Merck Leads Narrow Group of Large-Cap Stocks at 52-Week Highs

Only 24 large-cap stocks reached a 52-week high on August 13, led by Merck (MRK) with a market value of $335.1 billion.

The list is dominated by sectors like Diversified Banks and Technology Hardware, Storage & Peripherals, raising questions about valuation.

Merck's revenue grew 4.6% over the last year, but it trades at 105.5 times trailing earnings.

A new high is not a guarantee of underlying business performance, and prices can run ahead of fundamentals.