Convergence Investment Partners LLC reduced its holdings in Pfizer Inc. (NYSE:PFE) by 45.2% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 145,414 shares of the biopharmaceutical company’s stock after selling 119,762 shares during the period. Pfizer comprises about 0.7% of Convergence Investment Partners LLC’s holdings, making the stock its 21st largest holding. Convergence Investment Partners LLC’s holdings in Pfizer were worth $5,191,000 at the end of the most recent quarter.
A number of other institutional investors have also made changes to their positions in the stock. Shine Investment Advisory Services Inc. purchased a new stake in shares of Pfizer during the 2nd quarter worth about $102,000. Mckinley Capital Management LLC Delaware purchased a new stake in shares of Pfizer during the 2nd quarter worth about $103,000. Herndon Capital Management LLC purchased a new stake in shares of Pfizer during the 2nd quarter worth about $120,000. Lipe & Dalton raised its stake in shares of Pfizer by 6.9% during the 2nd quarter. Lipe & Dalton now owns 4,626 shares of the biopharmaceutical company’s stock worth $155,000 after purchasing an additional 300 shares in the last quarter. Finally, Legacy Advisors LLC purchased a new stake in shares of Pfizer during the 3rd quarter worth about $164,000. 70.12% of the stock is owned by hedge funds and other institutional investors.
A number of equities research analysts have recently weighed in on PFE shares. Morningstar set a $38.00 price target on Pfizer and gave the stock a “neutral” rating in a research note on Tuesday, January 30th. UBS Group set a $42.00 price target on Pfizer and gave the stock a “buy” rating in a research note on Wednesday, January 31st. Nord/LB reaffirmed a “neutral” rating on shares of Pfizer in a research note on Wednesday, December 27th. Zacks Investment Research raised Pfizer from a “hold” rating to a “buy” rating and set a $41.00 price target for the company in a research note on Wednesday, January 24th. Finally, Sanford C. Bernstein set a $43.00 price target on Pfizer and gave the stock a “buy” rating in a research note on Tuesday, January 30th. Two analysts have rated the stock with a sell rating, ten have issued a hold rating and eleven have given a buy rating to the company. The company has an average rating of “Hold” and an average price target of $39.45.
Pfizer (NYSE:PFE) last released its earnings results on Tuesday, January 30th. The biopharmaceutical company reported $0.62 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.56 by $0.06. The firm had revenue of $13.70 billion for the quarter, compared to analyst estimates of $13.67 billion. Pfizer had a return on equity of 26.86% and a net margin of 40.55%. The company’s revenue was up .6% on a year-over-year basis. During the same quarter last year, the firm posted $0.47 EPS. equities research analysts forecast that Pfizer Inc. will post 2.95 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Thursday, March 1st. Shareholders of record on Friday, February 2nd will be issued a $0.34 dividend. The ex-dividend date of this dividend is Thursday, February 1st. This represents a $1.36 dividend on an annualized basis and a yield of 3.78%. This is a positive change from Pfizer’s previous quarterly dividend of $0.32. Pfizer’s dividend payout ratio (DPR) is 38.64%.
Pfizer announced that its board has initiated a share buyback plan on Monday, December 18th that allows the company to repurchase $10.00 billion in outstanding shares. This repurchase authorization allows the biopharmaceutical company to reacquire shares of its stock through open market purchases. Shares repurchase plans are often a sign that the company’s leadership believes its stock is undervalued.
In other Pfizer news, insider Alexander R. Mackenzie sold 6,750 shares of the firm’s stock in a transaction that occurred on Friday, December 15th. The stock was sold at an average price of $37.00, for a total value of $249,750.00. Following the sale, the insider now owns 103,458 shares of the company’s stock, valued at approximately $3,827,946. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Rady A. Johnson sold 8,000 shares of the firm’s stock in a transaction that occurred on Friday, December 15th. The shares were sold at an average price of $37.07, for a total value of $296,560.00. Following the completion of the sale, the executive vice president now directly owns 46,963 shares in the company, valued at approximately $1,740,918.41. The disclosure for this sale can be found here. Company insiders own 0.06% of the company’s stock.
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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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