In this article, we will take a look at the 5 best-performing Dow stocks in 2023. To see more such companies, go directly to 18 Best-Performing Dow Stocks in 2023.
5. Visa Inc. (NYSE:V)
YTD Stock Gain Through November 17: 19.64%
Visa Inc. (NYSE:V) recently posted strong fiscal Q4 results. Visa Inc. (NYSE:V) also upped its quarterly dividend a whopping 15.6%. In October Visa Inc. (NYSE:V)’s board declared a new $25 billion multi-year class A common stock share repurchase program.
Ensemble Capital Management made the following comment about Visa Inc. (NYSE:V) in its Q3 2023 investor letter:
“Mastercard is a company that pretty much everyone has heard of. In fact, when we meet with Ensemble’s clients, we occasionally tell them that we’re nearly certain that they are carrying a Mastercard in their wallet or purse as we speak, and if not, they are carrying a Visa Inc. (NYSE:V). Most people carry both.
People carry Mastercard and Visa because they are accepted nearly everywhere in developed markets. And they are accepted in most emerging economies, at least at locations where higher income people spend money. As a shopper you can show up at a bodega in Peru, a high end hotel in Tokyo, a truck stop in Alabama, or an ice cream cart in Milan, show them a piece of plastic and they’ll let you walk away with goods and services without any worry that they aren’t going to get paid…” (Click here to read the full text)
4. Apple Inc. (NASDAQ:AAPL)
YTD Stock Gain Through November 17: 46.01%
Apple Inc. (NASDAQ:AAPL) ranks 4th in our list of the best-performing Dow stocks in 2023.
As of the end of the second quarter of 2023, 135 hedge funds out of the 910 funds tracked by Insider Monkey had stakes in Apple Inc. (NASDAQ:AAPL). The biggest stakeholder of Apple Inc. (NASDAQ:AAPL) as of the end of June was Warren Buffett’s Berkshire Hathaway which owns a $177 billion stake in the company.
3. Microsoft Corporation (NASDAQ:MSFT)
YTD Stock Gain Through November 17: 56.86%
Microsoft Corporation (NASDAQ:MSFT) has been the biggest beneficiary of the AI-led rally, thanks to its huge investments in OpenAI and its proactive approach in the AI race that is rattling giants like Alphabet. Despite huge bull run, many analysts believe Microsoft Corporation (NASDAQ:MSFT) has more room to run. Dan Ives of Wedbush Securities recently increased his price target on Microsoft Corporation (NASDAQ:MSFT) shares to $425 from $400. Ives is specifically bullish on Microsoft Corporation (NASDAQ:MSFT)’s Copilot AI which he believes could be a game changer.
Here is what Jackson Peak Capital has to say about Microsoft Corporation (NASDAQ:MSFT) in its Q3 2023 investor letter:
“The Microsoft Corporation (NASDAQ:MSFT)/Activision Blizzard, Inc. (NASDAQ:ATVI) merger arbitrage came to a successful conclusion with the court denying the FTC’s preliminary injunction request. The deal subsequently received approval from the UK CMA and closed in October. The ATVI position was an example of “staying around the hoop” of a significant arb opportunity. At first, the position led to a small loss in Q2 when the UK CMA initially blocked the deal in April, but we stayed close to the case, analyzed the FTC trial and scaled up the ATVI position as it became apparent FTC had a weak case, meaning the probability of the deal going through was mispriced by the market since the companies would likely find a solution to work with the UK CMA (only global regulator who had an issue) if the FTC lost.”
2. Intel Corporation (NASDAQ:INTC)
YTD Stock Gain Through November 17: 64.02%
This was a good year for Intel Corporation (NASDAQ:INTC) and its investors as the company finally begins to see life in the PC market. Recently, Intel Corporation (NASDAQ:INTC) was upgraded by Mizuho Securities. Intel Corporation (NASDAQ:INTC) said it sees improvement in PC and data center markets. Mizuho’s Vijay Rakesh upped his rating for Intel to Buy from Neutral and increased his price target for the stock to $50 from $37.
ClearBridge Large Cap Value Strategy made the following comment about Intel Corporation (NASDAQ:INTC) in its Q3 2023 investor letter:
“We also added to our position in Intel Corporation (NASDAQ:INTC) to take advantage of signs that it continues to make progress on its goal of regaining technology leadership. Intel appears to be executing its technology/product roadmap; the company is on track to ramp up PC and server products over the next 12 months on advanced manufacturing nodes that we believe will be more competitive with chief rival Advanced Micro Devices. We also see green shoots in the PC and server markets, with an increasing possibility of a cyclical recovery in both end markets in 2024.”
1. Salesforce, Inc. (NYSE:CRM)
YTD Stock Gain Through November 17: 67.02%
Salesforce, Inc. (NYSE:CRM) tops the list of the best-performing Dow stocks in 2023, having gained about 67% in the period through November 17. AI has been responsible for most of the gains in CRM price amid Salesforce, Inc. (NYSE:CRM)’s integration of generative AI features in its marketing and CRM platforms.
Harding Loevner Global Equity Strategy made the following comment about Salesforce, Inc. (NYSE:CRM) in its Q2 2023 investor letter:
“Salesforce, Inc. (NYSE:CRM), a company we’ve owned since 2019, recently added ChatGPT-like capabilities onto its existing Al module, Einstein, to support its internal sales efforts and customer-facing software. For example, Einstein GPT can help generate marketing emails tailored to specific clients by using Salesforce’s customer database and past email correspondence to learn the most effective approach for each client. Einstein GPT is also different from off-the-shelf LLMS in three important ways: It keeps personal identifiable information private and secure, compared with external tools that retain anything a user enters. It employs the latest data in Salesforce’s system, as opposed to the sometimes-stale public data that train generic models. And generative Al capabilities can be integrated with other Salesforce offerings; the company has already introduced Slack GPT and Tableau GPT, Al-equipped versions of its workplace collaboration and analytics tools.”
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