Pfizer (NYSE:PFE) Stock Price Up 2% After Better-Than-Expected Earnings

Pfizer Inc. (NYSE:PFE) was up 2% during mid-day trading on Wednesday following a better than expected earnings announcement. The company traded as high as $24.37 and last traded at $24.28. Approximately 20,272,928 shares were traded during trading, a decline of 58% from the average daily volume of 48,148,574 shares. The stock had previously closed at $23.79.

The biopharmaceutical company reported $0.92 EPS for the quarter, beating the consensus estimate of $0.67 by $0.25. Pfizer had a return on equity of 19.47% and a net margin of 12.62%. The company had revenue of $13.72 billion for the quarter, compared to analyst estimates of $14.43 billion. During the same period last year, the company earned $0.82 earnings per share. Pfizer’s quarterly revenue was down 7.8% compared to the same quarter last year.

Pfizer Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, June 13th. Shareholders of record on Friday, May 9th will be issued a $0.43 dividend. This represents a $1.72 annualized dividend and a yield of 7.19%. The ex-dividend date of this dividend is Friday, May 9th. Pfizer’s payout ratio is currently 124.64%.

Analysts Set New Price Targets

Several analysts have commented on the company. Citigroup reissued a “neutral” rating on shares of Pfizer in a report on Thursday, March 27th. UBS Group lifted their price target on Pfizer from $24.00 to $25.00 and gave the stock a “neutral” rating in a research note on Wednesday. The Goldman Sachs Group reissued a “neutral” rating and issued a $25.00 price objective (down from $32.00) on shares of Pfizer in a research note on Tuesday, April 8th. Cantor Fitzgerald initiated coverage on shares of Pfizer in a report on Tuesday, April 22nd. They set a “neutral” rating and a $24.00 target price for the company. Finally, Hsbc Global Res upgraded shares of Pfizer to a “strong-buy” rating in a research report on Monday, March 10th. One equities research analyst has rated the stock with a sell rating, nine have issued a hold rating, five have given a buy rating and three have given a strong buy rating to the stock. Based on data from MarketBeat, Pfizer has a consensus rating of “Moderate Buy” and an average target price of $29.64.

Insider Buying and Selling

In other news, Director Ronald E. Blaylock acquired 19,457 shares of the business’s stock in a transaction that occurred on Thursday, February 13th. The stock was purchased at an average cost of $25.65 per share, for a total transaction of $499,072.05. Following the completion of the transaction, the director now owns 27,707 shares in the company, valued at approximately $710,684.55. This trade represents a 235.84 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. 0.06% of the stock is owned by company insiders.

Institutional Investors Weigh In On Pfizer

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Retirement Wealth Solutions LLC purchased a new position in Pfizer during the fourth quarter worth about $26,000. Rialto Wealth Management LLC purchased a new position in shares of Pfizer in the fourth quarter valued at approximately $26,000. Clarity Asset Management Inc. purchased a new position in shares of Pfizer in the fourth quarter valued at approximately $27,000. Gould Capital LLC boosted its stake in shares of Pfizer by 97.2% in the fourth quarter. Gould Capital LLC now owns 1,000 shares of the biopharmaceutical company’s stock valued at $27,000 after purchasing an additional 493 shares during the period. Finally, Kohmann Bosshard Financial Services LLC purchased a new position in shares of Pfizer in the fourth quarter valued at approximately $28,000. 68.36% of the stock is currently owned by institutional investors and hedge funds.

Pfizer Trading Down 2.1 %

The company’s 50 day moving average price is $24.39 and its 200 day moving average price is $25.82. The company has a debt-to-equity ratio of 0.63, a current ratio of 1.00 and a quick ratio of 0.73. The firm has a market cap of $135.59 billion, a PE ratio of 16.96, a price-to-earnings-growth ratio of 0.64 and a beta of 0.67.

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.