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Top 5 Best Stocks to Buy Now: Jul 2024

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Everyone wants a hack to find the best stocks to buy right now.

Hate to burst your bubble, but there isn’t one. At the end of the day, you’re the one who has to live with your investment decisions — so it’s in your best interest to do your own due diligence before plunking down your cash on any ticker.

That said, plenty of trusted pros do have opinions on the top stocks to buy now — and you can use that information to make more informed choices.

Why should you have to do all the hard work? I’ve scoured the internet to find some of the best stocks to buy now, according to experts. Let’s go:

5 Best Stocks for the Rest of 2024  

In this post, we share several stocks that have near-term potential according to analysts and our due diligence checks. But what if you’re looking to build a long-term portfolio? You’ll be interested in this…

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At-a-Glance: The Best Stocks to Buy Now *

Want to glance at what stocks you should get today and dash? This list is what you need:

  1. Constellation Brands Inc. (NYSE: STZ)
  2. Devon Energy Corp. (NYSE: DVN)
  3. Silicon Motion Technology (NASDAQ: SIMO)
  4. TJX Companies Inc. (NYSE: TJX)
  5. Welltower Inc. (NYSE: WELL)

* Your investments are solely your responsibility. Your capital is at risk.

Top Stocks to Buy Now: Before You Trade

As I said earlier, there’s no shortcut to stock market success. You’re responsible for your own trades, so it’s worth taking the time to “build a case” for every trade.

As such, here are a few best practices that every investor should keep in mind before trading:

Consider the market

When it comes to investing, market conditions matter. A lot. For instance, is the market in a sharp downtrend? It might not be the time to enter a new position. In general, the best time to invest is when the market is in a definite and confirmed uptrend.

Have a plan in place

Before you take a position in a stock, take a little pause and consider your objectives. First, why do you think it’s a good idea to take a position? Second, do you want to put a cap on potential losses — and if so, what’s your “sell” price?

Research the stock

Never trade without doing a little research first. We’re talking a deep dive into the company’s fundamentals, a hard look at the stock chart, and more. Here are some of our favorite resources (which just so happen to be the same ones used to research this post):

WallStreetZen Premium: This list was researched using WallStreetZen Premium tools. In particular, we looked at the Zen Score (a quick, easy-to-read score based on 38 due diligence checks). You can also evaluate the score breakdown, as illustrated from the image below. The Zen Score breakdown gives you a quick “pulse check” on various areas of the company’s fundamentals and prospects. It also compares the scores to industry averages. For instance, based on the below, we might take a deeper dive into why the Valuation score is low — and also what makes the company’s forecast score slightly higher than industry averages. The Zen Score and WSZ due diligence checks save you a ton of time — and they’re just part of what makes WSZ premium great.

Another feature to love on WallStreetZen Premium? Access to top-rated analyst ratings. With WSZ’s Strong Buys from Top Analysts feature, you can zero in on ratings from ONLY top-rated analysts, and you have easy access to their track record and average win rate. For instance, below you’ll see the Top Analyst entry for one of today’s picks: NVDA. You can easily see the analyst’s track record, plus the “why” behind their rating.


TradingView: This is our go-to program for charts (and the charts in this post are sourced from TradingView). Why? Its comprehensive feature set, speed, ease-of-use, coverage, reliability, and extreme affordability. As a result of these things, we firmly believe it’s the best solution for new and veteran traders alike.

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If you sign up to TradingView using any of the links in this article, you will receive a $15 credit which will be automatically applied to any plan you select.

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July 2024: Top Stocks to Buy Now (and Why)

There are too many stocks to keep track of on your own. You need a system, and you need recommendations. For the system, WallStreetZen has you covered. For the recommendations, why not start with these five? They’re all recommended by top analysts and have compelling reasons to add them to your portfolio, as we’ll soon explore.

Note: This article does not provide investment advice. The stocks listed should not be taken as recommendations to buy or sell. Your investments are solely your decisions.

5 Stocks to Watch: Week of 7/15/2024

1. Constellation Brands Inc. (NYSE: STZ

Constellation Brands Incorporated produces, imports, and sells beer, wine, and spirits in the U.S. and other countries. Its brands include Corona Extra, Corona Premier, Corona Familiar, Corona Light, Modelo Especial, Modelo Negra, Pacifico, 

Analyst consensus: STRONG BUY

Price: $258.57 (7/11 — see latest price here)

Average 1-year forecast: $295.94

Why it’s watchlist-worthy: 

  • STZ has a Zen Score of 48 — a few beer bottles ahead of the industry average of 29. 
  • Some signs of good value: According to our due diligence checks, despite the fact that STZ is poor value based on its earnings relative to its share price (18.79x), compared to the US Beverages – Wineries & Distilleries industry average (16.81x), STZ is good value based on its earnings relative to its share price (18.79x), compared to the US market average (32.88x)
  • STZ has a fantastic score for Financials. STZ’s profit margin has increased (+27.8%) in the last year from (-3.4%) to (24.4%); its earnings (EBIT) of $3.28B can safely cover interest payments on company debt ($11.88B). 
  • Good ROE forecast: ​​STZ’s Return on Equity is forecast to be high in 3 years (29.85%); analysts are confident in the firm’s ability to efficiently generate return on equity. 
  • Strong Buy consensus: Among the 16 analysts we track issuing ratings on STZ, 15 rate it a Strong Buy or Buy; 1 rates it a Hold. No Sell or Strong Sell ratings. See what analysts are saying here
Constellation Brands Inc. (NYSE STZ)
1-year chart for STZ, courtesy TradingView

2. Devon Energy Corp. (NYSE: DVN

Devon Energy Corporation is a hydrocarbon exploration company with operations in the Barnett Shale STACK formation in Oklahoma, the Delaware Basin, the Eagle Ford Group, and the Rocky Mountains. 

Analyst consensus: STRONG BUY

Price: $45.91 (7/11 — see latest price here)

Average 1-year forecast: $60.80 

Why it’s watchlist-worthy: 

  • DVN has a Zen Score of 35 — higher than the industry average of 31. 
  • Signs point to value: According to our due diligence checks, DVN is good value based on its earnings relative to its share price (8.71x), compared to the US market average (32.88x) as well as compared to the US Oil & Gas E&P industry average (13.7x). 
  • Shrinking debt: DVN’s debt relative to shareholder equity (1.04) has decreased or remained constant compared to 5 years ago (1.3). 
  • Dividend strength: DVN dividends (4.47%) are in the top 75% of all US listed companies; DVN’s dividends have increased over the past 10 years. 
  • Strong Buy consensus: Among the 15 analysts we track issuing ratings on DVN, 12 rate it a Strong Buy or Buy; 3 rate it a Hold. No Sell or Strong Sell ratings. See what analysts are saying here.
2. Devon Energy Corp. (NYSE DVN)
1-year chart for DVN, courtesy TradingView

3. Silicon Motion Technology (NASDAQ: SIMO

Silicon Motion Technology Corporation, together with its subsidiaries, designs, develops, and markets NAND flash controllers for solid-state storage devices like PCs.

Analyst consensus: STRONG BUY

Price: $79.77 (7/11 — see latest price here)

Average 1-year forecast: $95.71 

Why it’s watchlist-worthy: 

  • SIMO has a Zen Score of 56 — nearly double the industry average of 31. 
  • Well-rounded scores overall: Our due diligence checks reveal that SIMO scores high on Valuation, Financials, Forecast, and Dividends. (See the full breakdown here.)
  • Strong Buy consensus: While only 7 analysts are currently issuing ratings on SIMO, they’re mostly upbeat on the stock. SIMO has 4 Strong Buy and 3 Buy ratings — no Hold, Sell, or Strong Sell ratings. See what they’re saying
3. Silicon Motion Technology (NASDAQ SIMO)
1-year chart for SIMO, courtesy TradingView

4. TJX Companies Inc. (NYSE: TJX

The TJX Companies Incorporated is an off-price retailer. The company sells apparel, home basics, furniture, rugs, lighting products, giftware, soft home products, decoratives, cookware, food, and other merchandise. 

Analyst consensus: STRONG BUY

Price: $113.90 (7/11 — see latest price here)

Average 1-year forecast: $115.00 

Why it’s watchlist-worthy: 

  • TJX has a Zen Score of 55 — well above the industry average of 32. 
  • TJX has a stellar Financials score. The company’s profit margin has increased (+0.9%) in the last year from (7.6%) to (8.5%); the company’s Earnings (EBIT) of $5.97B can safely cover interest payments on company debt ($12.64B); its short-term assets ($12.41B) exceed its short-term liabilities ($10.10B). 
  • Great forecasts: TJX’s Return on Equity is forecast to be high in 3 years (74.33%); analysts are confident in the firm’s ability to efficiently generate return on equity. Additionally, TJX is forecast to generate higher Return on Assets (18.79%) than the US Apparel Retail industry average (17.95%)
  • Strong Buy consensus: Among the 11 analysts we track issuing ratings on TJX, 5 rate it a Strong Buy, 4 rate it a Buy, and 2 rate it a Hold. No Sell or Strong Sell ratings. See what they’re saying.
4. TJX Companies Inc. (NYSE TJX)
1-year chart for TJX, courtesy TradingView

5. Welltower Inc. (NYSE: WELL)

Welltower Incorporated, a real estate investment trust (REIT), partners with seniors housing operators, post-acute providers, and health systems to fund the health care real estate infrastructure. 

Analyst consensus: STRONG BUY

Price: $104.26 (7/11 — see latest price here)

Average 1-year forecast: $109.75

Why it’s watchlist-worthy: 

  • WELL has a Zen Score of 29 — not exactly stellar, but higher than the industry average of 26. 
  • Strong forecasts: REITs have had a tough go of it lately, but forecasts for this one are strong. Highlights? WELL is forecast to generate higher Return on Assets (6.99%) than the US REIT – Healthcare Facilities industry average (6.3%); WELL’s earnings are forecast to grow at an exceptional rate of 81.54% per year; finally, WELL’s revenues are forecast to grow faster (5.71% per year) than the US REIT – Healthcare Facilities industry average (4.9%).
  • Earnings growth is accelerating: WELL’s earnings growth is accelerating – its growth over the last year (256.52%) is above its 5-year compound annual rate (-12.29%). 
  • Strong Buy consensus: Only 4 analysts we track are currently issuing ratings on WELL, but of them, 3 rate it a Strong Buy and one rates it a Buy. 
5. Welltower Inc. (NYSE WELL)
1-year chart for WELL, courtesy TradingView

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Best Stocks to Buy Now: The Final Word

There are literally thousands of stocks out there. What are the best stocks to buy now?

The truth is that there are no guarantees in the stock market. The market is constantly changing, as are the factors that play into stock prices.

That said, this list includes a ton of great watches we discovered on WallStreetZenPremium. Each of these picks has something (or several things) going for them in the near to long-term, so consider keeping them on watch. But remember — you alone are responsible for your investment decisions. So be sure to do your own research before you buy any stock.


FAQs:

What are good stocks to invest in right now?

According to analyst ratings, good stocks to invest in right now include BDC, ADBE, and LOVE.

What stock will grow the most in 2024?

It’s impossible to say for sure what stock will grow the most in 2024. However, top-rated analysts are currently bullish on stocks like BDC, ADBE, and LOVE.

What stocks to buy today for beginners?

The best stocks to buy for beginners depend on your goals and objectives. While even beginners should do their own research, established companies like Walmart and Microsoft may be worth researching.

Which share is best to buy today under $100?

The best stock shares under $100 will depend on your goals and objectives as an investor, and your investment decisions are solely your own. However, it’s worth noting that the ability to invest in fractional shares of stocks means that you can access even higher-priced stocks like Amazon (NASDAQ: AMZN) or Google (NASDAQ: GOOGL).

Where to Invest $1,000 Right Now?

Did you know that stocks rated as "Buy" by the Top Analysts in WallStreetZen's database beat the S&P500 by 98.4% last year?

Our July report reveals the 3 "Strong Buy" stocks that market-beating analysts predict will outperform over the next year.

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About the author

Jessie Moore

Editor

Jessie Moore has been writing professionally for nearly two decades; for the past seven years, she's focused on writing, ghostwriting, and editing in the finance space. She is a Today Show and Publisher's Weekly-featured author who has written or ghostwritten 10+ books on a wide variety of topics, ranging from day trading to unicorns to plant care.