Pfizer (NYSE:PFE) Stock Price Down 0.7% - Here's What Happened

Pfizer Inc. (NYSE:PFE - Get Free Report)'s share price traded down 0.7% during mid-day trading on Wednesday . The stock traded as low as $28.19 and last traded at $28.26. 13,116,017 shares were traded during mid-day trading, a decline of 65% from the average session volume of 37,053,098 shares. The stock had previously closed at $28.46.

Analyst Ratings Changes

Several research firms have recently weighed in on PFE. Cantor Fitzgerald reiterated an "overweight" rating and set a $45.00 price objective on shares of Pfizer in a report on Wednesday, October 23rd. Sanford C. Bernstein began coverage on shares of Pfizer in a research note on Thursday, October 17th. They issued a "market perform" rating and a $32.00 price target on the stock. Daiwa Capital Markets raised shares of Pfizer from a "neutral" rating to an "outperform" rating and increased their price objective for the stock from $28.00 to $34.00 in a research report on Wednesday, August 7th. Citigroup initiated coverage on shares of Pfizer in a research report on Friday, October 25th. They issued a "neutral" rating and a $30.00 price objective on the stock. Finally, Barclays increased their target price on Pfizer from $30.00 to $32.00 and gave the stock an "equal weight" rating in a report on Wednesday, July 31st. Eight analysts have rated the stock with a hold rating, six have given a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of $33.58.

Pfizer Trading Down 0.8 %

The company has a market cap of $159.97 billion, a P/E ratio of -61.59, a PEG ratio of 0.99 and a beta of 0.67. The company has a current ratio of 0.86, a quick ratio of 0.60 and a debt-to-equity ratio of 0.65. The business has a 50 day moving average price of $29.07 and a 200-day moving average price of $28.56.

Pfizer (NYSE:PFE - Get Free Report) last posted its quarterly earnings results on Tuesday, October 29th. The biopharmaceutical company reported $1.06 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.64 by $0.42. The firm had revenue of $17.70 billion for the quarter, compared to analyst estimates of $14.92 billion. Pfizer had a negative net margin of 4.66% and a positive return on equity of 8.42%. The company's quarterly revenue was up 31.2% compared to the same quarter last year. During the same period in the prior year, the firm posted ($0.17) earnings per share. Analysts forecast that Pfizer Inc. will post 2.67 earnings per share for the current fiscal year.

Pfizer Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, December 2nd. Investors of record on Friday, November 8th will be paid a $0.42 dividend. The ex-dividend date is Friday, November 8th. This represents a $1.68 annualized dividend and a yield of 5.95%. Pfizer's dividend payout ratio (DPR) is currently -365.21%.

Hedge Funds Weigh In On Pfizer

A number of institutional investors have recently bought and sold shares of PFE. Denali Advisors LLC raised its position in shares of Pfizer by 11.9% in the first quarter. Denali Advisors LLC now owns 29,200 shares of the biopharmaceutical company's stock valued at $810,000 after purchasing an additional 3,100 shares during the period. Valley National Advisers Inc. lifted its position in Pfizer by 26.2% during the first quarter. Valley National Advisers Inc. now owns 32,939 shares of the biopharmaceutical company's stock worth $914,000 after acquiring an additional 6,835 shares during the last quarter. Norden Group LLC boosted its holdings in shares of Pfizer by 2,326.0% during the first quarter. Norden Group LLC now owns 580,602 shares of the biopharmaceutical company's stock worth $16,112,000 after acquiring an additional 556,670 shares during the period. Westside Investment Management Inc. grew its position in shares of Pfizer by 29.3% in the first quarter. Westside Investment Management Inc. now owns 12,150 shares of the biopharmaceutical company's stock valued at $337,000 after purchasing an additional 2,751 shares during the last quarter. Finally, Financial Sense Advisors Inc. bought a new position in shares of Pfizer during the first quarter worth approximately $634,000. Institutional investors and hedge funds own 68.36% of the company's stock.

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.

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