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Here's Why AbbVie (ABBV) is a Strong Momentum Stock

For new and old investors, taking full advantage of the stock market and investing with confidence are common goals.

Many investors also have a go-to methodology that helps guide their buy and sell decisions. One way to find winning stocks based on your preferred way of investing is to use the Zacks Style Scores, which are indicators that rate stocks based on three widely-followed investing types: value, growth, and momentum.

Is This 1 Momentum Stock a Screaming Buy Right Now?

Momentum investors, who live by the saying "the trend is your friend," are most interested in taking advantage of upward or downward trends in a stock's price or earnings outlook. Utilizing one-week price change and the monthly percentage change in earnings estimates, among other factors, the Momentum Style Score can help determine favorable times to buy high-momentum stocks.

AbbVie (ABBV)

North Chicago, IL-based AbbVie has become one of the top-most pharma companies after it acquired Botox maker Allergan in a cash-and-stock deal for $63 billion in May 2020. The deal has transformed AbbVie’s portfolio by lowering its dependence on Humira, its flagship product, which has lost patent protection in Europe as well as the United States. AbbVie has one of the most popular cancer drugs in its portfolio, Imbruvica. Its newest immunology drugs Skyrizi (risankizumab) and Rinvoq (upadacitinib) position it well for long-term growth.

ABBV sits at a Zacks Rank #3 (Hold), holds a Momentum Style Score of A, and has a VGM Score of B. The stock is up 2.2% and up 5.2% over the past one-week and four-week period, respectively, and AbbVie has gained 24.3% in the last one-year period as well. Additionally, an average of 4,897,229.50 shares were traded over the last 20 trading sessions.

Momentum investors also pay close attention to a company's earnings. For ABBV, nine analysts revised their earnings estimate upwards in the last 60 days, and the Zacks Consensus Estimate has increased $0.11 to $11.27 per share for 2024. ABBV boasts an average earnings surprise of 2.7%.

With strong earnings growth, a good Zacks Rank, and top-tier Momentum and VGM Style Scores, investors should think about adding ABBV to their portfolios.

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AbbVie Inc. (ABBV) : Free Stock Analysis Report

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Zacks Investment Research