Pfizer (NYSE:PFE) Shares Up 1.8% on Earnings Beat

Pfizer Inc. (NYSE:PFE) shares shot up 1.8% during mid-day trading on Thursday following a stronger than expected earnings report. The company traded as high as $27.86 and last traded at $27.68. 17,334,535 shares were traded during trading, a decline of 59% from the average session volume of 42,279,973 shares. The stock had previously closed at $27.18.

The biopharmaceutical company reported $0.82 earnings per share for the quarter, topping the consensus estimate of $0.56 by $0.26. The firm had revenue of $14.88 billion for the quarter, compared to analyst estimates of $13.87 billion. Pfizer had a net margin of 3.62% and a return on equity of 10.88%. Pfizer’s quarterly revenue was down 19.5% on a year-over-year basis. During the same quarter in the prior year, the business earned $1.23 earnings per share.

Pfizer Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, June 14th. Shareholders of record on Friday, May 10th will be paid a $0.42 dividend. The ex-dividend date of this dividend is Thursday, May 9th. This represents a $1.68 annualized dividend and a dividend yield of 6.06%. Pfizer’s payout ratio is currently 466.67%.

Wall Street Analysts Forecast Growth

Several brokerages have commented on PFE. Morgan Stanley raised their price target on shares of Pfizer from $28.00 to $29.00 and gave the company an “equal weight” rating in a research note on Thursday. TD Cowen cut shares of Pfizer from an “outperform” rating to a “market perform” rating and set a $32.00 price objective for the company. in a report on Thursday, January 4th. Argus cut shares of Pfizer from a “buy” rating to a “hold” rating in a report on Friday, March 22nd. Guggenheim started coverage on shares of Pfizer in a report on Friday, February 23rd. They issued a “buy” rating and a $36.00 price objective for the company. Finally, Cantor Fitzgerald reiterated an “overweight” rating and issued a $45.00 price objective on shares of Pfizer in a report on Monday, April 15th. Eleven investment analysts have rated the stock with a hold rating and six have given a buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $36.00.

Hedge Funds Weigh In On Pfizer

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in PFE. Briaud Financial Planning Inc acquired a new position in Pfizer in the 3rd quarter worth approximately $30,000. GoalVest Advisory LLC raised its holdings in shares of Pfizer by 304.9% during the 4th quarter. GoalVest Advisory LLC now owns 1,077 shares of the biopharmaceutical company’s stock valued at $31,000 after purchasing an additional 811 shares in the last quarter. Creekmur Asset Management LLC bought a new position in shares of Pfizer during the 4th quarter valued at $32,000. Trivant Custom Portfolio Group LLC raised its holdings in shares of Pfizer by 100.0% during the 1st quarter. Trivant Custom Portfolio Group LLC now owns 1,200 shares of the biopharmaceutical company’s stock valued at $33,000 after purchasing an additional 600 shares in the last quarter. Finally, Mizuho Securities Co. Ltd. bought a new position in shares of Pfizer during the 3rd quarter valued at $34,000. Institutional investors and hedge funds own 68.36% of the company’s stock.

Pfizer Stock Up 1.9 %

The firm has a market cap of $156.85 billion, a P/E ratio of 76.94, a P/E/G ratio of 1.15 and a beta of 0.63. The business’s fifty day moving average price is $26.88 and its two-hundred day moving average price is $28.25. The company has a current ratio of 0.91, a quick ratio of 0.69 and a debt-to-equity 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.