Pfizer (NYSE:PFE) Shares Up 3.3% After Dividend Announcement

Pfizer Inc. (NYSE:PFE)’s stock price shot up 3.3% during mid-day trading on Wednesday following a dividend announcement from the company. The stock traded as high as $30.35 and last traded at $30.15. 17,249,922 shares traded hands during mid-day trading, a decline of 54% from the average session volume of 37,310,957 shares. The stock had previously closed at $29.18.

The newly announced dividend which will be paid on Monday, December 2nd. Stockholders of record on Friday, November 8th will be paid a $0.42 dividend. The ex-dividend date of this dividend is Friday, November 8th. This represents a $1.68 dividend on an annualized basis and a dividend yield of 5.72%. Pfizer’s dividend payout ratio (DPR) is currently -2,800.00%.

Analysts Set New Price Targets

A number of research firms have recently issued reports on PFE. UBS Group increased their target price on Pfizer from $30.00 to $31.00 and gave the company a “neutral” rating in a research note on Wednesday, July 31st. Barclays increased their target price on Pfizer from $30.00 to $32.00 and gave the company an “equal weight” rating in a research note on Wednesday, July 31st. Wells Fargo & Company increased their target price on Pfizer from $28.00 to $30.00 and gave the company an “equal weight” rating in a research note on Wednesday, July 31st. StockNews.com upgraded Pfizer from a “hold” rating to a “buy” rating in a research note on Wednesday. Finally, Cantor Fitzgerald restated an “overweight” rating and set a $45.00 price objective on shares of Pfizer in a research note on Thursday, October 3rd. Eight research analysts have rated the stock with a hold rating, seven have given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $34.54.

Pfizer Trading Up 0.1 %

The firm has a market cap of $166.37 billion, a P/E ratio of -489.00, a P/E/G ratio of 1.30 and a beta of 0.67. The company has a debt-to-equity ratio of 0.65, a quick ratio of 0.60 and a current ratio of 0.86. The firm has a fifty day moving average of $29.06 and a 200-day moving average of $28.37.

Pfizer (NYSE:PFE) last announced its quarterly earnings results on Tuesday, July 30th. The biopharmaceutical company reported $0.60 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.46 by $0.14. The business had revenue of $13.28 billion for the quarter, compared to the consensus estimate of $12.96 billion. Pfizer had a positive return on equity of 8.42% and a negative net margin of 4.66%. The business’s revenue was up 2.1% on a year-over-year basis. During the same quarter last year, the business posted $0.67 EPS. Equities research analysts forecast that Pfizer Inc. will post 2.66 earnings per share for the current year.

Institutional Trading of Pfizer

Hedge funds have recently added to or reduced their stakes in the business. FAS Wealth Partners Inc. increased its holdings in Pfizer by 1.3% during the second quarter. FAS Wealth Partners Inc. now owns 26,306 shares of the biopharmaceutical company’s stock worth $736,000 after buying an additional 342 shares during the last quarter. Sachetta LLC increased its holdings in shares of Pfizer by 7.3% in the second quarter. Sachetta LLC now owns 5,010 shares of the biopharmaceutical company’s stock valued at $140,000 after purchasing an additional 342 shares during the last quarter. Ironvine Capital Partners LLC increased its holdings in shares of Pfizer by 2.1% in the first quarter. Ironvine Capital Partners LLC now owns 16,953 shares of the biopharmaceutical company’s stock valued at $470,000 after purchasing an additional 353 shares during the last quarter. Secure Asset Management LLC increased its holdings in shares of Pfizer by 0.6% in the second quarter. Secure Asset Management LLC now owns 58,328 shares of the biopharmaceutical company’s stock valued at $1,632,000 after purchasing an additional 353 shares during the last quarter. Finally, Patrick M Sweeney & Associates Inc. increased its holdings in shares of Pfizer by 0.8% in the second quarter. Patrick M Sweeney & Associates Inc. now owns 42,162 shares of the biopharmaceutical company’s stock valued at $1,180,000 after purchasing an additional 355 shares during the last quarter. Institutional investors own 68.36% of the company’s stock.

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.