State of Michigan Retirement System Boosts Holdings in Pfizer Inc. (NYSE:PFE)

State of Michigan Retirement System boosted its position in Pfizer Inc. (NYSE:PFE) by 0.1% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,778,484 shares of the biopharmaceutical company’s stock after buying an additional 1,200 shares during the period. State of Michigan Retirement System’s holdings in Pfizer were worth $49,353,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the company. Teza Capital Management LLC purchased a new stake in shares of Pfizer during the 3rd quarter worth $347,000. Hodges Capital Management Inc. purchased a new stake in shares of Pfizer during the 3rd quarter worth $203,000. Truist Financial Corp boosted its position in shares of Pfizer by 1.9% during the 3rd quarter. Truist Financial Corp now owns 3,994,764 shares of the biopharmaceutical company’s stock worth $132,506,000 after purchasing an additional 74,746 shares in the last quarter. Advisors Asset Management Inc. boosted its position in shares of Pfizer by 2.8% during the 3rd quarter. Advisors Asset Management Inc. now owns 564,577 shares of the biopharmaceutical company’s stock worth $18,727,000 after purchasing an additional 15,507 shares in the last quarter. Finally, Axxcess Wealth Management LLC boosted its position in shares of Pfizer by 178.3% during the 3rd quarter. Axxcess Wealth Management LLC now owns 181,425 shares of the biopharmaceutical company’s stock worth $6,018,000 after purchasing an additional 116,243 shares in the last quarter. 68.36% of the stock is currently owned by hedge funds and other institutional investors.

Pfizer Trading Down 1.4 %

Shares of NYSE PFE traded down $0.39 on Tuesday, reaching $27.83. 21,710,519 shares of the company traded hands, compared to its average volume of 40,642,027. Pfizer Inc. has a fifty-two week low of $25.20 and a fifty-two week high of $37.80. The company has a 50 day moving average of $27.93 and a 200 day moving average of $27.70. The company has a current ratio of 1.05, a quick ratio of 0.78 and a debt-to-equity ratio of 0.66. The stock has a market capitalization of $157.70 billion, a PE ratio of -464.76, a P/E/G ratio of 1.10 and a beta of 0.69.

Pfizer (NYSE:PFE) last posted its quarterly earnings data on Wednesday, May 1st. The biopharmaceutical company reported $0.82 EPS for the quarter, beating analysts’ consensus estimates of $0.56 by $0.26. Pfizer had a negative net margin of 0.56% and a positive return on equity of 8.64%. The company had revenue of $14.88 billion during the quarter, compared to the consensus estimate of $13.87 billion. During the same quarter in the prior year, the company posted $1.23 EPS. The company’s quarterly revenue was down 19.5% compared to the same quarter last year. On average, equities research analysts forecast that Pfizer Inc. will post 2.38 earnings per share for the current fiscal year.

Pfizer Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 3rd. Stockholders of record on Friday, July 26th will be paid a dividend of $0.42 per share. This represents a $1.68 dividend on an annualized basis and a dividend yield of 6.04%. The ex-dividend date is Friday, July 26th. Pfizer’s dividend payout ratio is currently -2,799.53%.

Analysts Set New Price Targets

Several equities research analysts recently commented on PFE shares. Morgan Stanley boosted their price objective on shares of Pfizer from $28.00 to $29.00 and gave the stock an “equal weight” rating in a research report on Thursday, May 2nd. Argus lowered shares of Pfizer from a “buy” rating to a “hold” rating in a research report on Friday, March 22nd. BMO Capital Markets reiterated an “outperform” rating and issued a $36.00 price objective (up from $33.00) on shares of Pfizer in a research report on Thursday, May 2nd. Finally, Cantor Fitzgerald reiterated an “overweight” rating and issued a $45.00 price objective on shares of Pfizer in a research report on Wednesday, June 26th. Nine research analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $35.54.

About Pfizer

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.