7 Blue-Chip Stocks to Buy Now: June 2024

Core Insights - Blue-chip stocks are recommended for their stability and potential for steady financial growth, outperforming traditional bank interest rates and keeping pace with inflation [1] - Investors can achieve better returns by focusing on high-performing stocks within indices and ETFs [1] Company Summaries Alphabet (GOOG, GOOGL) - Alphabet is valued at $2.2 trillion with a P/E ratio of 27.5 and a yield of 0.45$0.20 per share, with analysts rating it as a "Strong Buy" and suggesting a 13% upside [3] Nvidia (NVDA) - Nvidia is the world's most valuable publicly traded company, with shares up 171% YTD and over 3,350% in five years [4] - The company experienced a 262% YOY revenue increase in Q1 2025, with net income rising by 628% [4] - Nvidia announced a 10-for-1 stock split, enhancing options trading accessibility, and maintains a net profit margin exceeding 50% [5] Meta Platforms (META) - Meta's shares increased by 44% YTD and over 160% in five years, with net income more than doubling YOY in Q1 2024 [7] - The company has 3.24 billion daily active users, a 7% YOY increase, and reported a 27% YOY revenue growth [8] - Meta has a strong cash position of $58.12 billion and returned$1.27 billion to investors as dividends [8] American Express (AXP) - American Express trades at a P/E ratio of 19 with a yield of 1.22%, showing a 22% increase YTD and 84% over five years [9] - The company reported an 11% YOY revenue increase and a 34% rise in net income for Q1 2024, achieving a net profit margin of 16.9% [9] - Over 60% of new accounts are from Millennials and Gen Z, indicating strong future growth potential [10] Costco (COST) - Costco's total revenue increased by 6.4% YOY, with e-commerce sales up by 15.3%, and the stock has gained 34% YTD and 227% over five years [11] - The stock is rated as a "Strong Buy" with a price target suggesting an additional 10% upside [11] Chipotle (CMG) - Chipotle plans to open 285-315 new restaurants in 2024, with Q1 2024 revenue increasing by 14.1% YOY to $2.7 billion [12] - The company’s net income rose by 23.2% YOY, resulting in a net profit margin of 13.3% [12] - Chipotle's stock has gained 43% YTD and 342% over five years, currently rated as a "Moderate Buy" [13] Waste Management (WM) - Waste Management reported a 5.5% YOY revenue increase in Q1 2024, with net income up by 32.8% and a net profit margin of 13.7% [14] - The stock has a projected 7% upside and has gained 16% YTD, with a P/E ratio of 34 [14]