s a summary of the significant disparities between current market prices and Wall Street analysts’ forecasts within a one-year horizon.
Top 10 S&P 500 Stocks By Upside Potential Vs. Wall Street’s Price Target
| Company | 1-Year Price Target (Med) vs Current Price |
| Warner Bros. Discovery, Inc. (NASDAQ:WBD) | 54.73% |
| Newmont Corporation (NYSE:NEM) | 46.80% |
| Caesars Entertainment, Inc. (NYSE:CZR) | 45.11% |
| The AES Corporation (NYSE:AES) | 43.79% |
| Insulet Corporation (NASDAQ:PODD) | 43.12% |
| First Solar, Inc. (NASDAQ:FSLR) | 41.12% |
| Schlumberger Limited (NYSE:SLB) | 41.03% |
| Carnival Corporation & pIc (NYSE:CCL) | 38.85% |
| Biogen Inc. (NASDAQ:BIIB) | 36.04% |
| Baker Hughes Company (NYSE:BKR) | 35.75% |
What Reddit Users Think… A method for gauging social sentiment among U.S. stocks is provided by the VanEck Social Sentiment ETF (NYSE:BUZZ).
This fund allocates investments to companies that exhibit favorable insights gathered from various online sources, such as social media platforms, news articles, blog posts, and other alternative datasets.
Below, a table highlights the top 10 holdings within the BUZZ ETF, along with their year-to-date performance:
Most-Loved Stocks By Social Users
| Company | Weight In Buzz ETF | YTD Return |
| Coinbase Global, Inc. (NASDAQ:COIN) | 4.36% | 16.00% |
| MicroStrategy Incorporated (NASDAQ:MSTR) | 3.42 | 61.51 |
| Super Micro Computer, Inc. (NASDAQ:SMCI) | 3.37 | 203.07 |
| NVIDIA Corporation | 3.21 | 60.06 |
| SoFi Technologies, Inc. (NASDAQ:SOFI) | 3.16 | -9.55 |
| PayPal Holdings, Inc. (NASDAQ:PYPL) | 3.09 | -1.68 |
| Tesla, Inc. (NASDAQ:TSLA) | 3.07 | -19.05 |
| Advanced Micro Devices, Inc. | 3.00 | 29.65 |
| Meta Platforms, Inc. | 2.96 | 38.49 |
| Amazon.com, Inc. (NASDAQ:AMZN) | 2.93 | 15.23 |
Now Read: EXCLUSIVE: Magnificent 7 Takes Center Stage In Roundhill’s Expanded ETF Lineup With Inverse And Leveraged Options
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