Pfizer (NYSE:PFE) Trading 3.8% Higher on Earnings Beat

Shares of Pfizer Inc. (NYSE:PFE) shot up 3.8% during mid-day trading on Wednesday following a stronger than expected earnings report. The company traded as high as $26.97 and last traded at $26.60. 32,906,127 shares traded hands during mid-day trading, a decline of 21% from the average session volume of 41,806,535 shares. The stock had previously closed at $25.62.

The biopharmaceutical company reported $0.82 earnings per share for the quarter, topping analysts’ consensus estimates of $0.56 by $0.26. Pfizer had a positive return on equity of 8.58% and a negative net margin of 0.56%. The firm had revenue of $14.88 billion during the quarter, compared to the consensus estimate of $13.87 billion. During the same quarter in the prior year, the firm posted $1.23 EPS. The business’s revenue was down 19.5% on a year-over-year basis.

Pfizer Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, June 14th. Shareholders of record on Friday, May 10th will be given a dividend of $0.42 per share. The ex-dividend date is Thursday, May 9th. This represents a $1.68 annualized dividend and a yield of 6.06%. Pfizer’s dividend payout ratio (DPR) is presently -2,799.53%.

Wall Street Analyst Weigh In

A number of analysts recently issued reports on PFE shares. BMO Capital Markets reaffirmed an “outperform” rating and issued a $36.00 target price (up previously from $33.00) on shares of Pfizer in a research report on Thursday. Guggenheim began coverage on Pfizer in a research note on Friday, February 23rd. They set a “buy” rating and a $36.00 price objective on the stock. Morgan Stanley raised their target price on shares of Pfizer from $28.00 to $29.00 and gave the company an “equal weight” rating in a research note on Thursday. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $45.00 price target on shares of Pfizer in a research report on Monday, April 15th. Finally, Argus downgraded shares of Pfizer from a “buy” rating to a “hold” rating in a research report on Friday, March 22nd. Eleven research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $36.00.

Institutional Trading of Pfizer

Several institutional investors have recently added to or reduced their stakes in PFE. Wellington Management Group LLP grew its position in shares of Pfizer by 4.9% during the 4th quarter. Wellington Management Group LLP now owns 239,209,768 shares of the biopharmaceutical company’s stock worth $6,886,849,000 after purchasing an additional 11,099,024 shares in the last quarter. Charles Schwab Investment Management Inc. grew its position in Pfizer by 8.8% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 104,246,432 shares of the biopharmaceutical company’s stock worth $2,985,783,000 after buying an additional 8,473,686 shares in the last quarter. Morgan Stanley raised its holdings in Pfizer by 0.4% in the 3rd quarter. Morgan Stanley now owns 84,927,802 shares of the biopharmaceutical company’s stock valued at $2,817,055,000 after acquiring an additional 348,628 shares in the last quarter. Norges Bank bought a new stake in shares of Pfizer during the 4th quarter valued at $2,129,927,000. Finally, Massachusetts Financial Services Co. MA grew its holdings in shares of Pfizer by 13.8% during the 4th quarter. Massachusetts Financial Services Co. MA now owns 68,506,441 shares of the biopharmaceutical company’s stock worth $1,972,300,000 after purchasing an additional 8,298,920 shares in the last quarter. 68.36% of the stock is currently owned by institutional investors.

Pfizer Trading Up 1.9 %

The stock has a 50-day moving average of $26.88 and a 200 day moving average of $28.25. The company has a debt-to-equity ratio of 0.69, a current ratio of 0.91 and a quick ratio of 0.69.

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.