Wells Fargo & Company Raises Pfizer (NYSE:PFE) Price Target to $30.00

Pfizer (NYSE:PFE) had its target price boosted by Wells Fargo & Company from $28.00 to $30.00 in a research report sent to investors on Wednesday, Benzinga reports. The firm currently has an equal weight rating on the biopharmaceutical company’s stock.

Other equities research analysts also recently issued research reports about the company. UBS Group increased their price objective on Pfizer from $30.00 to $31.00 and gave the company a neutral rating in a research report on Wednesday. Barclays lifted their price target on Pfizer from $28.00 to $30.00 and gave the stock an equal weight rating in a research note on Wednesday, July 10th. Morgan Stanley upped their price objective on shares of Pfizer from $28.00 to $29.00 and gave the company an equal weight rating in a research note on Thursday, May 2nd. Cantor Fitzgerald reissued an overweight rating and issued a $45.00 target price on shares of Pfizer in a research report on Wednesday. Finally, BMO Capital Markets restated an outperform rating and issued a $36.00 price target (up previously from $33.00) on shares of Pfizer in a research report on Thursday, May 2nd. Eight research analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of Hold and a consensus price target of $34.58.

Pfizer Stock Down 0.7 %

PFE opened at $30.43 on Wednesday. The stock’s fifty day moving average is $28.73 and its 200-day moving average is $27.84. Pfizer has a one year low of $25.20 and a one year high of $37.19. The company has a market capitalization of $172.43 billion, a PE ratio of -507.08, a P/E/G ratio of 1.07 and a beta of 0.69. The company has a debt-to-equity ratio of 0.66, a quick ratio of 0.78 and a current ratio of 1.05.

Pfizer (NYSE:PFE) last issued its quarterly earnings results on Tuesday, July 30th. The biopharmaceutical company reported $0.60 earnings per share for the quarter, beating analysts’ consensus estimates of $0.46 by $0.14. Pfizer had a negative net margin of 4.66% and a positive return on equity of 8.31%. The company had revenue of $13.28 billion during the quarter, compared to the consensus estimate of $12.96 billion. During the same period in the prior year, the company earned $0.67 EPS. Pfizer’s revenue was up 2.1% on a year-over-year basis. On average, equities analysts predict that Pfizer will post 2.68 EPS for the current fiscal year.

Pfizer Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 3rd. Shareholders of record on Friday, July 26th will be given a $0.42 dividend. This represents a $1.68 annualized dividend and a yield of 5.52%. The ex-dividend date of this dividend is Friday, July 26th. Pfizer’s payout ratio is currently -2,799.53%.

Institutional Investors Weigh In On Pfizer

Several large investors have recently made changes to their positions in PFE. Clifford Swan Investment Counsel LLC boosted its holdings in Pfizer by 4.7% in the fourth quarter. Clifford Swan Investment Counsel LLC now owns 417,070 shares of the biopharmaceutical company’s stock worth $12,007,000 after purchasing an additional 18,611 shares in the last quarter. LifePlan Financial LLC acquired a new position in shares of Pfizer during the 4th quarter valued at about $255,000. Cantor Fitzgerald Investment Advisors L.P. bought a new position in shares of Pfizer in the 4th quarter valued at approximately $16,166,000. KLCM Advisors Inc. lifted its holdings in Pfizer by 75.0% in the 4th quarter. KLCM Advisors Inc. now owns 173,793 shares of the biopharmaceutical company’s stock worth $5,004,000 after purchasing an additional 74,487 shares during the last quarter. Finally, First Heartland Consultants Inc. boosted its position in Pfizer by 43.3% during the fourth quarter. First Heartland Consultants Inc. now owns 13,013 shares of the biopharmaceutical company’s stock worth $375,000 after purchasing an additional 3,933 shares during the period. Institutional investors own 68.36% of the company’s stock.

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.