Pfizer (NYSE:PFE) Stock Price Down 0.4% - Here's What Happened

Pfizer Inc. (NYSE:PFE - Get Free Report) dropped 0.4% during mid-day trading on Friday . The stock traded as low as $29.08 and last traded at $29.16. Approximately 5,920,972 shares were traded during trading, a decline of 84% from the average daily volume of 37,016,414 shares. The stock had previously closed at $29.27.

Wall Street Analysts Forecast Growth

PFE has been the subject of several research analyst reports. UBS Group upped their target price on shares of Pfizer from $30.00 to $31.00 and gave the company a "neutral" rating in a research note on Wednesday, July 31st. Daiwa America upgraded shares of Pfizer from a "moderate buy" rating to a "strong-buy" rating in a research note on Wednesday, August 7th. Sanford C. Bernstein initiated coverage on shares of Pfizer in a research note on Thursday. They set a "market perform" rating and a $32.00 target price for the company. Wells Fargo & Company upped their target price on shares of Pfizer from $28.00 to $30.00 and gave the company an "equal weight" rating in a research note on Wednesday, July 31st. Finally, Barclays upped their target price on shares of Pfizer from $30.00 to $32.00 and gave the company an "equal weight" rating in a research note on Wednesday, July 31st. Seven equities research analysts have rated the stock with a hold rating, six have given a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average price target of $33.91.

Pfizer Stock Down 0.1 %

The business's 50 day moving average price is $29.05 and its 200-day moving average price is $28.42. 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 (NYSE:PFE - Get Free Report) last posted its earnings results on Tuesday, July 30th. The biopharmaceutical company reported $0.60 earnings per share for the quarter, topping the consensus estimate of $0.46 by $0.14. Pfizer had a negative net margin of 4.66% and a positive return on equity of 8.42%. The business had revenue of $13.28 billion for the quarter, compared to analyst estimates of $12.96 billion. During the same quarter in the prior year, the firm earned $0.67 EPS. The firm's quarterly revenue was up 2.1% compared to the same quarter last year. As a group, equities research analysts forecast that Pfizer Inc. will post 2.66 earnings per share for the current year.

Pfizer Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, December 2nd. Stockholders of record on Friday, November 8th will be issued a $0.42 dividend. This represents a $1.68 annualized dividend and a dividend yield of 5.75%. The ex-dividend date is Friday, November 8th. Pfizer's payout ratio is -365.21%.

Institutional Investors Weigh In On Pfizer

A number of hedge funds have recently added to or reduced their stakes in the stock. Chicago Capital LLC grew its holdings in Pfizer by 0.9% during the 3rd quarter. Chicago Capital LLC now owns 75,895 shares of the biopharmaceutical company's stock worth $2,196,000 after acquiring an additional 698 shares during the last quarter. Everett Harris & Co. CA grew its holdings in Pfizer by 21.7% during the 3rd quarter. Everett Harris & Co. CA now owns 218,344 shares of the biopharmaceutical company's stock worth $6,319,000 after acquiring an additional 38,870 shares during the last quarter. Key Client Fiduciary Advisors LLC grew its holdings in Pfizer by 16.9% during the 3rd quarter. Key Client Fiduciary Advisors LLC now owns 28,710 shares of the biopharmaceutical company's stock worth $831,000 after acquiring an additional 4,156 shares during the last quarter. Bonness Enterprises Inc. grew its holdings in Pfizer by 3.7% during the 3rd quarter. Bonness Enterprises Inc. now owns 156,208 shares of the biopharmaceutical company's stock worth $4,521,000 after acquiring an additional 5,600 shares during the last quarter. Finally, TriaGen Wealth Management LLC bought a new stake in Pfizer during the 3rd quarter worth about $202,000. Institutional investors own 68.36% of the company's stock.

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.