Grimes & Company Inc. Sells 12,029 Shares of Pfizer Inc. (NYSE:PFE)

Grimes & Company Inc. reduced its position in Pfizer Inc. (NYSE:PFE) by 12.0% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 88,042 shares of the biopharmaceutical company’s stock after selling 12,029 shares during the quarter. Grimes & Company Inc.’s holdings in Pfizer were worth $2,443,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also modified their holdings of the company. Wellington Management Group LLP boosted its position in shares of Pfizer by 4.9% in the fourth quarter. Wellington Management Group LLP now owns 239,209,768 shares of the biopharmaceutical company’s stock worth $6,886,849,000 after purchasing an additional 11,099,024 shares during the period. Charles Schwab Investment Management Inc. boosted its position in shares of Pfizer by 8.8% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 104,246,432 shares of the biopharmaceutical company’s stock worth $2,985,783,000 after purchasing an additional 8,473,686 shares during the period. Morgan Stanley boosted its position in shares of Pfizer by 0.4% in the third quarter. Morgan Stanley now owns 84,927,802 shares of the biopharmaceutical company’s stock worth $2,817,055,000 after purchasing an additional 348,628 shares during the period. Norges Bank bought a new position in shares of Pfizer in the fourth quarter worth approximately $2,129,927,000. Finally, Massachusetts Financial Services Co. MA lifted its holdings in shares of Pfizer by 13.8% in the fourth quarter. Massachusetts Financial Services Co. MA now owns 68,506,441 shares of the biopharmaceutical company’s stock worth $1,972,300,000 after buying an additional 8,298,920 shares in the last quarter. 68.36% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several equities analysts have recently commented on the stock. Morgan Stanley boosted their target price on shares of Pfizer from $28.00 to $29.00 and gave the stock an “equal weight” rating in a report on Thursday, May 2nd. Argus downgraded shares of Pfizer from a “buy” rating to a “hold” rating in a report on Friday, March 22nd. BMO Capital Markets reissued an “outperform” rating and issued a $36.00 target price (up previously from $33.00) on shares of Pfizer in a report on Thursday, May 2nd. Finally, Cantor Fitzgerald reissued an “overweight” rating and issued a $45.00 target price on shares of Pfizer in a report on Wednesday. Nine analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $35.54.

Pfizer Price Performance

Pfizer stock opened at $27.98 on Friday. Pfizer Inc. has a 52-week low of $25.20 and a 52-week high of $37.80. The company has a market cap of $158.55 billion, a price-to-earnings ratio of -466.26, a PEG ratio of 1.10 and a beta of 0.70. The company has a quick ratio of 0.78, a current ratio of 1.05 and a debt-to-equity ratio of 0.66. The firm’s fifty day moving average is $27.90 and its 200 day moving average is $27.68.

Pfizer (NYSE:PFE) last announced its earnings results on Wednesday, May 1st. The biopharmaceutical company reported $0.82 earnings per share for the quarter, beating the consensus estimate of $0.56 by $0.26. Pfizer had a negative net margin of 0.56% and a positive return on equity of 8.64%. The business had revenue of $14.88 billion for the quarter, compared to the consensus estimate of $13.87 billion. During the same quarter in the prior year, the firm posted $1.23 earnings per share. The business’s revenue for the quarter was down 19.5% on a year-over-year basis. Sell-side analysts forecast that Pfizer Inc. will post 2.38 EPS for the current fiscal year.

Pfizer Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 3rd. Stockholders of record on Friday, July 26th will be paid a $0.42 dividend. This represents a $1.68 annualized dividend and a dividend yield of 6.00%. The ex-dividend date is Thursday, July 25th. Pfizer’s dividend payout ratio is currently -2,799.53%.

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.