Cornerstone Wealth Management LLC Increases Stock Holdings in Pfizer Inc. (NYSE:PFE)

Cornerstone Wealth Management LLC lifted its position in shares of Pfizer Inc. (NYSE:PFE) by 8.1% in the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 77,912 shares of the biopharmaceutical company’s stock after buying an additional 5,854 shares during the period. Cornerstone Wealth Management LLC’s holdings in Pfizer were worth $2,255,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also modified their holdings of PFE. Olistico Wealth LLC purchased a new stake in shares of Pfizer during the second quarter valued at approximately $25,000. MFA Wealth Advisors LLC purchased a new position in Pfizer in the second quarter valued at about $29,000. Quarry LP acquired a new stake in Pfizer during the 2nd quarter valued at approximately $31,000. Trivant Custom Portfolio Group LLC increased its holdings in Pfizer by 100.0% during the 1st quarter. Trivant Custom Portfolio Group LLC now owns 1,200 shares of the biopharmaceutical company’s stock worth $33,000 after purchasing an additional 600 shares during the last quarter. Finally, Financial Connections Group Inc. acquired a new position in shares of Pfizer in the 2nd quarter valued at approximately $34,000. 68.36% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of research firms have recently weighed in on PFE. Sanford C. Bernstein initiated coverage on shares of Pfizer in a research report on Thursday. They set a “market perform” rating and a $32.00 price target for the company. Daiwa America raised shares of Pfizer from a “moderate buy” rating to a “strong-buy” rating in a research report on Wednesday, August 7th. Wells Fargo & Company increased their price target on shares of Pfizer from $28.00 to $30.00 and gave the stock an “equal weight” rating in a research report on Wednesday, July 31st. UBS Group boosted their price objective on Pfizer from $30.00 to $31.00 and gave the company a “neutral” rating in a report on Wednesday, July 31st. Finally, Barclays increased their target price on Pfizer from $30.00 to $32.00 and gave the stock an “equal weight” rating in a report on Wednesday, July 31st. Seven analysts have rated the stock with a hold rating, six have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, Pfizer has a consensus rating of “Moderate Buy” and a consensus price target of $33.91.

Pfizer Price Performance

Shares of NYSE PFE opened at $29.28 on Friday. Pfizer Inc. has a 1-year low of $25.20 and a 1-year high of $32.68. The firm has a market capitalization of $165.89 billion, a PE ratio of -487.92, 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 current ratio of 0.86 and a quick ratio of 0.60. The business’s fifty day moving average price is $29.05 and its two-hundred day moving average price is $28.42.

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

Pfizer Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, December 2nd. Shareholders of record on Friday, November 8th will be given a dividend of $0.42 per share. The ex-dividend date of this dividend is Friday, November 8th. This represents a $1.68 dividend on an annualized basis and a yield of 5.74%. Pfizer’s dividend payout ratio (DPR) is presently -2,800.00%.

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.