Pfizer Inc. (NYSE:PFE) Stake Cut by Forum Financial Management LP

by · The Markets Daily

Forum Financial Management LP decreased its holdings in shares of Pfizer Inc. (NYSE:PFE – Free Report) by 6.0% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 61,644 shares of the biopharmaceutical company’s stock after selling 3,917 shares during the period. Forum Financial Management LP’s holdings in Pfizer were worth $1,784,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently modified their holdings of the business. Massachusetts Financial Services Co. MA boosted its position in Pfizer by 3.2% during the 2nd quarter. Massachusetts Financial Services Co. MA now owns 71,794,056 shares of the biopharmaceutical company’s stock valued at $2,008,798,000 after purchasing an additional 2,241,609 shares during the period. Van ECK Associates Corp grew its position in shares of Pfizer by 2.8% during the third quarter. Van ECK Associates Corp now owns 16,560,256 shares of the biopharmaceutical company’s stock worth $477,929,000 after acquiring an additional 456,168 shares during the last quarter. Federated Hermes Inc. increased its holdings in shares of Pfizer by 3.3% in the 2nd quarter. Federated Hermes Inc. now owns 14,923,545 shares of the biopharmaceutical company’s stock worth $417,561,000 after acquiring an additional 470,003 shares during the period. Envestnet Asset Management Inc. lifted its position in Pfizer by 2.4% in the 2nd quarter. Envestnet Asset Management Inc. now owns 10,260,067 shares of the biopharmaceutical company’s stock valued at $287,077,000 after purchasing an additional 238,850 shares during the last quarter. Finally, Thornburg Investment Management Inc. boosted its stake in Pfizer by 10.3% during the 2nd quarter. Thornburg Investment Management Inc. now owns 9,803,509 shares of the biopharmaceutical company’s stock valued at $274,302,000 after purchasing an additional 912,156 shares during the period. 68.36% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

PFE has been the subject of several analyst reports. Barclays boosted their price objective on Pfizer from $30.00 to $32.00 and gave the stock an “equal weight” rating in a research report on Wednesday, July 31st. Daiwa America upgraded shares of Pfizer from a “moderate buy” rating to a “strong-buy” rating in a research note on Wednesday, August 7th. Citigroup initiated coverage on Pfizer in a report on Friday, October 25th. They set a “neutral” rating and a $30.00 target price on the stock. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $45.00 price target on shares of Pfizer in a research note on Wednesday, October 23rd. Finally, Sanford C. Bernstein started coverage on Pfizer in a research note on Thursday, October 17th. They issued a “market perform” rating and a $32.00 price objective on the stock. Eight equities research analysts have rated the stock with a hold rating, six have given a buy rating and two have issued a strong buy rating to the company’s stock. According to MarketBeat.com, Pfizer currently has an average rating of “Moderate Buy” and an average target price of $33.58.

Read Our Latest Research Report on PFE

Insider Activity

In other Pfizer news, Director Scott Gottlieb acquired 1,000 shares of the business’s stock in a transaction that occurred on Wednesday, October 30th. The shares were purchased at an average price of $28.24 per share, with a total value of $28,240.00. Following the completion of the transaction, the director now owns 10,000 shares in the company, valued at $282,400. The trade was a 0.00 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which can be accessed through this hyperlink. 0.06% of the stock is owned by corporate insiders.

Pfizer Stock Performance

Shares of Pfizer stock opened at $28.09 on Monday. The stock has a market cap of $159.18 billion, a PE ratio of 37.96, a price-to-earnings-growth ratio of 0.90 and a beta of 0.67. Pfizer Inc. has a 12 month low of $25.20 and a 12 month high of $31.54. The company has a quick ratio of 0.60, a current ratio of 0.86 and a debt-to-equity ratio of 0.65. The business has a fifty day simple moving average of $29.03 and a 200-day simple moving average of $28.62.

Pfizer (NYSE:PFE – Get Free Report) last posted its quarterly earnings results on Tuesday, October 29th. The biopharmaceutical company reported $1.06 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.64 by $0.42. Pfizer had a net margin of 7.07% and a return on equity of 16.40%. The business had revenue of $17.70 billion during the quarter, compared to analyst estimates of $14.92 billion. During the same period in the prior year, the firm earned ($0.17) earnings per share. The firm’s revenue was up 31.2% compared to the same quarter last year. On average, sell-side analysts anticipate that Pfizer Inc. will post 2.95 EPS for the current fiscal year.

Pfizer Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, December 2nd. Shareholders of record on Friday, November 8th will be given a $0.42 dividend. This represents a $1.68 annualized dividend and a yield of 5.98%. The ex-dividend date of this dividend is Friday, November 8th. Pfizer’s payout ratio is currently 227.03%.

Pfizer Company Profile

(Free Report)

Pfizer Inc discovers, develops, manufactures, markets, distributes, and sells biopharmaceutical products in the United States, Europe, and internationally. The company offers medicines and vaccines in various therapeutic areas, including cardiovascular metabolic, migraine, and women's health under the Eliquis, Nurtec ODT/Vydura, Zavzpret, and the Premarin family brands; infectious diseases with unmet medical needs under the Prevnar family, Abrysvo, Nimenrix, FSME/IMMUN-TicoVac, and Trumenba brands; and COVID-19 prevention and treatment, and potential future mRNA and antiviral products under the Comirnaty and Paxlovid brands.

Read More