CSL Limited, Commonwealth Bank of Australia or Cochlear Limited: Which ASX stock will hit $100 first?

CSL Limited (ASX:CSL) was the last company to do it. Will Commonwealth Bank of Australia (ASX:CBA) or Cochlear Limited (ASX:COH) hit the target next?

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Reaching the $100 mark is an extremely rare occurrence for Australian stocks.

While it’s a common feature in the U.S. markets, no company listed on the Australian Securities Exchange currently has a share price over $100. In fact, you’d have to look back to before the Global Financial Crisis hit to find the last company to have cracked that mark, and that was blood products maker CSL Limited (ASX: CSL).

It didn’t stay above that lucrative level for long, either. Instead, it chose to engage in a three-for-one split with the company’s board deciding that liquidity may have soon become an issue with ‘mum and dad’ investors. Given that its shares are now trading at $84.58 (meaning they could have been worth more than $250 had it not split its shares), it could certainly become the next company to hit $100 as well.

However, there are plenty of other companies also in the race. Although it trades on a lofty valuation, Commonwealth Bank of Australia (ASX: CBA) seems like it could be leading the race with its shares now changing hands for $84.50. It recently hit an all-time high of $86.64 and could surge past that point if it can grow its dividend in an otherwise low interest rate environment.

Cochlear Limited (ASX: COH) also stands a good chance with its shares having gathered significant momentum over the last 12 months to be trading at $81.30, while Macquarie Group Ltd (ASX: MQG) is another solid bet after it recently raised its profit guidance. Meanwhile, Rio Tinto Limited (ASX: RIO) remains an outside chance with its shares sitting at $55, although it seems very unlikely considering the plummeting iron ore price.

While it will certainly be interesting to see which company will hit the target first, in reality it means absolutely nothing. Instead of focusing on a stock’s price, investors should focus on its valuation which could help you achieve far greater returns in the years to come.

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Motley Fool contributor Ryan Newman does not own shares in any of the companies mentioned. You can follow Ryan on Twitter @ASXvalueinvest.

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