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AbbVie (ABBV) Stock Sinks As Market Gains: What You Should Know
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AbbVie (ABBV - Free Report) closed at $133.59 in the latest trading session, marking a -1.03% move from the prior day. This change lagged the S&P 500's 0.85% gain on the day. At the same time, the Dow added 0.14%, and the tech-heavy Nasdaq gained 5.61%.
Heading into today, shares of the drugmaker had lost 0.92% over the past month, outpacing the Medical sector's loss of 1.55% and lagging the S&P 500's gain of 3.18% in that time.
Investors will be hoping for strength from AbbVie as it approaches its next earnings release, which is expected to be July 27, 2023. The company is expected to report EPS of $2.92, down 13.35% from the prior-year quarter. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $13.52 billion, down 7.27% from the year-ago period.
For the full year, our Zacks Consensus Estimates are projecting earnings of $10.98 per share and revenue of $52.57 billion, which would represent changes of -20.26% and -9.45%, respectively, from the prior year.
It is also important to note the recent changes to analyst estimates for AbbVie. These recent revisions tend to reflect the evolving nature of short-term business trends. As a result, we can interpret positive estimate revisions as a good sign for the company's business outlook.
Based on our research, we believe these estimate revisions are directly related to near-team stock moves. To benefit from this, we have developed the Zacks Rank, a proprietary model which takes these estimate changes into account and provides an actionable rating system.
Ranging from #1 (Strong Buy) to #5 (Strong Sell), the Zacks Rank system has a proven, outside-audited track record of outperformance, with #1 stocks returning an average of +25% annually since 1988. The Zacks Consensus EPS estimate has moved 0.57% lower within the past month. AbbVie is currently sporting a Zacks Rank of #3 (Hold).
Looking at its valuation, AbbVie is holding a Forward P/E ratio of 12.3. This valuation marks a discount compared to its industry's average Forward P/E of 14.55.
We can also see that ABBV currently has a PEG ratio of 2.46. The PEG ratio is similar to the widely-used P/E ratio, but this metric also takes the company's expected earnings growth rate into account. Large Cap Pharmaceuticals stocks are, on average, holding a PEG ratio of 1.62 based on yesterday's closing prices.
The Large Cap Pharmaceuticals industry is part of the Medical sector. This industry currently has a Zacks Industry Rank of 165, which puts it in the bottom 35% of all 250+ industries.
The Zacks Industry Rank gauges the strength of our individual industry groups by measuring the average Zacks Rank of the individual stocks within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Make sure to utilize Zacks.com to follow all of these stock-moving metrics, and more, in the coming trading sessions.
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AbbVie (ABBV) Stock Sinks As Market Gains: What You Should Know
AbbVie (ABBV - Free Report) closed at $133.59 in the latest trading session, marking a -1.03% move from the prior day. This change lagged the S&P 500's 0.85% gain on the day. At the same time, the Dow added 0.14%, and the tech-heavy Nasdaq gained 5.61%.
Heading into today, shares of the drugmaker had lost 0.92% over the past month, outpacing the Medical sector's loss of 1.55% and lagging the S&P 500's gain of 3.18% in that time.
Investors will be hoping for strength from AbbVie as it approaches its next earnings release, which is expected to be July 27, 2023. The company is expected to report EPS of $2.92, down 13.35% from the prior-year quarter. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $13.52 billion, down 7.27% from the year-ago period.
For the full year, our Zacks Consensus Estimates are projecting earnings of $10.98 per share and revenue of $52.57 billion, which would represent changes of -20.26% and -9.45%, respectively, from the prior year.
It is also important to note the recent changes to analyst estimates for AbbVie. These recent revisions tend to reflect the evolving nature of short-term business trends. As a result, we can interpret positive estimate revisions as a good sign for the company's business outlook.
Based on our research, we believe these estimate revisions are directly related to near-team stock moves. To benefit from this, we have developed the Zacks Rank, a proprietary model which takes these estimate changes into account and provides an actionable rating system.
Ranging from #1 (Strong Buy) to #5 (Strong Sell), the Zacks Rank system has a proven, outside-audited track record of outperformance, with #1 stocks returning an average of +25% annually since 1988. The Zacks Consensus EPS estimate has moved 0.57% lower within the past month. AbbVie is currently sporting a Zacks Rank of #3 (Hold).
Looking at its valuation, AbbVie is holding a Forward P/E ratio of 12.3. This valuation marks a discount compared to its industry's average Forward P/E of 14.55.
We can also see that ABBV currently has a PEG ratio of 2.46. The PEG ratio is similar to the widely-used P/E ratio, but this metric also takes the company's expected earnings growth rate into account. Large Cap Pharmaceuticals stocks are, on average, holding a PEG ratio of 1.62 based on yesterday's closing prices.
The Large Cap Pharmaceuticals industry is part of the Medical sector. This industry currently has a Zacks Industry Rank of 165, which puts it in the bottom 35% of all 250+ industries.
The Zacks Industry Rank gauges the strength of our individual industry groups by measuring the average Zacks Rank of the individual stocks within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Make sure to utilize Zacks.com to follow all of these stock-moving metrics, and more, in the coming trading sessions.