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Why This 1 Momentum Stock Could Be a Great Addition to Your Portfolio

Zacks Equity Research
·2-min read

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

Achieving those goals is made easier with the Zacks Style Scores, a unique set of guidelines that rates stocks based on popular investing methodologies, namely value, growth, and momentum. The Style Scores can help you narrow down which stocks are better for your portfolio and which ones can beat the market over the long-term.

Is This 1 Momentum Stock a Screaming Buy Right Now?

For momentum investors, upward or downward trends in a stock's price or earnings outlook take precedent, so they'll want to zero in on the Momentum Style Score. This Score can pinpoint good times to build a position in a stock, using factors like one-week price change and the monthly percentage change in earnings estimates.

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Astrazeneca (AZN)

AstraZeneca plc, headquartered in London, UK, is one of the largest biopharmaceutical companies in the world. AstraZeneca was formed on Apr 6, 1999, through the merger of Sweden’s Astra AB and UK’s Zeneca Group plc. AstraZeneca’s business can be broken down into separate lines based on therapeutic classes. These include cardiovascular, respiratory, immunology, oncology, rare diseases, vaccines and other.

AZN is a Zacks Rank #3 (Hold) stock, with a Momentum Style Score of B and VGM Score of B. Shares are up 2.8% over the past one week and up 11.8% over the past four weeks. AZN has gained 6.9% in the last one-year period as well. Looking at trading volume, an average of 6,027,935 shares exchanged hands over the last 20 trading days.

A company's earnings performance is important for momentum investors as well. For fiscal 2024, four analysts revised their earnings estimate higher in the last 60 days for AZN, while the Zacks Consensus Estimate has increased $0.02 to $4.04 per share. AZN also boasts an average earnings surprise of 6.8%.

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

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AstraZeneca PLC (AZN) : Free Stock Analysis Report

To read this article on Zacks.com click here.

Zacks Investment Research