Patten & Patten Inc. TN Has $1.97 Million Stock Position in Pfizer Inc. (NYSE:PFE)

Patten & Patten Inc. TN lowered its stake in Pfizer Inc. (NYSE:PFE) by 15.9% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 70,918 shares of the biopharmaceutical company’s stock after selling 13,437 shares during the quarter. Patten & Patten Inc. TN’s holdings in Pfizer were worth $1,968,000 at the end of the most recent reporting period.

A number of other large investors also recently made changes to their positions in the stock. Wellington Management Group LLP raised its stake in Pfizer by 4.9% during the 4th quarter. Wellington Management Group LLP now owns 239,209,768 shares of the biopharmaceutical company’s stock worth $6,886,849,000 after buying an additional 11,099,024 shares during the period. Charles Schwab Investment Management Inc. raised its stake in Pfizer by 8.8% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 104,246,432 shares of the biopharmaceutical company’s stock worth $2,985,783,000 after buying an additional 8,473,686 shares during the period. Norges Bank bought a new position in Pfizer during the 4th quarter worth about $2,129,927,000. Massachusetts Financial Services Co. MA increased its holdings in Pfizer by 13.8% during the 4th quarter. Massachusetts Financial Services Co. MA now owns 68,506,441 shares of the biopharmaceutical company’s stock worth $1,972,300,000 after purchasing an additional 8,298,920 shares in the last quarter. Finally, Van ECK Associates Corp increased its holdings in Pfizer by 21.8% during the 1st quarter. Van ECK Associates Corp now owns 15,813,328 shares of the biopharmaceutical company’s stock worth $438,820,000 after purchasing an additional 2,829,178 shares in the last quarter. Institutional investors and hedge funds own 68.36% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on PFE shares. Cantor Fitzgerald reiterated an “overweight” rating and set a $45.00 target price on shares of Pfizer in a report on Wednesday, July 10th. Morgan Stanley increased their target price on Pfizer from $28.00 to $29.00 and gave the stock an “equal weight” rating in a report on Thursday, May 2nd. BMO Capital Markets reiterated an “outperform” rating and set a $36.00 target price (up previously from $33.00) on shares of Pfizer in a report on Thursday, May 2nd. Finally, Barclays increased their target price on Pfizer from $28.00 to $30.00 and gave the stock an “equal weight” rating in a report on Wednesday, July 10th. Nine research analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $34.50.

Pfizer Stock Down 1.2 %

Shares of NYSE:PFE traded down $0.37 during midday trading on Monday, reaching $29.60. The company had a trading volume of 46,371,266 shares, compared to its average volume of 39,913,891. The business’s 50 day moving average price is $28.40 and its 200 day moving average price is $27.73. The stock has a market cap of $167.73 billion, a PE ratio of -494.92, a P/E/G ratio of 1.17 and a beta of 0.69. The company has a quick ratio of 0.78, a current ratio of 1.05 and a debt-to-equity ratio of 0.66. Pfizer Inc. has a 1-year low of $25.20 and a 1-year high of $37.80.

Pfizer (NYSE:PFE) last announced its quarterly earnings results on Wednesday, May 1st. The biopharmaceutical company reported $0.82 earnings per share for the quarter, topping analysts’ consensus estimates of $0.56 by $0.26. The firm had revenue of $14.88 billion for the quarter, compared to the consensus estimate of $13.87 billion. Pfizer had a positive return on equity of 8.64% and a negative net margin of 0.56%. The business’s revenue was down 19.5% compared to the same quarter last year. During the same quarter in the previous year, the business earned $1.23 earnings per share. Research analysts forecast that Pfizer Inc. will post 2.39 EPS for the current fiscal year.

Pfizer Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 3rd. Shareholders of record on Friday, July 26th will be given a dividend of $0.42 per share. This represents a $1.68 dividend on an annualized basis and a yield of 5.68%. The ex-dividend date is Friday, July 26th. Pfizer’s dividend payout ratio (DPR) is presently -2,799.53%.

Pfizer Company Profile

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.