Pfizer (NYSE:PFE) has seen its price target reduced by Bank of America from $29.00 to $28.00, according to a report issued on Monday morning. The investment firm currently maintains a neutral rating on the biopharmaceutical company’s stock. This adjustment follows a series of recent evaluations from various equity research analysts that have also expressed caution regarding Pfizer’s performance.
In a report dated September 28, 2023, Wall Street Zen downgraded Pfizer from a “buy” rating to a “hold” rating. Meanwhile, Sanford C. Bernstein reaffirmed a “market perform” rating and has set a target price of $30.00 for the company’s shares as of October 31, 2023. Citigroup initiated coverage on Pfizer on December 2, 2023, applying a neutral rating with a target price of $26.00. In contrast, Guggenheim raised their price target from $33.00 to $35.00 while assigning a “buy” rating on November 24, 2023. Weiss Ratings has also reiterated a “hold (c-)” rating as of October 8, 2023.
Analyst sentiments reflect a mixed outlook on Pfizer, with two analysts rating the stock as a Strong Buy, four assigning a Buy rating, twelve giving it a Hold rating, and one analyst issuing a Sell rating. According to data from MarketBeat.com, Pfizer holds an average rating of “Hold” with an average target price of $28.06.
Pfizer’s Recent Earnings Performance
Pfizer’s quarterly earnings results released on November 4, 2023, showed an earnings per share (EPS) of $0.87, surpassing the consensus estimate of $0.79 by $0.08. However, the company reported revenue of $16.65 billion for the quarter, falling short of the expected $16.94 billion. Pfizer’s net margin stands at 15.65%, with a return on equity of 20.17%. The company has projected its fiscal year 2025 EPS guidance to be between $3.000 and $3.150. Analysts collectively forecast an EPS of $2.95 for the current year.
Dividends and Institutional Holdings
Recently, Pfizer declared a quarterly dividend of $0.43, scheduled for payment on March 6, 2024. Shareholders of record on January 23, 2024, will receive this dividend, which translates to an annualized dividend of $1.72 and a dividend yield of 6.9%. The company’s payout ratio currently stands at 100.00%.
Institutional investors have been active in modifying their holdings of Pfizer. GKV Capital Management Co. Inc. entered a new position in Pfizer during the first quarter, valued at approximately $27,000. Curio Wealth LLC significantly increased its holdings by 36,600.0% in the second quarter, now owning 1,101 shares worth $27,000 after an additional purchase of 1,098 shares. Other notable acquisitions include Bayforest Capital Ltd and Harbor Asset Planning Inc., each investing around $28,000 to $29,000 in the company. Currently, 68.36% of Pfizer’s stock is owned by institutional investors.
About Pfizer
Pfizer Inc. is engaged in the discovery, development, manufacturing, marketing, distribution, and sale of biopharmaceutical products across the United States, Europe, and other international markets. The company provides a range of medicines and vaccines in multiple therapeutic areas, including cardiovascular, metabolic, migraine, and women’s health, under brands such as Eliquis and Premarin. Additionally, Pfizer is involved in addressing infectious diseases and COVID-19 prevention and treatment with products like Comirnaty and Paxlovid.
As analysts continue to evaluate Pfizer’s stock performance, the company’s ability to navigate market conditions will be closely observed by investors and stakeholders alike.
