Cresset Asset Management LLC Trims Stock Position in Pfizer Inc. (NYSE:PFE)

Key Points

• Cresset Asset Management LLC reduced its stake in Pfizer Inc. by 18.4% in Q1, owning 474,419 shares valued at $12 million after selling 106,757 shares.
• Analysts have mixed ratings on Pfizer, with most giving it a "hold" rating and a consensus price target of $28.12.
• Pfizer recently reported quarterly earnings of $0.78 EPS, exceeding estimates, and declared a dividend of $0.43 to be paid in September.

Cresset Asset Management LLC decreased its position in Pfizer Inc. (NYSE:PFE - Free Report) by 18.4% in the first quarter, according to its most recent Form 13F filing with the SEC. The firm owned 474,419 shares of the biopharmaceutical company's stock after selling 106,757 shares during the period. Cresset Asset Management LLC's holdings in Pfizer were worth $12,022,000 at the end of the most recent quarter.

Other institutional investors also recently bought and sold shares of the company. Alliance Wealth Advisors LLC UT raised its holdings in shares of Pfizer by 21.5% in the 1st quarter. Alliance Wealth Advisors LLC UT now owns 15,270 shares of the biopharmaceutical company's stock valued at $387,000 after purchasing an additional 2,699 shares in the last quarter. Dynamic Financial Group increased its holdings in Pfizer by 2.6% during the first quarter. Dynamic Financial Group now owns 60,565 shares of the biopharmaceutical company's stock valued at $1,535,000 after buying an additional 1,536 shares during the period. Forvis Mazars Wealth Advisors LLC raised its stake in Pfizer by 4.0% in the first quarter. Forvis Mazars Wealth Advisors LLC now owns 52,489 shares of the biopharmaceutical company's stock worth $1,330,000 after buying an additional 1,996 shares in the last quarter. Global Endowment Management LP bought a new stake in Pfizer during the 1st quarter valued at $231,000. Finally, Nations Financial Group Inc. IA ADV increased its holdings in shares of Pfizer by 0.9% in the 1st quarter. Nations Financial Group Inc. IA ADV now owns 142,294 shares of the biopharmaceutical company's stock valued at $3,606,000 after acquiring an additional 1,245 shares during the period. 68.36% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of equities research analysts recently weighed in on the company. Bank of America raised their price objective on Pfizer from $27.00 to $28.00 and gave the company a "neutral" rating in a research report on Wednesday, August 6th. Wolfe Research lifted their price objective on shares of Pfizer from $22.00 to $23.00 and gave the stock an "underperform" rating in a research report on Wednesday, April 30th. Redburn Atlantic decreased their target price on shares of Pfizer from $29.00 to $27.00 and set a "neutral" rating for the company in a research report on Wednesday, April 30th. The Goldman Sachs Group raised their target price on shares of Pfizer from $25.00 to $27.00 and gave the company a "neutral" rating in a research note on Wednesday, April 30th. Finally, HSBC reduced their price target on Pfizer from $27.00 to $26.00 and set a "buy" rating on the stock in a research report on Monday, May 19th. One investment analyst has rated the stock with a sell rating, eleven have given a hold rating, five have given a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of "Hold" and an average price target of $28.12.

Pfizer Price Performance

Shares of PFE opened at $25.16 on Friday. The business's 50-day moving average is $24.60 and its two-hundred day moving average is $24.44. The company has a market capitalization of $143.05 billion, a P/E ratio of 13.38, a P/E/G ratio of 0.89 and a beta of 0.52. Pfizer Inc. has a fifty-two week low of $20.92 and a fifty-two week high of $30.43. The company has a debt-to-equity ratio of 0.65, a quick ratio of 0.85 and a current ratio of 1.16.

Pfizer (NYSE:PFE - Get Free Report) last released its quarterly earnings data on Tuesday, August 5th. The biopharmaceutical company reported $0.78 EPS for the quarter, topping the consensus estimate of $0.58 by $0.20. Pfizer had a return on equity of 21.42% and a net margin of 16.84%. The business had revenue of $14.65 billion for the quarter, compared to analyst estimates of $13.43 billion. During the same quarter in the prior year, the firm posted $0.60 EPS. The business's quarterly revenue was up 10.3% compared to the same quarter last year. Research analysts predict that Pfizer Inc. will post 2.95 earnings per share for the current year.

Pfizer Dividend Announcement

The firm also recently declared 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 annualized dividend and a dividend yield of 6.8%. The ex-dividend date is Friday, July 25th. Pfizer's payout ratio is currently 91.49%.

Pfizer Company Profile

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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