Bank of New York Mellon Corp Sells 2,773,316 Shares of Pfizer Inc. $PFE

Bank of New York Mellon Corp lowered its stake in shares of Pfizer Inc. (NYSE:PFE) by 7.2% during the second quarter, Holdings Channel.com reports. The institutional investor owned 35,967,825 shares of the biopharmaceutical company’s stock after selling 2,773,316 shares during the quarter. Bank of New York Mellon Corp’s holdings in Pfizer were worth $871,860,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in PFE. GKV Capital Management Co. Inc. bought a new position in shares of Pfizer during the 1st quarter valued at about $27,000. Curio Wealth LLC raised its holdings in Pfizer by 36,600.0% during the 2nd quarter. Curio Wealth LLC now owns 1,101 shares of the biopharmaceutical company’s stock worth $27,000 after buying an additional 1,098 shares during the period. Bayforest Capital Ltd acquired a new stake in Pfizer during the 1st quarter worth approximately $28,000. Harbor Asset Planning Inc. acquired a new stake in Pfizer during the 2nd quarter worth approximately $29,000. Finally, WPG Advisers LLC acquired a new stake in Pfizer during the 1st quarter worth approximately $35,000. Institutional investors own 68.36% of the company’s stock.

Pfizer Stock Up 0.2%

Shares of Pfizer stock opened at $24.69 on Tuesday. The business’s 50 day simple moving average is $24.76 and its 200 day simple moving average is $24.31. Pfizer Inc. has a 52-week low of $20.92 and a 52-week high of $28.14. The firm has a market cap of $140.40 billion, a PE ratio of 13.14, a P/E/G ratio of 0.81 and a beta of 0.55. The company has a debt-to-equity ratio of 0.65, a quick ratio of 0.85 and a current ratio of 1.16.

Pfizer (NYSE:PFE) last posted its quarterly earnings results on Tuesday, August 5th. The biopharmaceutical company reported $0.78 earnings per share for the quarter, topping the consensus estimate of $0.58 by $0.20. Pfizer had a return on equity of 21.42% and a net margin of 16.84%.The firm had revenue of $14.65 billion for the quarter, compared to analyst estimates of $13.43 billion. During the same quarter in the previous year, the firm earned $0.60 EPS. The business’s quarterly revenue was up 10.3% on a year-over-year basis. On average, analysts predict that Pfizer Inc. will post 2.95 earnings per share for the current fiscal year.

Pfizer Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, December 1st. Investors of record on Friday, November 7th will be paid a $0.43 dividend. The ex-dividend date of this dividend is Friday, November 7th. This represents a $1.72 annualized dividend and a dividend yield of 7.0%. Pfizer’s dividend payout ratio (DPR) is currently 91.49%.

Analysts Set New Price Targets

Several analysts have commented on the stock. Morgan Stanley dropped their target price on shares of Pfizer from $33.00 to $32.00 and set an “equal weight” rating on the stock in a report on Friday, October 10th. Weiss Ratings restated a “hold (c-)” rating on shares of Pfizer in a report on Wednesday, October 8th. Sanford C. Bernstein restated a “market perform” rating and set a $30.00 target price on shares of Pfizer in a report on Friday. UBS Group reissued a “neutral” rating and issued a $28.00 target price on shares of Pfizer in a research report on Wednesday, October 1st. Finally, Bank of America lifted their target price on Pfizer from $28.00 to $30.00 and gave the company a “neutral” rating in a research report on Friday, October 3rd. One research analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, twelve have issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $28.24.

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.