Pfizer (NYSE:PFE) has seen its price target reduced by Bank of America, dropping from $29.00 to $28.00. This adjustment was noted in a report released on Monday, marking a change in sentiment for the biopharmaceutical company’s stock, which currently holds a neutral rating from the financial institution.
Several other analysts have recently evaluated Pfizer’s stock. Wall Street Zen downgraded its rating from “buy” to “hold” on September 28, 2023. Sanford C. Bernstein maintained a “market perform” rating, issuing a target price of $30.00 on October 31, 2023. Meanwhile, Citigroup initiated coverage with a neutral rating and a target of $26.00 on December 2, 2023. In contrast, Guggenheim raised its target from $33.00 to $35.00, assigning a “buy” rating in a report dated November 24, 2023. According to Weiss Ratings, a “hold (c-)” rating was reaffirmed on October 8, 2023.
Overall, the consensus among analysts indicates a variety of perspectives on Pfizer’s stock. The data from MarketBeat.com shows that out of the analysts covering Pfizer, two have rated it as a Strong Buy, four as Buy, twelve as Hold, and one as Sell. The average rating stands at “Hold,” with a mean target price of approximately $28.06.
Recent Earnings and Financial Performance
Pfizer recently reported its quarterly earnings results on November 4, 2023. The company announced earnings per share (EPS) of $0.87, surpassing the consensus estimate of $0.79 by $0.08. However, revenue for the quarter was reported at $16.65 billion, falling short of the anticipated $16.94 billion. The company achieved a net margin of 15.65% and a return on equity of 20.17%. For the fiscal year 2025, Pfizer has projected its EPS guidance to be between $3.000 and $3.150. Analysts predict an EPS of $2.95 for the current year.
Dividend Announcement and Investor Activity
Pfizer also declared a quarterly dividend, set to be paid on March 6, 2024. Shareholders on record as of January 23, 2024, will receive a dividend of $0.43, which translates to an annualized dividend of $1.72 and a yield of 6.9%. Currently, Pfizer’s payout ratio is noted at 100.00%.
Institutional investment activity has shown increased interest in Pfizer. Various hedge funds have adjusted their holdings, with GKV Capital Management Co. Inc. acquiring a new position valued at approximately $27,000 in the first quarter. Curio Wealth LLC significantly increased its holdings by 36,600.0% in the second quarter, now owning 1,101 shares worth around $27,000 after purchasing an additional 1,098 shares. Other institutions, including Bayforest Capital Ltd and Harbor Asset Planning Inc., also made new investments in Pfizer during the year. Currently, institutional investors own approximately 68.36% of Pfizer’s stock.
Pfizer Inc. is a global leader in the biopharmaceutical industry, involved in the discovery, development, manufacturing, marketing, and distribution of medicines and vaccines. The company’s diverse portfolio includes treatments for cardiovascular diseases, infectious diseases, and COVID-19, among others. As the company navigates market dynamics and analyst sentiments, its strategic decisions will be pivotal for future performance and shareholder value.
