It's been a grand old time for the Wesfarmers Ltd (ASX: WES) share price recently.
For one, Wesfarmers shares had a stonking 2023, rising around 25%. That easily beat out the broader market's performance. The S&P/ASX 200 Index (ASX: XJO) 'only' managed a still-respectable 9% return.
But Wesfarmers shares seem to be continuing this tradition in 2024. Today, this ASX 200 industrial and retail conglomerate has celebrated the new year in style by minting a fresh new 52-week high.
Yep, the Wesfarmers share price closed at $58.10 yesterday. But this morning, the company opened at $58.31 before rising as high as $58.39. That's Wesfarmers' new 52-week high watermark.
It puts the company up a rosy 1.2% in 2024 to date, as well as up 18.85% over the past 12 months. Wesfarmers last hit a 52-week low of $46.64 a share in July last year. Since then, investors have enjoyed more than 25% in gains. Including dividend returns, those gains would extend up to around 28%.
Although today's new 52-week high is just the latest in a recent run for the company, there have been no obvious catalysts we can point to for Wesfarmers' run of good fortune.
The company hasn't made any significant ASX announcements in over a month. Indeed, the only 2024 release out from Wesfarmers so far merely informs shareholders that the company's latest half-year results will be released on 15 February next month.
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ASX broker labels Wesfarmers share price as a buy
Wesfarmers was the recipient of some love from an ASX broker last month though. As we covered at the time, broker Morgans slapped Wesfarmers shares with an 'add' rating, alongside a $55.15 share price target. That target has already been exceeded, of course.
In justifying the opinion, Morgans stated:
WES possesses one of the highest quality retail portfolios in Australia with strong brands including Bunnings, Kmart and Officeworks. The company is run by a highly regarded management team and the balance sheet is healthy.
We believe WES's businesses, which have a strong focus on value, remain well-placed for growth and market share gains in a softening macroeconomic environment.
Morgans forecast rising dividend yields from Wesfarmers too. The broker pencilled in $1.91 in dividends per share over FY2024, rising to $2.18 per share over FY2025.
It seems investors have also adopted this position, judging by the performance of the Wesfarmers' share price in recent weeks and months.
