Farther Finance Advisors LLC significantly increased its stake in Pfizer Inc. (NYSE: PFE) by 58.9% during the second quarter of 2023. According to a recent filing with the U.S. Securities and Exchange Commission (SEC), the firm acquired an additional 50,209 shares, bringing its total holdings to 135,499 shares. The value of Farther Finance Advisors’ investment in Pfizer reached approximately $3,284,000 by the end of the reporting period.
Other institutional investors also adjusted their positions in Pfizer. Notably, Brighton Jones LLC raised its stake by an impressive 1,282.4% during the fourth quarter of 2022, resulting in ownership of 666,318 shares valued at $17,677,000. Similarly, Revolve Wealth Partners LLC increased its holdings by 12.5%, now owning 18,766 shares valued at $498,000.
Additionally, GTS Securities LLC grew its position in Pfizer by 127.1%, with 44,452 shares valued at $1,179,000 after purchasing 208,555 shares. Meanwhile, GF Fund Management CO. LTD. entered the scene with a new investment worth approximately $3,708,000. Currently, institutional investors collectively hold 68.36% of Pfizer’s stock.
Pfizer Stock Overview
As of the latest trading session, shares of Pfizer opened at $24.03. The company maintains a quick ratio of 0.85, a current ratio of 1.16, and a debt-to-equity ratio of 0.65. Over the past year, Pfizer’s stock has fluctuated between a low of $20.92 and a high of $30.43. The stock’s 50-day moving average price stands at $24.63, while the 200-day moving average is at $24.20. Pfizer’s current market capitalization is estimated at $136.62 billion, with a price-to-earnings ratio of 12.78 and a price-to-earnings-growth ratio of 0.78. The company has a beta of 0.55, indicating lower volatility compared to the market.
Recent Dividend Announcement
In addition to its stock performance, Pfizer recently declared a quarterly dividend, which was distributed on September 2, 2023. Shareholders who were on record as of July 25, 2023, received a dividend of $0.43 per share. This results in an annualized dividend of $1.72, reflecting a yield of 7.2%. Pfizer’s payout ratio currently stands at 91.49%, suggesting a commitment to returning value to shareholders.
Analysts Adjust Price Targets
Several analysts have recently reassessed their price targets for Pfizer shares. Wall Street Zen upgraded its rating from “hold” to “buy” on September 30, 2023. In contrast, Berenberg Bank lowered its price target from $28.00 to $25.00, maintaining a “hold” rating. Citigroup adjusted its price target upward from $25.00 to $26.00, categorizing the stock as “neutral.”
Bank of America also raised its price target from $27.00 to $28.00, while Morgan Stanley increased its target from $32.00 to $33.00, rating it as “equal weight.” Overall, two analysts have given Pfizer a “strong buy” rating, while four have issued “buy” ratings, eleven have rated it as “hold,” and one has assigned a “sell” rating. According to MarketBeat.com, the average rating for Pfizer is “hold,” with a consensus price target of $28.12.
Pfizer Inc. is a leading biopharmaceutical company involved in the discovery, development, manufacturing, marketing, and distribution of various pharmaceutical products globally. The company offers a range of medicines and vaccines across multiple therapeutic areas, including cardiovascular health, infectious diseases, and COVID-19 prevention and treatment. Pfizer continues to play a vital role in addressing healthcare needs worldwide.
