Pettee Investors Inc. Cuts Stake in Pfizer Inc. (NYSE:PFE)

Pettee Investors Inc. reduced its holdings in shares of Pfizer Inc. (NYSE:PFE) by 19.6% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 97,766 shares of the biopharmaceutical company’s stock after selling 23,898 shares during the period. Pfizer comprises approximately 1.3% of Pettee Investors Inc.’s portfolio, making the stock its 26th biggest holding. Pettee Investors Inc.’s holdings in Pfizer were worth $2,735,000 at the end of the most recent quarter.

Several other large investors have also recently made changes to their positions in PFE. Olistico Wealth LLC purchased a new stake in Pfizer during the 2nd quarter valued at about $25,000. MFA Wealth Advisors LLC purchased a new stake in shares of Pfizer during the second quarter valued at approximately $29,000. Creekmur Asset Management LLC bought a new position in shares of Pfizer in the fourth quarter worth approximately $32,000. Trivant Custom Portfolio Group LLC increased its stake in shares of Pfizer by 100.0% in the first quarter. Trivant Custom Portfolio Group LLC now owns 1,200 shares of the biopharmaceutical company’s stock worth $33,000 after buying an additional 600 shares during the period. Finally, Financial Connections Group Inc. bought a new stake in Pfizer during the 2nd quarter valued at $34,000. 68.36% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on PFE shares. Wells Fargo & Company raised their price target on shares of Pfizer from $28.00 to $30.00 and gave the stock an “equal weight” rating in a report on Wednesday, July 31st. Daiwa Capital Markets upgraded Pfizer from a “neutral” rating to an “outperform” rating and boosted their price target for the company from $28.00 to $34.00 in a report on Wednesday, August 7th. StockNews.com upgraded Pfizer from a “hold” rating to a “buy” rating in a research report on Thursday, August 1st. Daiwa America upgraded Pfizer from a “moderate buy” rating to a “strong-buy” rating in a report on Wednesday, August 7th. Finally, UBS Group lifted their price target on shares of Pfizer from $30.00 to $31.00 and gave the company a “neutral” rating in a report on Wednesday, July 31st. Eight equities research analysts have rated the stock with a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, Pfizer has a consensus rating of “Moderate Buy” and an average target price of $34.54.

Pfizer Price Performance

Shares of NYSE PFE opened at $28.28 on Wednesday. The company has a 50 day simple moving average of $29.01 and a two-hundred day simple moving average of $28.03. Pfizer Inc. has a fifty-two week low of $25.20 and a fifty-two week high of $36.29. The company has a market capitalization of $160.25 billion, a price-to-earnings ratio of -471.67, a P/E/G ratio of 1.02 and a beta of 0.69. The company has a debt-to-equity ratio of 0.65, a quick ratio of 0.60 and a current ratio of 0.86.

Pfizer (NYSE:PFE) last posted its quarterly earnings data on Tuesday, July 30th. The biopharmaceutical company reported $0.60 earnings per share for the quarter, beating 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 company had revenue of $13.28 billion during the quarter, compared to analyst estimates of $12.96 billion. During the same quarter last year, the company earned $0.67 EPS. The firm’s revenue for the quarter was up 2.1% on a year-over-year basis. Analysts expect that Pfizer Inc. will post 2.66 EPS for the current fiscal year.

Pfizer Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, September 3rd. Investors of record on Friday, July 26th were paid a $0.42 dividend. This represents a $1.68 dividend on an annualized basis and a yield of 5.94%. The ex-dividend date of this dividend was Friday, July 26th. Pfizer’s payout ratio is -2,800.00%.

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.