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According to the Chinese calendar, 2024 is the "year of the wood dragon." For investors, though, this might be the "year of the stock splits." Several major companies have either already conducted stock splits or plan to do so over the next few weeks and months.

Historically, stocks tend to perform well after announcing stock splits. That's been generally true this year, with one stock delivering especially big gains. Here's the best stock-split stock of 2024 so far -- and it isn't even close.

The top contenders

Walmart (NYSE: WMT) kicked off the "year of stock splits" in January with its announcement of a 3-for-1 split. CEO Doug McMillon said the giant retailer decided to split its shares for the first time since March 1999 to make its stock more affordable for its associates. Walmart conducted the stock split after the market close on Feb. 22, 2024.

In March, Chipotle Mexican Grill (NYSE: CMG) announced that its board of directors approved a huge 50-for-1 stock split. A few months later, after winning shareholder approval a few months later, Chipotle conducted its stock split following the market close on June 25.

Amphenol (NYSE: APH) didn't announce its plans to conduct a 2-for-1 stock split until May. However, the electronic components maker beat Chipotle to the punch, conducting its stock split after the market close on June 11.

Several other companies intend to split their shares soon. Williams-Sonoma's (NYSE: WSM) 2-for-1 stock split is scheduled for July 8. Chipmaker Broadcom (NASDAQ: AVGO) plans to conduct a 10-for-1 stock split on July 12. Sony's (NYSE: SONY) 5-for-1 stock split should occur after the market close on Sept. 30. Lam Research (NASDAQ: LRCX), which makes equipment used in the fabrication of semiconductors, plans to conduct a 10-for-1 stock split on Oct. 2.

All three stocks that have already conducted stock splits have performed well so far this year. Walmart's shares are up nearly 30%. Chipotle and Amphenol stocks have both soared close to 36%.

Nearly all the stocks with splits on the way have delivered strong gains as well. Broadcom is the best performer of the group, with its shares vaulting more than 50% higher year to date. Williams-Sonoma stock is up close to 40%. Lam Research isn't far behind, with a year-to-date gain of around 38%. The only lower among these stock-split stocks is Sony, whose shares have fallen close to 10% this year.

The hands-down winner

However, another stock-split stock is the hands-down winner. In its first-quarter update on May 22, Nvidia (NASDAQ: NVDA) announced plans for a 10-for-1 stock split. The graphics processing unit (GPU) maker conducted this split after the market close on June 7.

Nvidia's shares have skyrocketed more than 150% year to date, eclipsing all the other top stocks announcing splits this year. This huge gain comes on top of a 239% gain in 2023.

Although Nvidia's share price rose by a double-digit percentage in the days following its stock split, it has retreated since then. The real engine behind Nvidia's spectacular performance this year is the continued strong demand for its GPUs, thanks to a massive generative artificial intelligence (AI) tailwind.

Which is the best stock-split stock to buy now?

The old saying that there are "different strokes for different folks" applies to which stock-split stock is the best to buy right now. Different investors will likely prefer different stocks based on their investing styles.

If you're concerned about an economic downturn, Walmart is probably the best pick. The discount retailer is one of the top recession-resistant stocks around.

Income investors don't have great options with these stock-split stocks. However, Williams-Sonoma offers a forward dividend yield of 1.6% -- the highest yield in the group. It's also neck-and-neck with Sony as the most attractively valued of these stocks.

What about growth investors? I think Nvidia and Broadcom are good choices. Broadcom trades at a lower forward earnings multiple, but Nvidia's growth prospects remain exceptionally bright. It's arguably still the best stock-split stock for growth investors to buy.

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Keith Speights has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Chipotle Mexican Grill, Lam Research, Nvidia, Walmart, and Williams-Sonoma. The Motley Fool recommends Broadcom. The Motley Fool has a disclosure policy.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.