State of Michigan Retirement System Sells 700 Shares of Pfizer Inc. (NYSE:PFE)

State of Michigan Retirement System lowered its stake in shares of Pfizer Inc. (NYSE:PFE) by 0.0% in the 1st quarter, HoldingsChannel reports. The firm owned 1,725,484 shares of the biopharmaceutical company’s stock after selling 700 shares during the quarter. State of Michigan Retirement System’s holdings in Pfizer were worth $43,724,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors also recently modified their holdings of the company. Clarity Asset Management Inc. purchased a new stake in shares of Pfizer during the 4th quarter worth approximately $27,000. Gould Capital LLC grew its stake in Pfizer by 97.2% in the 4th quarter. Gould Capital LLC now owns 1,000 shares of the biopharmaceutical company’s stock valued at $27,000 after buying an additional 493 shares in the last quarter. North Capital Inc. purchased a new position in Pfizer in the 1st quarter valued at approximately $28,000. Bernard Wealth Management Corp. purchased a new position in Pfizer in the 4th quarter valued at approximately $30,000. Finally, Curio Wealth LLC purchased a new position in Pfizer in the 4th quarter valued at approximately $32,000. Hedge funds and other institutional investors own 68.36% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts have recently commented on the stock. UBS Group boosted their price target on shares of Pfizer from $24.00 to $25.00 and gave the company a “neutral” rating in a research report on Wednesday, April 30th. Citigroup lifted their price objective on shares of Pfizer from $23.00 to $25.00 and gave the stock a “neutral” rating in a report on Wednesday, April 30th. Bank of America lifted their price objective on shares of Pfizer from $26.00 to $27.00 and gave the stock a “neutral” rating in a report on Wednesday, April 30th. Wolfe Research lifted their price objective on shares of Pfizer from $22.00 to $23.00 and gave the stock an “underperform” rating in a report on Wednesday, April 30th. Finally, The Goldman Sachs Group boosted their price target 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. One research analyst has rated the stock with a sell rating, thirteen have assigned a hold rating, six have given a buy rating and three have assigned a strong buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $28.55.

Pfizer Stock Up 0.8%

PFE opened at $25.77 on Friday. The company has a current ratio of 1.26, a quick ratio of 0.96 and a debt-to-equity ratio of 0.64. Pfizer Inc. has a 1-year low of $20.92 and a 1-year high of $31.54. The company has a market capitalization of $146.49 billion, a PE ratio of 18.67, a PEG ratio of 0.93 and a beta of 0.58. The firm’s 50 day simple moving average is $23.86 and its two-hundred day simple moving average is $24.81.

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

Pfizer Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 2nd. Stockholders of record on Friday, July 25th will be given 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 6.68%. Pfizer’s payout ratio is 124.64%.

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.