Essex Financial Services Inc. Cuts Stake in Pfizer Inc. (NYSE:PFE)

Essex Financial Services Inc. trimmed its stake in Pfizer Inc. (NYSE:PFE) by 28.5% in the third quarter, Holdings Channel.com reports. The firm owned 211,388 shares of the biopharmaceutical company’s stock after selling 84,335 shares during the quarter. Essex Financial Services Inc.’s holdings in Pfizer were worth $6,096,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently bought and sold shares of the stock. Olistico Wealth LLC acquired a new position in Pfizer in the second quarter valued at $25,000. MFA Wealth Advisors LLC purchased a new position in shares of Pfizer in the 2nd quarter worth about $29,000. Quarry LP acquired a new position in shares of Pfizer in the 2nd quarter valued at about $31,000. Financial Connections Group Inc. purchased a new stake in shares of Pfizer during the 2nd quarter worth about $34,000. Finally, ESL Trust Services LLC acquired a new stake in Pfizer during the 1st quarter worth approximately $37,000. Institutional investors and hedge funds own 68.36% of the company’s stock.

Pfizer Price Performance

Shares of NYSE PFE opened at $28.45 on Friday. The business has a 50 day moving average price of $29.08 and a two-hundred day moving average price of $28.51. Pfizer Inc. has a fifty-two week low of $25.20 and a fifty-two week high of $31.54. The firm has a market cap of $161.21 billion, a PE ratio of -474.17, a price-to-earnings-growth ratio of 1.01 and a beta of 0.67. The company has a quick ratio of 0.60, a current ratio of 0.86 and a debt-to-equity ratio of 0.65.

Pfizer (NYSE:PFE) last issued its quarterly earnings results on Tuesday, July 30th. The biopharmaceutical company reported $0.60 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.46 by $0.14. Pfizer had a negative net margin of 4.66% and a positive return on equity of 8.42%. The business had revenue of $13.28 billion during the quarter, compared to analyst estimates of $12.96 billion. During the same quarter in the previous year, the firm earned $0.67 earnings per share. The business’s revenue was up 2.1% compared to the same quarter last year. Sell-side analysts expect that Pfizer Inc. will post 2.67 earnings per share for the current fiscal year.

Pfizer Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, December 2nd. Stockholders of record on Friday, November 8th will be given a dividend of $0.42 per share. The ex-dividend date is Friday, November 8th. This represents a $1.68 annualized dividend and a dividend yield of 5.91%. Pfizer’s payout ratio is -2,800.00%.

Wall Street Analysts Forecast Growth

Several research firms have issued reports on PFE. Barclays boosted their price objective on shares of Pfizer from $30.00 to $32.00 and gave the stock an “equal weight” rating in a research note on Wednesday, July 31st. Citigroup assumed coverage on shares of Pfizer in a research report on Friday. They set a “neutral” rating and a $30.00 price target for the company. StockNews.com raised Pfizer from a “hold” rating to a “buy” rating in a research report on Wednesday, October 9th. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $45.00 target price on shares of Pfizer in a research report on Wednesday. Finally, Sanford C. Bernstein began coverage on Pfizer in a report on Thursday, October 17th. They set a “market perform” rating and a $32.00 target price on the stock. Eight research analysts have rated the stock with a hold rating, six have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, Pfizer currently has an average rating of “Moderate Buy” and a consensus target price of $33.58.

Pfizer Company Profile

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.