Assetmark Inc. Sells 1,614,128 Shares of Pfizer Inc. (NYSE:PFE)

Key Points

• Assetmark Inc. has reduced its stake in Pfizer Inc. by 44.2%, selling 1,614,128 shares, and now holds 2,038,984 shares valued at approximately $51.67 million.
• Institutional investors hold about 68.36% of Pfizer's stock, with several hedge funds recently increasing their positions in the company.
• Research analysts' target prices for Pfizer range from $24.00 to $33.00, with an average rating of "Hold" and a consensus target price of $28.55.

Assetmark Inc. lessened its stake in Pfizer Inc. (NYSE:PFE - Free Report) by 44.2% in the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 2,038,984 shares of the biopharmaceutical company's stock after selling 1,614,128 shares during the period. Assetmark Inc.'s holdings in Pfizer were worth $51,668,000 at the end of the most recent reporting period.

Other hedge funds have also made changes to their positions in the company. Clarity Asset Management Inc. bought a new position in Pfizer during the fourth quarter worth about $27,000. Gould Capital LLC raised its stake in shares of Pfizer by 97.2% in the fourth quarter. Gould Capital LLC now owns 1,000 shares of the biopharmaceutical company's stock valued at $27,000 after acquiring an additional 493 shares during the last quarter. North Capital Inc. bought a new position in shares of Pfizer in the first quarter valued at approximately $28,000. Bernard Wealth Management Corp. bought a new position in shares of Pfizer in the fourth quarter valued at approximately $30,000. Finally, Horizon Financial Services LLC bought a new position in shares of Pfizer in the first quarter valued at approximately $35,000. Institutional investors own 68.36% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research analysts have recently issued reports on the stock. Redburn Atlantic cut their target price on shares of Pfizer from $29.00 to $27.00 and set a "neutral" rating for the company in a research note on Wednesday, April 30th. Jefferies Financial Group raised their price target on shares of Pfizer from $32.00 to $33.00 and gave the company a "buy" rating in a report on Wednesday, May 21st. Cantor Fitzgerald initiated coverage on shares of Pfizer in a report on Tuesday, April 22nd. They issued a "neutral" rating and a $24.00 price target for the company. Berenberg Bank lowered their price target on shares of Pfizer from $28.00 to $25.00 and set a "hold" rating for the company in a report on Thursday, May 29th. Finally, Citigroup raised their price target on shares of Pfizer from $23.00 to $25.00 and gave the company a "neutral" rating in a report on Wednesday, April 30th. One investment analyst has rated the stock with a sell rating, thirteen have given a hold rating, six have issued a buy rating and three have assigned a strong buy rating to the company's stock. Based on data from MarketBeat.com, the stock has an average rating of "Hold" and a consensus price target of $28.55.

Pfizer Trading Down 2.2%

Shares of NYSE PFE opened at $24.79 on Friday. The company's fifty day moving average is $24.30 and its 200-day moving average is $24.68. The stock has a market cap of $140.91 billion, a price-to-earnings ratio of 17.96, a P/E/G ratio of 0.92 and a beta of 0.58. Pfizer Inc. has a twelve month low of $20.92 and a twelve month high of $31.54. The company has a quick ratio of 0.96, a current ratio of 1.26 and a debt-to-equity ratio of 0.64.

Pfizer (NYSE:PFE - Get Free Report) last announced its earnings results on Tuesday, April 29th. The biopharmaceutical company reported $0.92 earnings per share for the quarter, topping analysts' consensus estimates of $0.67 by $0.25. The firm had revenue of $13.72 billion during the quarter, compared to analyst estimates of $14.43 billion. Pfizer had a net margin of 12.62% and a return on equity of 20.33%. The company's revenue for the quarter was down 7.8% compared to the same quarter last year. During the same period in the prior year, the business earned $0.82 EPS. Equities research analysts predict that Pfizer Inc. will post 2.95 EPS for the current year.

Pfizer Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, September 2nd. Investors of record on Friday, July 25th will be paid a $0.43 dividend. This represents a $1.72 dividend on an annualized basis and a yield of 6.94%. The ex-dividend date is Friday, July 25th. Pfizer's payout ratio is presently 124.64%.

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.

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