Pfizer Inc. (NYSE:PFE) Position Trimmed by Convergence Investment Partners LLC

Convergence Investment Partners LLC trimmed its holdings in shares of Pfizer Inc. (NYSE:PFE) by 44.6% in the first quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 59,488 shares of the biopharmaceutical company’s stock after selling 47,925 shares during the period. Convergence Investment Partners LLC’s holdings in Pfizer were worth $1,507,000 as of its most recent SEC filing.

Other large investors have also recently added to or reduced their stakes in the company. Norges Bank acquired a new position in Pfizer in the 4th quarter worth approximately $2,328,986,000. Starboard Value LP acquired a new position in Pfizer in the 4th quarter worth approximately $407,730,000. Assenagon Asset Management S.A. boosted its stake in Pfizer by 307.5% in the 1st quarter. Assenagon Asset Management S.A. now owns 10,046,340 shares of the biopharmaceutical company’s stock worth $254,574,000 after purchasing an additional 7,581,030 shares during the period. Massachusetts Financial Services Co. MA boosted its stake in Pfizer by 7.5% in the 4th quarter. Massachusetts Financial Services Co. MA now owns 76,502,238 shares of the biopharmaceutical company’s stock worth $2,029,604,000 after purchasing an additional 5,350,381 shares during the period. Finally, APG Asset Management N.V. boosted its stake in Pfizer by 1,106.0% in the 4th quarter. APG Asset Management N.V. now owns 5,619,213 shares of the biopharmaceutical company’s stock worth $143,967,000 after purchasing an additional 5,153,257 shares during the period. 68.36% of the stock is currently owned by institutional investors.

Pfizer Stock Up 3.6%

PFE stock opened at $25.13 on Wednesday. The firm has a market cap of $142.84 billion, a PE ratio of 18.21, a PEG ratio of 0.88 and a beta of 0.58. Pfizer Inc. has a 1 year low of $20.92 and a 1 year high of $31.54. The company has a current ratio of 1.26, a quick ratio of 0.96 and a debt-to-equity ratio of 0.64. The company has a fifty day simple moving average of $24.07 and a 200 day simple moving average of $24.71.

Pfizer (NYSE:PFE) last announced its earnings results on Tuesday, April 29th. The biopharmaceutical company reported $0.92 EPS for the quarter, topping the consensus estimate of $0.67 by $0.25. The firm had revenue of $13.72 billion for the quarter, compared to the consensus estimate of $14.43 billion. Pfizer had a net margin of 12.62% and a return on equity of 20.33%. The business’s quarterly revenue was down 7.8% on a year-over-year basis. During the same quarter last year, the firm posted $0.82 EPS. Sell-side analysts anticipate that Pfizer Inc. will post 2.95 EPS for the current fiscal year.

Pfizer Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 2nd. Stockholders of record on Friday, July 25th will be issued a dividend of $0.43 per share. The ex-dividend date of this dividend is Friday, July 25th. This represents a $1.72 annualized dividend and a dividend yield of 6.85%. Pfizer’s payout ratio is 124.64%.

Analyst Ratings Changes

A number of research firms recently commented on PFE. Jefferies Financial Group raised their price objective on shares of Pfizer from $32.00 to $33.00 and gave the stock a “buy” rating in a research note on Wednesday, May 21st. The Goldman Sachs Group raised their price objective on shares of Pfizer from $25.00 to $27.00 and gave the stock a “neutral” rating in a research note on Wednesday, April 30th. Citigroup raised their price objective on shares of Pfizer from $23.00 to $25.00 and gave the stock a “neutral” rating in a research note on Wednesday, April 30th. Berenberg Bank decreased their price objective on shares of Pfizer from $28.00 to $25.00 and set a “hold” rating for the company in a research note on Thursday, May 29th. Finally, Bank of America lifted their target price on shares of Pfizer from $26.00 to $27.00 and gave the company a “neutral” rating in a research note on Wednesday, April 30th. One investment analyst has rated the stock with a sell rating, thirteen have given a hold rating, six have given a buy rating and three have issued a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $28.55.

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.