Citigroup Lowers Pfizer (NYSE:PFE) Price Target to $29.00

Pfizer (NYSE:PFE) had its price target decreased by Citigroup from $30.00 to $29.00 in a research report released on Tuesday,Benzinga reports. Citigroup currently has a neutral rating on the biopharmaceutical company’s stock.

PFE has been the subject of several other reports. Sanford C. Bernstein began coverage on shares of Pfizer in a report on Thursday, October 17th. They set a “market perform” rating and a $32.00 price objective for the company. Evercore ISI raised Pfizer to a “strong-buy” rating in a report on Wednesday, October 30th. Cantor Fitzgerald reissued an “overweight” rating and issued a $45.00 price target on shares of Pfizer in a report on Wednesday, October 23rd. UBS Group decreased their target price on shares of Pfizer from $31.00 to $29.00 and set a “neutral” rating for the company in a research report on Wednesday, January 8th. Finally, Guggenheim decreased their price objective on Pfizer from $35.00 to $33.00 and set a “buy” rating for the company in a report on Wednesday, December 11th. One research analyst has rated the stock with a sell rating, eight have given a hold rating, six have given a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $31.92.

Pfizer Trading Up 1.0 %

NYSE PFE opened at $26.89 on Tuesday. The company’s fifty day simple moving average is $26.22 and its 200-day simple moving average is $27.90. The stock has a market cap of $152.41 billion, a P/E ratio of 36.34, a PEG ratio of 0.64 and a beta of 0.64. Pfizer has a 52 week low of $24.48 and a 52 week high of $31.54. The company has a current ratio of 1.00, a quick ratio of 0.73 and a debt-to-equity ratio of 0.63.

Pfizer (NYSE:PFE) last announced its earnings results on Tuesday, October 29th. The biopharmaceutical company reported $1.06 earnings per share for the quarter, beating the consensus estimate of $0.64 by $0.42. Pfizer had a return on equity of 16.28% and a net margin of 7.07%. The company had revenue of $17.70 billion during the quarter, compared to the consensus estimate of $14.92 billion. During the same period last year, the firm earned ($0.17) earnings per share. The company’s revenue was up 31.2% on a year-over-year basis. Equities research analysts predict that Pfizer will post 2.94 EPS for the current fiscal year.

Pfizer Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, March 7th. Shareholders of record on Friday, January 24th will be issued a $0.43 dividend. This represents a $1.72 dividend on an annualized basis and a yield of 6.40%. This is an increase from Pfizer’s previous quarterly dividend of $0.42. The ex-dividend date is Friday, January 24th. Pfizer’s dividend payout ratio is presently 227.03%.

Hedge Funds Weigh In On Pfizer

Several hedge funds have recently made changes to their positions in the business. Wells Trecaso Financial Group LLC boosted its position in shares of Pfizer by 2.5% during the third quarter. Wells Trecaso Financial Group LLC now owns 14,361 shares of the biopharmaceutical company’s stock valued at $416,000 after buying an additional 350 shares during the last quarter. Washington Trust Advisors Inc. raised its position in Pfizer by 0.7% in the third quarter. Washington Trust Advisors Inc. now owns 49,216 shares of the biopharmaceutical company’s stock worth $1,424,000 after acquiring an additional 360 shares during the period. Cullen Investment Group LTD. raised its holdings in shares of Pfizer by 0.9% in the 3rd quarter. Cullen Investment Group LTD. now owns 42,677 shares of the biopharmaceutical company’s stock worth $1,235,000 after purchasing an additional 377 shares during the period. PSI Advisors LLC lifted its position in shares of Pfizer by 1.4% during the 4th quarter. PSI Advisors LLC now owns 27,823 shares of the biopharmaceutical company’s stock valued at $738,000 after buying an additional 385 shares during the last quarter. Finally, Western Pacific Wealth Management LP lifted its holdings in Pfizer by 10.5% during the third quarter. Western Pacific Wealth Management LP now owns 4,073 shares of the biopharmaceutical company’s stock valued at $118,000 after purchasing an additional 386 shares during the last quarter. Institutional investors and hedge funds 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.