The Best Semiconductor Stock to Own in November

As Wall Street awaits the results of the 2024 U.S. election, we're going to revisit one of our favorite trends: analyzing the best stocks to own over a specified period of time. Specifically, we're looking at stocks that tend to outperform November.

Sitting third on the list of the 25 best S&P 500 (SPX) stocks to have in your portfolio this month is semiconductor giant Broadcom Inc (NASDAQ:AVGO), which also happens to be an outperformer in the fourth quarter. According to data from Schaeffer's Senior Quantitative Analyst Rocky White, AVGO closed November higher 10 times over the last decade, and averaged an 8% pop.

Adding to this bullish setup, Broadcom stock recently came within one standard deviation of its 80-day moving average. Per data from Schaeffer's Senior Quantitative Analyst Rocky White, five similar signals were observed in the last three years. AVGO saw a positive one-month return 100% of the time, averaging a 9.4% gain.

Last seen 2.3% higher at $172.41, the shares could surge past their Oct. 9 all-time high of $186.42 should both of these historically bullish signals play out. AVGO is already outperforming on a year-to-date and year-over-year basis, up 54.4% and 95.7%, respectively, and have only experienced two monthly losses -- both less than 2% -- over the last 12 months.