Pfizer (NYSE:PFE) Trading Up 3.3% Following Dividend Announcement

Pfizer Inc. (NYSE:PFE) rose 3.3% during trading on Wednesday after the company announced a dividend. The company traded as high as $30.35 and last traded at $30.15. Approximately 17,249,922 shares were traded during mid-day trading, a decline of 54% from the average daily 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 issued a $0.42 dividend. This represents a $1.68 annualized dividend and a dividend yield of 5.77%. The ex-dividend date of this dividend is Friday, November 8th. Pfizer’s payout ratio is -2,800.00%.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on PFE. Daiwa Capital Markets raised Pfizer from a “neutral” rating to an “outperform” rating and boosted their target price for the stock from $28.00 to $34.00 in a report on Wednesday, August 7th. Wells Fargo & Company increased their target price on Pfizer from $28.00 to $30.00 and gave the stock an “equal weight” rating in a report on Wednesday, July 31st. Cantor Fitzgerald reissued an “overweight” rating and set a $45.00 price objective on shares of Pfizer in a report on Thursday, October 3rd. StockNews.com upgraded Pfizer from a “hold” rating to a “buy” rating in a research report on Wednesday. Finally, UBS Group increased their price objective on shares of Pfizer from $30.00 to $31.00 and gave the company a “neutral” rating in a report on Wednesday, July 31st. Eight research analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, Pfizer currently has a consensus rating of “Moderate Buy” and an average price target of $34.54.

Pfizer Stock Down 0.7 %

The company has a quick ratio of 0.60, a current ratio of 0.86 and a debt-to-equity ratio of 0.65. The stock has a fifty day moving average price of $29.06 and a two-hundred day moving average price of $28.37. The company has a market cap of $165.07 billion, a price-to-earnings ratio of -489.00, a P/E/G ratio of 1.30 and a beta of 0.67.

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

Institutional Investors Weigh In On Pfizer

Several institutional investors and hedge funds have recently bought and sold shares of PFE. Olistico Wealth LLC acquired a new position in Pfizer during the 2nd quarter worth approximately $25,000. MFA Wealth Advisors LLC acquired a new stake in shares of Pfizer during the second quarter worth $29,000. Quarry LP bought a new position in Pfizer during the second quarter worth $31,000. Creekmur Asset Management LLC acquired a new position in Pfizer in the fourth quarter valued at $32,000. Finally, Trivant Custom Portfolio Group LLC boosted its position in Pfizer by 100.0% during the first quarter. Trivant Custom Portfolio Group LLC now owns 1,200 shares of the biopharmaceutical company’s stock valued at $33,000 after acquiring an additional 600 shares during the last quarter. Institutional investors 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.