Harvey Capital Management Inc. Makes New Investment in Pfizer Inc. (NYSE:PFE)

Harvey Capital Management Inc. acquired a new stake in shares of Pfizer Inc. (NYSE:PFE) in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor acquired 20,500 shares of the biopharmaceutical company’s stock, valued at approximately $544,000.

Other institutional investors also recently modified their holdings of the company. Exchange Traded Concepts LLC grew its stake in Pfizer by 117.0% in the third quarter. Exchange Traded Concepts LLC now owns 69,178 shares of the biopharmaceutical company’s stock worth $2,002,000 after purchasing an additional 37,293 shares during the period. Thurston Springer Miller Herd & Titak Inc. boosted its stake in Pfizer by 28.8% in the 3rd quarter. Thurston Springer Miller Herd & Titak Inc. now owns 23,274 shares of the biopharmaceutical company’s stock worth $674,000 after purchasing an additional 5,205 shares in the last quarter. ORG Wealth Partners LLC bought a new stake in Pfizer during the 3rd quarter valued at about $115,000. Fiduciary Alliance LLC lifted its stake in shares of Pfizer by 15.5% in the third quarter. Fiduciary Alliance LLC now owns 8,484 shares of the biopharmaceutical company’s stock worth $246,000 after buying an additional 1,140 shares in the last quarter. Finally, CX Institutional grew its holdings in shares of Pfizer by 80.1% during the third quarter. CX Institutional now owns 46,207 shares of the biopharmaceutical company’s stock valued at $1,337,000 after buying an additional 20,552 shares during the last quarter. 68.36% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several brokerages have commented on PFE. Guggenheim reiterated a “buy” rating and set a $33.00 target price on shares of Pfizer in a research note on Monday. StockNews.com lowered Pfizer from a “strong-buy” rating to a “buy” rating in a research report on Wednesday, November 20th. Evercore ISI upgraded shares of Pfizer to a “strong-buy” rating in a research note on Wednesday, October 30th. Cantor Fitzgerald restated an “overweight” rating and set a $45.00 price objective on shares of Pfizer in a research report on Wednesday, October 23rd. Finally, Bank of America reaffirmed a “neutral” rating and issued a $29.00 target price on shares of Pfizer in a research report on Tuesday, December 10th. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating, six have given a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $31.92.

Pfizer Stock Performance

NYSE:PFE opened at $25.53 on Wednesday. The stock has a 50-day simple moving average of $26.28 and a two-hundred day simple moving average of $27.65. The firm has a market capitalization of $144.69 billion, a PE ratio of 18.11, a P/E/G ratio of 0.64 and a beta of 0.64. Pfizer Inc. has a 52-week low of $24.48 and a 52-week high of $31.54. The company has a debt-to-equity ratio of 0.63, a quick ratio of 0.73 and a current ratio of 1.00.

Pfizer (NYSE:PFE) last posted its quarterly earnings results on Tuesday, February 4th. The biopharmaceutical company reported $0.63 earnings per share for the quarter, topping analysts’ consensus estimates of $0.48 by $0.15. The business had revenue of $17.76 billion during the quarter, compared to analyst estimates of $17.26 billion. Pfizer had a net margin of 12.62% and a return on equity of 19.47%. The company’s revenue was up 24.7% on a year-over-year basis. During the same period in the prior year, the business posted $0.10 earnings per share. Analysts forecast that Pfizer Inc. will post 2.95 EPS for the current year.

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. The ex-dividend date is Friday, January 24th. This is a boost from Pfizer’s previous quarterly dividend of $0.42. This represents a $1.72 dividend on an annualized basis and a yield of 6.74%. Pfizer’s dividend payout ratio (DPR) is currently 121.99%.

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.