Stock Repurchase Program Initiated by Pfizer (PFE) Board of Directors
Pfizer (NYSE:PFE) declared that its board has initiated a share buyback plan, which authorizes the company to repurchase $10.00 billion in shares on Monday, December 18th, EventVestor reports. This repurchase authorization authorizes the biopharmaceutical company to repurchase shares of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s management believes its stock is undervalued.
PFE has been the subject of a number of recent research reports. BMO Capital Markets set a $37.00 target price on Pfizer and gave the company a “buy” rating in a report on Tuesday, October 10th. ValuEngine upgraded Pfizer from a “hold” rating to a “buy” rating in a report on Friday, October 6th. Zacks Investment Research lowered Pfizer from a “buy” rating to a “hold” rating in a report on Wednesday, October 11th. Deutsche Bank set a $38.00 target price on Pfizer and gave the company a “buy” rating in a report on Wednesday, October 11th. Finally, Morgan Stanley upgraded Pfizer from an “equal weight” rating to an “overweight” rating and lifted their target price for the company from $35.00 to $39.00 in a report on Wednesday, September 20th. Two investment analysts have rated the stock with a sell rating, six have assigned a hold rating and thirteen have assigned a buy rating to the stock. The stock has a consensus rating of “Buy” and an average price target of $38.77.
Shares of Pfizer (NYSE PFE) traded down $0.07 during midday trading on Tuesday, reaching $37.13. The company’s stock had a trading volume of 16,765,100 shares, compared to its average volume of 19,948,887. The stock has a market cap of $221,708.50, a P/E ratio of 14.88, a price-to-earnings-growth ratio of 2.63 and a beta of 1.01. The company has a debt-to-equity ratio of 0.56, a current ratio of 1.43 and a quick ratio of 1.15. Pfizer has a 12 month low of $30.90 and a 12 month high of $37.35.
The firm also recently declared a quarterly dividend, which will be paid on Thursday, March 1st. Shareholders of record on Friday, February 2nd will be issued a dividend of $0.34 per share. This represents a $1.36 dividend on an annualized basis and a yield of 3.66%. This is an increase from Pfizer’s previous quarterly dividend of $0.32. Pfizer’s payout ratio is 79.01%.
In other news, EVP Alexander R. Mackenzie sold 7,350 shares of the business’s stock in a transaction dated Monday, October 2nd. The stock was sold at an average price of $35.65, for a total value of $262,027.50. Following the completion of the sale, the executive vice president now directly owns 117,432 shares of the company’s stock, valued at approximately $4,186,450.80. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Alexander R. Mackenzie sold 6,750 shares of the business’s stock in a transaction dated Friday, December 15th. The shares were sold at an average price of $37.00, for a total value of $249,750.00. Following the completion of the sale, the insider now directly owns 103,458 shares of the company’s stock, valued at $3,827,946. The disclosure for this sale can be found here. Insiders have sold a total of 36,800 shares of company stock valued at $1,327,248 over the last ninety days. 0.06% of the stock is owned by company insiders.
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Pfizer Inc (Pfizer) is a research-based global biopharmaceutical company. The Company is engaged in the discovery, development and manufacture of healthcare products. Its global portfolio includes medicines and vaccines, as well as consumer healthcare products. The Company manages its commercial operations through two business segments: Pfizer Innovative Health (IH) and Pfizer Essential Health (EH).
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