Convergence Investment Partners LLC Trims Stock Position in Pfizer Inc. (NYSE:PFE)

Convergence Investment Partners LLC trimmed its holdings in shares of Pfizer Inc. (NYSE:PFE - Free Report) by 44.6% in the 1st quarter, according to its most recent disclosure with the SEC. The fund owned 59,488 shares of the biopharmaceutical company's stock after selling 47,925 shares during the period. Convergence Investment Partners LLC's holdings in Pfizer were worth $1,507,000 as of its most recent SEC filing.

Other large investors have also recently made changes to their positions in the company. Granite Group Advisors LLC increased its position in shares of Pfizer by 37.9% during the first quarter. Granite Group Advisors LLC now owns 47,033 shares of the biopharmaceutical company's stock valued at $1,192,000 after acquiring an additional 12,919 shares in the last quarter. Old Port Advisors increased its position in shares of Pfizer by 8.8% during the first quarter. Old Port Advisors now owns 89,293 shares of the biopharmaceutical company's stock valued at $2,263,000 after acquiring an additional 7,218 shares in the last quarter. Accredited Investors Inc. increased its position in shares of Pfizer by 3.2% during the first quarter. Accredited Investors Inc. now owns 19,698 shares of the biopharmaceutical company's stock valued at $499,000 after acquiring an additional 605 shares in the last quarter. Quadrant Private Wealth Management LLC increased its position in shares of Pfizer by 0.8% during the first quarter. Quadrant Private Wealth Management LLC now owns 118,985 shares of the biopharmaceutical company's stock valued at $3,015,000 after acquiring an additional 913 shares in the last quarter. Finally, Proficio Capital Partners LLC increased its position in shares of Pfizer by 163.7% during the first quarter. Proficio Capital Partners LLC now owns 22,425 shares of the biopharmaceutical company's stock valued at $568,000 after acquiring an additional 13,922 shares in the last quarter. 68.36% of the stock is currently owned by hedge funds and other institutional investors.

Pfizer Stock Performance

Shares of NYSE PFE traded down $0.57 during midday trading on Friday, reaching $24.79. The company had a trading volume of 35,628,980 shares, compared to its average volume of 38,205,096. The business's 50-day simple moving average is $24.30 and its 200 day simple moving average is $24.68. The stock has a market cap of $140.91 billion, a P/E ratio of 17.96, a P/E/G ratio of 0.92 and a beta of 0.58. Pfizer Inc. has a 1 year low of $20.92 and a 1 year high of $31.54. The company has a current ratio of 1.26, a quick ratio of 0.96 and a debt-to-equity ratio of 0.64.

Pfizer (NYSE:PFE - Get Free Report) last posted its quarterly earnings data on Tuesday, April 29th. The biopharmaceutical company reported $0.92 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.67 by $0.25. The business had revenue of $13.72 billion for the quarter, compared to the consensus estimate of $14.43 billion. Pfizer had a net margin of 12.62% and a return on equity of 20.33%. The company's revenue was down 7.8% compared to the same quarter last year. During the same period last year, the firm posted $0.82 earnings per share. On average, analysts forecast that Pfizer Inc. will post 2.95 earnings per share for the current fiscal year.

Pfizer Dividend Announcement

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

Wall Street Analyst Weigh In

PFE has been the subject of a number of research analyst reports. Wolfe Research lifted their target price 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. Citigroup lifted their target price on shares of Pfizer from $23.00 to $25.00 and gave the stock a "neutral" rating in a research report on Wednesday, April 30th. BMO Capital Markets cut their target price on shares of Pfizer from $36.00 to $30.00 in a research report on Thursday, April 17th. HSBC cut their target price on shares of Pfizer from $27.00 to $26.00 and set a "buy" rating for the company in a research report on Monday, May 19th. Finally, Morgan Stanley lifted their target price on shares of Pfizer from $31.00 to $32.00 and gave the stock an "equal weight" rating in a research report on Wednesday, April 30th. One equities research analyst has rated the stock with a sell rating, thirteen have assigned a hold rating, six have assigned a buy rating and three have given a strong buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of "Hold" and a consensus price target of $28.55.

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.