CBA, DroneShield, and these ASX stocks just hit 52-week highs

These shares are flying high on Tuesday. What's going on?

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A young woman wearing overalls and a yellow t-shirt kicks one leg in the air showing excitement over the latest ASX 200 shares to hit 52-week highs

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A number of ASX stocks are making their shareholders smile today by rising to 52-week highs or better.

Among the names reaching these milestones are the stocks listed below. Here's what you need know:

Aristocrat Leisure Limited (ASX: ALL)

The Aristocrat Leisure share price has hit a record high of $48.58 on Tuesday. This stretches its 12-month return to an impressive 24%. Investors have been buying the gaming technology company's shares since the release of its half-year results.

Aristocrat posted a 6.1% increase in revenue to $3,269.6 million and a 16.8% jump in net profit after tax to $723.3 million. The latter was significantly better than the market was expecting. Other positives were the ASX stock boosting its dividend, announcing an additional $350 million share buyback, and suggesting that it could look to divest its digital gaming operations.

Commonwealth Bank of Australia (ASX: CBA)

The CBA share price has risen to a new record high of $127.75. Investors appear to be piling into the banking sector on the belief that trading conditions are favourable thanks to the prospect of falling interest rates in the near term. Combined with the recent Federal Budget, the banks look unlikely to suffer from a spike in bad debts in the near future, which could have happened if rates continued to rise. For the same reasons, Bendigo and Adelaide Bank Ltd (ASX: BEN) and National Australia Bank Ltd (ASX: NAB) have also hit 52-week highs today.

DroneShield Ltd (ASX: DRO)

The DroneShield share price has continued its rampant run and hit a record high of $1.57 on Tuesday. This latest gain means the counter drone technology company's shares are now up over 300% since the start of the year. Investors have been scrambling to buy this ASX stock recently thanks to its staggering performance in FY 2024. During the first quarter of FY 2024, the company's revenue increased 10x over the prior corresponding period to $16.4 million.

In addition, a number of big announcements have been made that could be supportive of further strong sales growth. One was that the NATO Support and Procurement Agency (NSPA) has approved the first counter-small UAS (CUAS) procurement framework agreement in NATO history. DroneShield's CEO, Oleg Vornik, described it as one of the "most strategically noteworthy agreements since the company was founded." The company also announced a major new contract win from a U.S. Government customer. Droneshield advised that it has received a repeat order of A$5.7 million for a number of its CUxS (Counter-UxS) systems.

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has positions in and has recommended DroneShield. The Motley Fool Australia has positions in and has recommended Bendigo And Adelaide Bank. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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