Cornerstone Wealth Management LLC lifted its stake in shares of Pfizer Inc. (NYSE:PFE) by 8.3% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 1,387,859 shares of the biopharmaceutical company’s stock after purchasing an additional 106,868 shares during the period. Cornerstone Wealth Management LLC’s holdings in Pfizer were worth $38,401,000 at the end of the most recent reporting period.
Several other hedge funds also recently made changes to their positions in the company. Fort L.P. bought a new stake in shares of Pfizer during the second quarter worth $121,000. Selective Wealth Management bought a new stake in shares of Pfizer during the third quarter worth $155,000. Smart Portfolios LLC increased its position in shares of Pfizer by 43.9% during the second quarter. Smart Portfolios LLC now owns 3,935 shares of the biopharmaceutical company’s stock worth $143,000 after acquiring an additional 1,200 shares in the last quarter. Moody Aldrich Partners LLC bought a new stake in shares of Pfizer during the second quarter worth $154,045,000. Finally, Ellenbecker Investment Group bought a new stake in shares of Pfizer during the third quarter worth $205,000. Institutional investors own 69.26% of the company’s stock.
A number of research analysts recently weighed in on the stock. Cantor Fitzgerald set a $45.00 target price on shares of Pfizer and gave the company a “buy” rating in a research report on Thursday, October 4th. Morgan Stanley set a $45.00 target price on shares of Pfizer and gave the company a “buy” rating in a research report on Thursday, September 13th. Goldman Sachs Group reaffirmed a “neutral” rating and issued a $45.00 target price on shares of Pfizer in a research report on Tuesday, October 30th. Credit Suisse Group set a $45.00 target price on shares of Pfizer and gave the company a “neutral” rating in a research report on Tuesday, January 1st. Finally, Independent Research set a $48.00 target price on shares of Pfizer and gave the company a “neutral” rating in a research report on Thursday, October 4th. Two investment analysts have rated the stock with a sell rating, fifteen have assigned a hold rating and eight have given a buy rating to the stock. The stock currently has an average rating of “Hold” and a consensus target price of $43.41.
Pfizer stock opened at $43.43 on Wednesday. The company has a debt-to-equity ratio of 0.47, a quick ratio of 1.15 and a current ratio of 1.43. Pfizer Inc. has a 12-month low of $33.20 and a 12-month high of $46.47. The firm has a market cap of $255.97 billion, a P/E ratio of 16.39, a P/E/G ratio of 2.10 and a beta of 0.87.
Pfizer (NYSE:PFE) last released its quarterly earnings data on Tuesday, October 30th. The biopharmaceutical company reported $0.78 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.75 by $0.03. Pfizer had a net margin of 44.63% and a return on equity of 25.26%. The firm had revenue of $13.30 billion for the quarter, compared to the consensus estimate of $13.53 billion. During the same quarter in the prior year, the company posted $0.67 earnings per share. The business’s revenue was up 1.0% on a year-over-year basis. On average, equities research analysts expect that Pfizer Inc. will post 3 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Friday, March 1st. Stockholders of record on Friday, February 1st will be paid a $0.36 dividend. This is a positive change from Pfizer’s previous quarterly dividend of $0.34. The ex-dividend date is Thursday, January 31st. This represents a $1.44 annualized dividend and a dividend yield of 3.32%. Pfizer’s dividend payout ratio is presently 51.32%.
Pfizer declared that its board has authorized a stock buyback plan on Friday, December 14th that authorizes the company to buyback $10.00 billion in shares. This buyback authorization authorizes the biopharmaceutical company to reacquire up to 3.8% of its stock through open market purchases. Stock buyback plans are typically an indication that the company’s board believes its shares are undervalued.
In other news, major shareholder Pfizer Inc bought 55,556 shares of Pfizer stock in a transaction dated Monday, October 15th. The stock was purchased at an average price of $18.00 per share, for a total transaction of $1,000,008.00. Following the purchase, the insider now directly owns 21,976,484 shares in the company, valued at approximately $395,576,712. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Corporate insiders own 0.06% of the company’s stock.
Pfizer Inc discovers, develops, manufactures, and sells healthcare products worldwide. It operates in two segments, Pfizer Innovative Health (IH) and Pfizer Essential Health (EH). The IH segment focuses on the development and commercialization of medicines and vaccines, and consumer healthcare products in various therapeutic areas, including internal medicine, vaccines, oncology, inflammation and immunology, and rare diseases, as well as consumer healthcare, such as over-the-counter brands comprising dietary supplements, pain management, gastrointestinal, and respiratory and personal care.
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