Pfizer (NYSE:PFE) Stock Price Up 1.8% on Earnings Beat

Pfizer Inc. (NYSE:PFE) shares rose 1.8% during mid-day trading on Thursday after the company announced better than expected quarterly earnings. The company traded as high as $27.86 and last traded at $27.68. Approximately 17,334,535 shares traded hands during mid-day trading, a decline of 59% from the average daily volume of 42,279,973 shares. The stock had previously closed at $27.18.

The biopharmaceutical company reported $0.82 EPS for the quarter, topping analysts’ consensus estimates of $0.56 by $0.26. Pfizer had a negative net margin of 0.56% and a positive return on equity of 8.58%. The business had revenue of $14.88 billion for the quarter, compared to analysts’ expectations of $13.87 billion. During the same quarter last year, the company earned $1.23 EPS. The business’s revenue was down 19.5% on a year-over-year basis.

Pfizer Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, June 14th. Shareholders of record on Friday, May 10th will be issued a $0.42 dividend. The ex-dividend date of this dividend is Thursday, May 9th. This represents a $1.68 dividend on an annualized basis and a yield of 6.04%. Pfizer’s payout ratio is currently -2,799.53%.

Analyst Upgrades and Downgrades

A number of research analysts have weighed in on the company. BMO Capital Markets restated an “outperform” rating and issued a $36.00 price objective (up previously from $33.00) on shares of Pfizer in a report on Thursday. Argus lowered shares of Pfizer from a “buy” rating to a “hold” rating in a research note on Friday, March 22nd. Guggenheim began coverage on Pfizer in a research note on Friday, February 23rd. They set a “buy” rating and a $36.00 target price for the company. Morgan Stanley upped their target price on shares of Pfizer from $28.00 to $29.00 and gave the stock an “equal weight” rating in a research note on Thursday. Finally, Cantor Fitzgerald restated an “overweight” rating and set a $45.00 target price on shares of Pfizer in a research note on Monday, April 15th. Eleven equities research analysts have rated the stock with a hold rating and six have given a buy rating to the company. According to MarketBeat.com, Pfizer currently has a consensus rating of “Hold” and an average target price of $36.00.

Institutional Investors Weigh In On Pfizer

Several large investors have recently modified their holdings of PFE. Wellington Management Group LLP raised its position in 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 acquiring an additional 11,099,024 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its stake in shares of Pfizer by 8.8% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 104,246,432 shares of the biopharmaceutical company’s stock valued at $2,985,783,000 after acquiring an additional 8,473,686 shares during the last quarter. Morgan Stanley boosted its stake in shares of Pfizer by 0.4% during the third quarter. Morgan Stanley now owns 84,927,802 shares of the biopharmaceutical company’s stock valued at $2,817,055,000 after acquiring an additional 348,628 shares during the last quarter. Norges Bank acquired a new stake in Pfizer in the 4th quarter worth about $2,129,927,000. Finally, Massachusetts Financial Services Co. MA boosted its stake in Pfizer by 13.8% in the 4th 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 during the last quarter. Hedge funds and other institutional investors own 68.36% of the company’s stock.

Pfizer Trading Up 0.4 %

The stock has a market capitalization of $157.48 billion, a price-to-earnings ratio of -463.42, a price-to-earnings-growth ratio of 1.20 and a beta of 0.63. The company has a current ratio of 0.91, a quick ratio of 0.69 and a debt-to-equity ratio of 0.69. The business has a 50 day simple moving average of $26.88 and a 200-day simple moving average of $28.25.

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.