Pfizer (NYSE:PFE) Stock Price Up 2.9% Following Strong Earnings

Pfizer Inc. (NYSE:PFE)’s stock price rose 2.9% during trading on Wednesday following a stronger than expected earnings report. The stock traded as high as $26.69 and last traded at $26.62. Approximately 16,131,474 shares changed hands during mid-day trading, a decline of 56% from the average daily volume of 37,015,211 shares. The stock had previously closed at $25.87.

The biopharmaceutical company reported $0.63 EPS for the quarter, beating the consensus estimate of $0.48 by $0.15. The company had revenue of $17.76 billion during the quarter, compared to the consensus estimate of $17.26 billion. Pfizer had a return on equity of 16.28% and a net margin of 7.07%. The firm’s revenue for the quarter was up 24.7% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.10 EPS.

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 dividend of $0.43 per share. This is an increase from Pfizer’s previous quarterly dividend of $0.42. The ex-dividend date of this dividend is Friday, January 24th. This represents a $1.72 annualized dividend and a yield of 6.66%. Pfizer’s dividend payout ratio (DPR) is currently 232.44%.

Analysts Set New Price Targets

Several brokerages have issued reports on PFE. StockNews.com downgraded Pfizer from a “strong-buy” rating to a “buy” rating in a report on Wednesday, November 20th. UBS Group lowered their price objective on Pfizer from $31.00 to $29.00 and set a “neutral” rating on the stock in a research report on Wednesday, January 8th. Sanford C. Bernstein initiated coverage on Pfizer in a research report on Thursday, October 17th. They set a “market perform” rating and a $32.00 price objective on the stock. Truist Financial lowered their price objective on Pfizer from $36.00 to $32.00 and set a “buy” rating on the stock in a research report on Wednesday, December 18th. Finally, Evercore ISI upgraded Pfizer to a “strong-buy” rating in a research report on Wednesday, October 30th. One analyst has rated the stock with a sell rating, eight have issued a hold rating, six have given a buy rating and two have issued a strong buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $31.92.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the stock. State Street Corp boosted its stake in Pfizer by 1.2% in the third quarter. State Street Corp now owns 290,460,600 shares of the biopharmaceutical company’s stock valued at $8,405,930,000 after buying an additional 3,405,539 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its stake in Pfizer by 19.5% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 155,459,101 shares of the biopharmaceutical company’s stock valued at $4,124,330,000 after buying an additional 25,315,159 shares in the last quarter. Geode Capital Management LLC boosted its stake in Pfizer by 1.6% in the third quarter. Geode Capital Management LLC now owns 117,666,245 shares of the biopharmaceutical company’s stock valued at $3,392,342,000 after buying an additional 1,855,419 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its stake in Pfizer by 22.4% in the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 38,068,879 shares of the biopharmaceutical company’s stock valued at $1,101,713,000 after buying an additional 6,977,587 shares in the last quarter. Finally, Van ECK Associates Corp boosted its stake in Pfizer by 28.5% in the fourth quarter. Van ECK Associates Corp now owns 21,286,805 shares of the biopharmaceutical company’s stock valued at $564,739,000 after buying an additional 4,726,549 shares in the last quarter. Institutional investors own 68.36% of the company’s stock.

Pfizer Stock Down 2.3 %

The firm has a 50 day moving average of $26.29 and a two-hundred day moving average of $27.78. The firm has a market capitalization of $146.35 billion, a price-to-earnings ratio of 34.90, a price-to-earnings-growth ratio of 0.66 and a beta of 0.64. The company has a quick ratio of 0.73, a current ratio of 1.00 and a debt-to-equity ratio of 0.63.

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.