Pfizer (PFE) Upgraded to “Buy” at Zacks Investment Research
Pfizer (NYSE:PFE) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a note issued to investors on Wednesday. The firm currently has a $41.00 price objective on the biopharmaceutical company’s stock. Zacks Investment Research‘s price objective would indicate a potential upside of 10.57% from the stock’s current price.
According to Zacks, “Pfizer is working on strengthening its product portfolio through acquisitions and licensing deals. However, Pfizer continues to face headwinds in the form of genericization of key drugs, lost alliance revenues, pricing pressure and rising competition which is hurting the top-line. Though Pfizer’s growing immuno-oncology portfolio offers strong potential, many of these assets are in early stage of development. Nonetheless, we believe that new products like Ibrance, contribution from acquisitions, cost-cutting efforts and share buybacks should help the company achieve its guidance. Pfizer also boasts a strong pipeline and expects approximately 25 to 30 drug approvals over the next five years, including around 15 products with blockbuster potential. Bavencio is being considered a key long-term growth driver. The company has a mixed record of earnings surprises in recent quarters. Estimates have remained stable ahead of its Q4 results.”
Several other brokerages have also recently issued reports on PFE. Morgan Stanley set a $41.00 price objective on Pfizer and gave the stock a “buy” rating in a research note on Friday, January 5th. BMO Capital Markets set a $39.00 price objective on Pfizer and gave the stock a “buy” rating in a research note on Monday, January 8th. Vetr cut Pfizer from a “buy” rating to a “hold” rating and set a $37.98 price objective on the stock. in a research note on Monday. Jefferies Group set a $40.00 price objective on Pfizer and gave the stock a “neutral” rating in a research note on Tuesday. Finally, Deutsche Bank set a $38.00 target price on Pfizer and gave the stock a “buy” rating in a report on Wednesday, October 11th. Two research analysts have rated the stock with a sell rating, seven have assigned a hold rating and thirteen have issued a buy rating to the company’s stock. The company has a consensus rating of “Buy” and a consensus target price of $38.94.
Pfizer (NYSE:PFE) last announced its quarterly earnings data on Tuesday, October 31st. The biopharmaceutical company reported $0.67 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.65 by $0.02. Pfizer had a return on equity of 25.41% and a net margin of 18.69%. The company had revenue of $13.17 billion for the quarter, compared to analysts’ expectations of $13.17 billion. During the same quarter in the prior year, the firm earned $0.61 earnings per share. Pfizer’s revenue was up .9% compared to the same quarter last year. sell-side analysts anticipate that Pfizer will post 2.59 EPS for the current fiscal year.
Pfizer announced that its Board of Directors has approved a stock repurchase plan on Monday, December 18th that allows the company to buyback $10.00 billion in shares. This buyback authorization allows the biopharmaceutical company to buy shares of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s management believes its stock is undervalued.
In other news, insider Alexander R. Mackenzie sold 6,750 shares of the stock in a transaction on Friday, December 15th. The stock was sold at an average price of $37.00, for a total transaction of $249,750.00. Following the completion of the sale, the insider now owns 103,458 shares in the company, valued at approximately $3,827,946. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider Alexander R. Mackenzie sold 14,700 shares of the stock in a transaction on Wednesday, November 1st. The shares were sold at an average price of $35.30, for a total value of $518,910.00. Following the sale, the insider now owns 117,432 shares of the company’s stock, valued at approximately $4,145,349.60. The disclosure for this sale can be found here. In the last quarter, insiders have sold 29,450 shares of company stock valued at $1,065,220. Company insiders own 0.06% of the company’s stock.
Institutional investors and hedge funds have recently modified their holdings of the company. Lowe FS grew its position in shares of Pfizer by 54.9% during the 3rd quarter. Lowe FS now owns 734 shares of the biopharmaceutical company’s stock valued at $23,000 after acquiring an additional 260 shares during the period. Taylor Wealth Management Partners grew its position in shares of Pfizer by 4.3% during the 4th quarter. Taylor Wealth Management Partners now owns 2,555 shares of the biopharmaceutical company’s stock valued at $82,000 after acquiring an additional 105 shares during the period. Asset Planning Services Ltd. grew its position in shares of Pfizer by 4.9% during the 1st quarter. Asset Planning Services Ltd. now owns 2,961 shares of the biopharmaceutical company’s stock valued at $101,000 after acquiring an additional 137 shares during the period. Nelson Roberts Investment Advisors LLC grew its position in shares of Pfizer by 6.7% during the 2nd quarter. Nelson Roberts Investment Advisors LLC now owns 2,999 shares of the biopharmaceutical company’s stock valued at $106,000 after acquiring an additional 189 shares during the period. Finally, Shine Investment Advisory Services Inc. acquired a new stake in shares of Pfizer during the 2nd quarter valued at about $102,000. Hedge funds and other institutional investors own 69.75% of the company’s stock.
Pfizer Company Profile
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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