Monday, September 16, 2024

The best three ASX 200 shares to buy and hold in FY 2024 revealed

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The S&P/ASX 200 Index (ASX: XJO) gained a solid 8% in FY 2024, but these three top-performing ASX 200 shares left those gains wanting.

Here’s what got investors excited in the financial year just past.

Three top-performing ASX 200 shares

Financial technology company Hub24 Ltd (ASX: HUB) is the third best-performing ASX 200 share in FY 2024.

Hub24 shares closed out FY 2023 trading at $25.86. At Friday’s close, the stock was trading for $46.55 a share, up 80% over 12 months.

Hub24 reported on its most recent financial performance on 21 April, when the company released its Q3 FY 2024 results.

As you’d expect from the strong share performance, the fintech company’s results showed strong ongoing growth.

Highlights included a 90% year-on-year increase in platform net inflows, which reached $3.5 billion, a new third-quarter record. The company’s total funds under administration (FUA) reached $100.0 billion as of 31 March.

At its half-year results, Hub24 reported a 14% year-on-year increase in total revenue of $156.7 million for the six months.

Moving on to the second-best ASX 200 share to have been bought and held in FY 2024, electronic design software platform provider Altium Ltd (ASX: ALU).

The Altium share price ended FY 2023 at $36.38. Shares closed on Friday trading for $68.03 apiece, up 87% in a year.

Shares have been in an uptrend for most of the past 12 months, but the Altium share price really took off on 15 February.

That’s when investors learned that management of the ASX 200 share had unanimously accepted a takeover offer from Japan’s Renesas Electronics Corporation and urged shareholders to do the same. The takeover offer valued Altium at $68.50 per share. The Altium share price closed up 28.8% on the day.

Which brings us to the best ASX 200 share to have held in your portfolio in FY 2024, health imaging company Pro Medicus Ltd (ASX: PME).

12 months ago, you could have bought Pro Medicus for $65.76 a share. On Friday, those same shares closed out the financial year, swapping hands for $143.26 apiece, up an eye-watering 117.8%.

The Pro Medicus share price has been trending strongly upward for most of the past year, supported by a record number of new contracts.

Most recently, on 28 May, the ASX 200 share announced it had inked five new contracts valued at $45 million. And management indicated investors could expect more good news in the months ahead.

Commenting on the new contract at the time, Pro Medicus CEO Sam Hupert said: “Despite record new contract signings this year, our pipeline remains strong with a broad range of opportunities both in terms of size and market segments.”

Investors are also enthusiastic about the company’s potential to harness AI to streamline costs and enhance its products. Towards the end of FY 2023, Pro Medicus recruited two people dedicated to its AI ambitions.

With the ASX 200 share racing higher, Pro Medicus joined the S&P/ASX 100 Index on 18 March as part of the S&P Dow Jones Indices quarterly rebalance.

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