Commonwealth Financial Services LLC Reduces Stock Position in Pfizer Inc. (NYSE:PFE)

Commonwealth Financial Services LLC lessened its holdings in shares of Pfizer Inc. (NYSE:PFE) by 43.0% during the third quarter, Holdings Channel reports. The firm owned 14,642 shares of the biopharmaceutical company’s stock after selling 11,042 shares during the quarter. Commonwealth Financial Services LLC’s holdings in Pfizer were worth $420,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also bought and sold shares of PFE. Grimes & Company Inc. raised its position in shares of Pfizer by 5.3% in the 3rd quarter. Grimes & Company Inc. now owns 97,926 shares of the biopharmaceutical company’s stock worth $2,834,000 after acquiring an additional 4,969 shares in the last quarter. Greystone Financial Group LLC grew its stake in Pfizer by 3.9% in the third quarter. Greystone Financial Group LLC now owns 256,521 shares of the biopharmaceutical company’s stock worth $7,424,000 after purchasing an additional 9,676 shares during the period. Global Assets Advisory LLC bought a new position in Pfizer in the third quarter worth $417,000. Patrick M Sweeney & Associates Inc. lifted its position in Pfizer by 12.4% during the third quarter. Patrick M Sweeney & Associates Inc. now owns 47,378 shares of the biopharmaceutical company’s stock valued at $1,371,000 after buying an additional 5,216 shares during the period. Finally, Tanager Wealth Management LLP bought a new stake in shares of Pfizer during the 3rd quarter valued at $233,000. Institutional investors own 68.36% of the company’s stock.

Analyst Ratings Changes

Several research analysts recently issued reports on the stock. Daiwa Capital Markets upgraded shares of Pfizer from a “neutral” rating to an “outperform” rating and increased their price target for the stock from $28.00 to $34.00 in a research note on Wednesday, August 7th. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $45.00 target price on shares of Pfizer in a research note on Wednesday. UBS Group boosted their price target on Pfizer from $30.00 to $31.00 and gave the stock a “neutral” rating in a research report on Wednesday, July 31st. StockNews.com upgraded Pfizer from a “hold” rating to a “buy” rating in a research note on Wednesday, October 9th. Finally, Daiwa America upgraded Pfizer from a “moderate buy” rating to a “strong-buy” rating in a research note on Wednesday, August 7th. Seven research analysts have rated the stock with a hold rating, six have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $33.91.

Pfizer Stock Performance

Shares of NYSE PFE traded up $0.07 during midday trading on Thursday, hitting $28.93. 1,952,777 shares of the company’s stock traded hands, compared to its average volume of 36,758,414. The firm has a fifty day moving average of $29.07 and a 200 day moving average of $28.48. Pfizer Inc. has a 1 year low of $25.20 and a 1 year high of $31.54. 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 stock has a market capitalization of $163.93 billion, a price-to-earnings ratio of -481.00, a price-to-earnings-growth ratio of 1.02 and a beta of 0.67.

Pfizer (NYSE:PFE) last released its quarterly earnings results on Tuesday, July 30th. The biopharmaceutical company reported $0.60 earnings per share 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 negative net margin of 4.66% and a positive return on equity of 8.42%. The company’s quarterly revenue was up 2.1% on a year-over-year basis. During the same period last year, the firm earned $0.67 earnings per share. On average, analysts forecast that Pfizer Inc. will post 2.66 earnings per share for the current year.

Pfizer Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, December 2nd. Shareholders of record on Friday, November 8th will be issued a dividend of $0.42 per share. This represents a $1.68 annualized dividend and a yield of 5.81%. The ex-dividend date of this dividend is Friday, November 8th. Pfizer’s dividend payout ratio is currently -2,800.00%.

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.