While 2023 so far has been a fairly mild year for the S&P/ASX 200 Index (ASX: XJO), it has proved to be a fantastic one for the Wesfarmers Ltd (ASX: WES) share price.
Since the start of the year, the ASX 200 has put on a rather tame 1.6%. But in contrast, the Wesfarmers share price has rocketed a rosy 15.22%. That includes the 0.32% that Wesfarmers shares lost during today's trading, leaving this ASX 200 industrial and retail conglomerate at $52.53 a share.
Wesfarmers is one of the most unique ASX 200 blue-chip shares on the markets, and perhaps one of the most unique shares on the ASX, period. Its flagship assets are the Australian retailing powerhouses of Bunnings, Officeworks, Kmart and Target.
However, this company owns dozens of additional businesses in its portfolio. These include lithium mines, a clothing line, gas and fertiliser companies and a pharmacy chain.
So yes, the Wesfarmers share price has had a top tie of it this year so far, rising more than 15% from the $45-a-share levels we saw in early January to the $52-plus levels we see today.
But many ASX investors, who admire Wesfarmers' diversified portfolio and legendary blue-chip status as one of Australia's oldest companies, might be wondering whether it's too late to get in on Wesfarmers today. So let's see what some prominent ASX brokers think.
15% later: Is the Wesfarmers share price still a buy?
Fortunately for these investors who still want to pick up Wesfarmers shares for their portfolios, more than one ASX broker is still seeing value in the company today. Earlier this month, we covered the views of brokers at Macquarie.
Macquarie has recently retained its outperform rating for the Wesfarmers share price and gave the conglomerate an improved 12-month share price target of $57. If realised, that would see investors enjoy another 8.5% or so in share price appreciation from where the company closed at today.
As my Fool colleague James reported at the time, "Macquarie has been looking at Wesfarmers' key Bunnings business and sees an opportunity for a major sales boost if it can win more mid-week trade customer spend".
But it's not just Macquarie that is bullish on Wesfarmers shares today. We've also recently covered the view of fellow ASX broker Morgans in the company. Morgans also named Wesfarmers shares as an 'add', albeit with a lower share price target of $55.15.
Here's what this broker had to say on its decision:
WES possesses one of the highest quality retail portfolios in Australia with strong brands including Bunnings, Kmart and Officeworks. The company is run by a highly regarded management team and the balance sheet is healthy.
We believe WES's businesses, which have a strong focus on value, remain well-placed for growth and market share gains in a softening macroeconomic environment.
Morgans also sees large dividend increases in Wesfarmers' future as well. It has $1.91 in dividends per share pencilled in for FY24, rising to $2.18 for FY25.
