Confluence Wealth Services Inc. Has $1.88 Million Holdings in Pfizer Inc. (NYSE:PFE)

Confluence Wealth Services Inc. grew its position in Pfizer Inc. (NYSE:PFE) by 9.3% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 67,024 shares of the biopharmaceutical company’s stock after purchasing an additional 5,704 shares during the period. Confluence Wealth Services Inc.’s holdings in Pfizer were worth $1,875,000 at the end of the most recent quarter.

Several other hedge funds also recently bought and sold shares of PFE. Olistico Wealth LLC acquired a new position in Pfizer in the 2nd quarter worth about $25,000. MFA Wealth Advisors LLC bought a new stake in shares of Pfizer during the 2nd quarter worth about $29,000. Creekmur Asset Management LLC bought a new stake in shares of Pfizer during the 4th quarter worth about $32,000. Trivant Custom Portfolio Group LLC boosted its stake in shares of Pfizer by 100.0% during the 1st quarter. Trivant Custom Portfolio Group LLC now owns 1,200 shares of the biopharmaceutical company’s stock worth $33,000 after acquiring an additional 600 shares in the last quarter. Finally, Financial Connections Group Inc. bought a new stake in shares of Pfizer during the 2nd quarter worth about $34,000. 68.36% of the stock is owned by institutional investors and hedge funds.

Pfizer Stock Performance

Shares of PFE stock traded up $0.29 during mid-day trading on Friday, reaching $29.01. The stock had a trading volume of 37,137,599 shares, compared to its average volume of 38,496,418. The firm’s 50 day simple moving average is $28.99 and its 200 day simple moving average is $28.01. The company has a quick ratio of 0.60, a current ratio of 0.86 and a debt-to-equity ratio of 0.65. Pfizer Inc. has a one year low of $25.20 and a one year high of $36.29. The firm has a market cap of $164.39 billion, a PE ratio of -483.50, a P/E/G ratio of 0.98 and a beta of 0.69.

Pfizer (NYSE:PFE) last issued its earnings results on Tuesday, July 30th. The biopharmaceutical company reported $0.60 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.46 by $0.14. Pfizer had a positive return on equity of 8.42% and a negative net margin of 4.66%. The business had revenue of $13.28 billion during the quarter, compared to analysts’ expectations of $12.96 billion. During the same period in the prior year, the firm posted $0.67 EPS. Pfizer’s quarterly revenue was up 2.1% compared to the same quarter last year. On average, analysts forecast that Pfizer Inc. will post 2.68 EPS for the current year.

Pfizer Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, September 3rd. Stockholders of record on Friday, July 26th will be issued a $0.42 dividend. The ex-dividend date of this dividend is Friday, July 26th. This represents a $1.68 dividend on an annualized basis and a dividend yield of 5.79%. Pfizer’s payout ratio is presently -2,800.00%.

Wall Street Analyst Weigh In

Several analysts have recently issued reports on PFE shares. Barclays upped their price target on Pfizer from $30.00 to $32.00 and gave the stock an “equal weight” rating in a research note on Wednesday, July 31st. Daiwa America upgraded Pfizer from a “moderate buy” rating to a “strong-buy” rating in a research note on Wednesday, August 7th. Daiwa Capital Markets upgraded Pfizer from a “neutral” rating to an “outperform” rating and increased their target price for the company from $28.00 to $34.00 in a research note on Wednesday, August 7th. Wells Fargo & Company increased their target price on Pfizer from $28.00 to $30.00 and gave the company an “equal weight” rating in a research note on Wednesday, July 31st. Finally, Cantor Fitzgerald restated an “overweight” rating and set a $45.00 target price on shares of Pfizer in a research note on Monday, August 19th. Eight equities research analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, Pfizer presently has a consensus rating of “Moderate Buy” and a consensus price target of $34.54.

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.