Which ASX 200 large-cap shares outperformed their peers in 2024?

We reveal the 16 best ASX 200 large-cap stocks for share price growth last year.

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In the highly uncertain economic environment of 2024, characterised by higher-for-longer interest rates and inflation, were ASX 200 large-cap shares a reliable safe haven for investors?

The large caps are often less volatile in price movement and typically pay strong and reliable dividends.

This is because they are big blue-chip companies with greater capacity to weather economic upsets.

The large caps have a minimum market capitalisation of $10 billion.

At the time of writing, there are 49 large caps in the ASX 200.

Let's take a look at which ASX 200 large-cap shares outperformed their peers in terms of share price growth last year.

Which ASX 200 large-cap shares outperformed in 2024?

For comparison purposes, keep in mind that the benchmark S&P/ASX 200 Index (ASX: XJO) rose by 7.49% in 2024 and delivered total gross returns, including dividends, of 11.44%.

Here are the top 16 ASX 200 large-cap shares for stock price growth last year.

RankASX 200 LARGE CAP SHARESHARE PRICE GROWTH IN 2024
1Pro Medicus Limited (ASX: PME) 161%
2TechnologyOne Ltd (ASX: TNE) 103.7%
3JB Hi-Fi Ltd (ASX: JBH)74.8%
4Aristocrat Leisure Ltd (ASX: ALL)67.5%
5Qantas Airways Ltd (ASX: QAN)67%
6Wisetech Global Ltd (ASX: X)60.6%
7Fisher & Paykel Healthcare Corporation Ltd (ASX: FPH60.1%
8Xero Ltd (ASX: XRO) 50.1%
9Insurance Australia Group Ltd (ASX: IAG) 49.5%
10Westpac Banking Corp (ASX: WBC)45.5%
11Resmed CDI (ASX: RMD) 44.5%
12Brambles Ltd (ASX: BXB)41.5%
13Goodman Group (ASX: GMG40.9%
14Computershare Ltd (ASX: CPU)39.2%
15Suncorp Group Ltd (ASX: SUN)37.3%
16Commonwealth Bank of Australia (ASX: CBA)37.1%

Why did Pro Medicus shares rise the most?

The share price of this medical imaging technology company climbed 161% to $250.12 by 31 December.

Pro Medicus reported strong sales and earnings growth last year.

Revenue increased 29.3% to $161.5 million in FY24, largely due to increased sales in North America. The company's underlying EBIT margin lifted to 69.5% from 67.2% in FY23.

Underlying profit before tax rose by 35.3% to $116.5 million. Net profit increased by 36.5% to $82.8 million.

The company attracted various large new customers for its industry-leading Visage platform.

One of its new contract wins in 2024 was a 10-year $330 million deal with Trinity Health.

Despite the 161% surge in the Pro Medicus share price, Goldman Sachs still sees value for buyers today.

The top broker has a buy rating on the stock with a 12-month price target of $278.

The broker said: "PME is not cheap, trading on 114x FY26E EV/EBITDA, but we highlight its revenue/margin outlook, unique cloud offering, and significant long-term opportunity."

Motley Fool contributor Bronwyn Allen has positions in Goodman Group. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has positions in and has recommended Goldman Sachs Group, Goodman Group, ResMed, Technology One, and Xero. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has recommended Pro Medicus. The Motley Fool Australia has positions in and has recommended ResMed and Xero. The Motley Fool Australia has recommended Goodman Group, Jb Hi-Fi, Pro Medicus, and Technology One. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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