Pfizer (NYSE:PFE) Given New $29.00 Price Target at Morgan Stanley

Pfizer (NYSE:PFE) had its target price upped by Morgan Stanley from $28.00 to $29.00 in a research note released on Thursday, Benzinga reports. Morgan Stanley currently has an equal weight rating on the biopharmaceutical company’s stock.

Other analysts have also recently issued reports about the company. Guggenheim began coverage on Pfizer in a research report on Friday, February 23rd. They set a buy rating and a $36.00 price objective for the company. Cantor Fitzgerald reissued an overweight rating and issued a $45.00 price objective on shares of Pfizer in a research note on Monday, April 15th. BMO Capital Markets restated an outperform rating and issued a $36.00 target price (up previously from $33.00) on shares of Pfizer in a research note on Thursday. TD Cowen lowered shares of Pfizer from an outperform rating to a market perform rating and set a $32.00 price target on the stock. in a research note on Thursday, January 4th. Finally, Argus downgraded shares of Pfizer from a buy rating to a hold rating in a research report on Friday, March 22nd. Eleven analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of Hold and an average target price of $36.00.

Pfizer Stock Performance

Shares of PFE stock traded up $0.11 during trading hours on Thursday, hitting $27.81. The stock had a trading volume of 60,568,852 shares, compared to its average volume of 41,900,304. The stock’s 50 day moving average is $26.88 and its 200 day moving average is $28.21. The firm has a market capitalization of $157.48 billion, a PE ratio of -463.42, a PEG ratio of 1.18 and a beta of 0.63. Pfizer has a twelve month low of $25.20 and a twelve month high of $40.37. The company has a debt-to-equity ratio of 0.69, a current ratio of 0.91 and a quick ratio of 0.69.

Pfizer (NYSE:PFE) last issued its quarterly earnings data on Wednesday, May 1st. The biopharmaceutical company reported $0.82 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.56 by $0.26. Pfizer had a negative net margin of 0.56% and a positive return on equity of 8.58%. The company had revenue of $14.88 billion for the quarter, compared to the consensus estimate of $13.87 billion. During the same period last year, the firm posted $1.23 EPS. Pfizer’s revenue for the quarter was down 19.5% on a year-over-year basis. As a group, research analysts forecast that Pfizer will post 2.36 earnings per share for the current fiscal year.

Pfizer Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, June 14th. Shareholders of record on Friday, May 10th will be issued a dividend of $0.42 per share. The ex-dividend date of this dividend is Thursday, May 9th. This represents a $1.68 annualized dividend and a yield of 6.04%. Pfizer’s dividend payout ratio (DPR) is currently -2,799.53%.

Institutional Trading of Pfizer

Several large investors have recently modified their holdings of the business. Briaud Financial Planning Inc acquired a new stake in shares of Pfizer during the third quarter valued at $30,000. GoalVest Advisory LLC grew its stake in shares of Pfizer by 304.9% in the fourth quarter. GoalVest Advisory LLC now owns 1,077 shares of the biopharmaceutical company’s stock valued at $31,000 after buying an additional 811 shares in the last quarter. Creekmur Asset Management LLC purchased a new stake in shares of Pfizer during the 4th quarter valued at about $32,000. Trivant Custom Portfolio Group LLC lifted its position in Pfizer by 100.0% during the 1st quarter. Trivant Custom Portfolio Group LLC now owns 1,200 shares of the biopharmaceutical company’s stock worth $33,000 after acquiring an additional 600 shares in the last quarter. Finally, Mizuho Securities Co. Ltd. purchased a new position in Pfizer in the 3rd quarter worth approximately $34,000. 68.36% of the stock is currently owned by institutional investors and hedge funds.

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.