Pfizer (NYSE:PFE) Given Overweight Rating at Cantor Fitzgerald

Cantor Fitzgerald reaffirmed their overweight rating on shares of Pfizer (NYSE:PFE) in a report released on Wednesday, Benzinga reports. The firm currently has a $45.00 target price on the biopharmaceutical company’s stock. Cantor Fitzgerald also issued estimates for Pfizer’s FY2024 earnings at $2.45 EPS.

Other equities analysts also recently issued research reports about the company. BMO Capital Markets reiterated an outperform rating and set a $36.00 price target (up previously from $33.00) on shares of Pfizer in a report on Thursday, May 2nd. Barclays increased their price target on Pfizer from $28.00 to $30.00 and gave the company an equal weight rating in a report on Wednesday, July 10th. Finally, Morgan Stanley increased their price target on Pfizer from $28.00 to $29.00 and gave the company an equal weight rating in a report on Thursday, May 2nd. Nine analysts have rated the stock with a hold rating and five have given 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 target price of $34.58.

Pfizer Trading Down 2.7 %

NYSE:PFE opened at $30.54 on Wednesday. The stock’s 50 day moving average price is $28.66 and its 200 day moving average price is $27.81. Pfizer has a 52 week low of $25.20 and a 52 week high of $37.19. The company has a market capitalization of $173.06 billion, a P/E ratio of -508.92, a P/E/G ratio of 1.15 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 released its quarterly earnings data on Tuesday, July 30th. The biopharmaceutical company reported $0.60 EPS for the quarter, topping analysts’ consensus estimates of $0.46 by $0.14. Pfizer had a positive return on equity of 8.31% and a negative net margin of 4.66%. The firm had revenue of $13.28 billion for the quarter, compared to the consensus estimate of $12.96 billion. During the same quarter in the prior year, the company posted $0.67 earnings per share. The firm’s revenue was up 2.1% on a year-over-year basis. On average, research analysts forecast that Pfizer will post 2.55 EPS for the current fiscal year.

Pfizer Announces Dividend

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 $0.42 dividend. The ex-dividend date of this dividend is Friday, July 26th. This represents a $1.68 annualized dividend and a dividend yield of 5.50%. Pfizer’s payout ratio is -2,799.53%.

Institutional Investors Weigh In On Pfizer

Several hedge funds and other institutional investors have recently modified their holdings of PFE. Wellington Management Group LLP lifted its position in Pfizer by 4.9% in the fourth quarter. Wellington Management Group LLP now owns 239,209,768 shares of the biopharmaceutical company’s stock worth $6,886,849,000 after purchasing an additional 11,099,024 shares during the period. Charles Schwab Investment Management Inc. lifted its position in Pfizer by 8.8% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 104,246,432 shares of the biopharmaceutical company’s stock worth $2,985,783,000 after purchasing an additional 8,473,686 shares during the period. Norges Bank bought a new position in Pfizer in the fourth quarter worth $2,129,927,000. Massachusetts Financial Services Co. MA lifted its position in Pfizer by 13.8% in the fourth 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 during the period. Finally, Van ECK Associates Corp lifted its position in Pfizer by 1.8% in the second quarter. Van ECK Associates Corp now owns 16,104,088 shares of the biopharmaceutical company’s stock worth $450,593,000 after purchasing an additional 290,760 shares during the period. Institutional investors and hedge funds 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.