Boothe Investment Group Inc. has increased its stake in Pfizer Inc. (NYSE: PFE) by 17.0% during the second quarter of 2023, according to data from Holdings Channel. Following this acquisition, the firm now holds 324,557 shares of the biopharmaceutical giant, with a total value of approximately $7.87 million. This investment constitutes about 3.0% of Boothe’s total portfolio, ranking Pfizer as its 13th largest position.
Several other investment firms have also adjusted their holdings in Pfizer recently. Leelyn Smith LLC raised its position by 6.1%, bringing its total to 99,337 shares valued at approximately $2.41 million. Allied Investment Advisors LLC increased its stake by 8.8%, owning now 330,727 shares worth $8.02 million. Notably, Sage Mountain Advisors LLC saw a significant increase of 47.3% in its holdings, totaling 22,789 shares valued at $552,000. Sumitomo Mitsui Trust Group Inc. expanded its position by 18.8%, amassing 15,601,116 shares valued at $378.17 million. West Michigan Advisors LLC also raised its stake by 15.5%, bringing its total to 11,046 shares, worth about $268,000.
Institutional investors and hedge funds now own approximately 68.36% of Pfizer’s stock, highlighting strong institutional interest in the company.
Pfizer’s Stock Performance and Dividend Announcement
As of Friday, shares of Pfizer opened at $24.79. The company’s stock reflects a 50-day moving average of $24.87 and a 200-day moving average of $24.17. Over the past year, Pfizer shares have experienced fluctuations, with a low of $20.92 and a high of $29.17. Currently, Pfizer boasts a market capitalization of $140.92 billion, a price-to-earnings ratio of 13.18, and a price-to-earnings-growth ratio of 0.82. The company’s debt-to-equity ratio stands at 0.65, with current and quick ratios of 1.16 and 0.85, respectively.
Pfizer has also announced a quarterly dividend of $0.43, scheduled for distribution on December 1, 2023. Shareholders on record as of November 7, 2023 will receive this dividend, which represents an annualized payout of $1.72 and a yield of 6.9%. The company’s dividend payout ratio currently stands at 91.49%, indicating a strong commitment to returning capital to shareholders.
Analysts’ Price Target Adjustments
Recent activity among analysts has resulted in varied price targets for Pfizer. Morgan Stanley has reduced its target price from $33.00 to $32.00, maintaining an “equal weight” rating. In contrast, Wall Street Zen downgraded its rating from “buy” to “hold” on September 28, 2023. UBS Group reiterated a “neutral” rating with a target price of $28.00, while Bank of America raised its target from $28.00 to $30.00 with a “neutral” rating. Weiss Ratings maintained a “hold (C-)” rating on the stock as of October 8, 2023.
Overall, analysts’ ratings for Pfizer include two Strong Buy ratings, four Buy ratings, eleven Hold ratings, and one Sell rating, leading to an average rating of “Hold” and an average target price of $28.13, according to data from MarketBeat.com.
Pfizer Inc. continues to be a prominent player in the biopharmaceutical industry, focusing on discovering, developing, manufacturing, and distributing drugs and vaccines globally. The company’s portfolio includes treatments for various therapeutic areas, such as cardiovascular diseases, infectious diseases, and COVID-19.
