When looking through the S&P 500’s index members recently, we noticed that 121 stocks in the 500-member index had triple-digit share prices ($100+).  We’ll go out on a limb and say that there’s never been more stocks trading above the $100/share mark.  While share price really has no bearing on valuation, it’s still a bit eye-popping to see so many $100+ stocks.  At the end of the last two bull markets (10/9/07 and 3/24/00), there were just 30 stocks trading above $100/share.

Below is a table comparing the S&P 500’s current make-up to its make-up at the end of the last two bull and bear markets going back to 2000.  As mentioned above, there are currently 121 stocks in the index trading above $100/share, and there are just 2 (yes, 2!) trading under $10/share.  The average S&P 500 stock trades at $86.58/share, and it has a P/E ratio (trailing 12/month) of 24.30.  Just 8 stocks in the S&P 500 have no P/E ratios right now (negative earnings).

For comparison’s sake, at the end of the last bear market (start of the current bull) on 3/9/09, just 5 stocks in the S&P 500 were over $100/share, while 119 were under $10/share.  On 3/9/09, the average stock in the index was trading at just $24.31/share and had a P/E ratio of 11.28.  Forty stocks in the index had negative EPS at that point.

Below is a list of the 60 stocks in the S&P 500 with the highest share prices.  Along with 121 stocks trading above $100/share, there are 24 stocks trading above $200/share.


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