Pfizer (NYSE:PFE) Shares Up 1.8% After Better-Than-Expected Earnings

Pfizer Inc. (NYSE:PFE - Get Free Report) was up 1.8% during trading on Thursday after the company announced better than expected quarterly earnings. The company traded as high as $27.86 and last traded at $27.68. Approximately 17,334,535 shares were traded during trading, a decline of 59% from the average daily volume of 42,279,973 shares. The stock had previously closed at $27.18.

The biopharmaceutical company reported $0.82 earnings per share for the quarter, topping the consensus estimate of $0.56 by $0.26. Pfizer had a return on equity of 10.88% and a net margin of 3.62%. The firm had revenue of $14.88 billion for the quarter, compared to the consensus estimate of $13.87 billion. During the same period in the prior year, the business posted $1.23 earnings per share. The company's revenue for the quarter was down 19.5% on a year-over-year basis.

Pfizer Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, June 14th. Shareholders of record on Friday, May 10th will be issued a dividend of $0.42 per share. The ex-dividend date is Thursday, May 9th. This represents a $1.68 annualized dividend and a yield of 6.06%. Pfizer's payout ratio is currently 466.67%.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on PFE. TD Cowen downgraded Pfizer from an "outperform" rating to a "market perform" rating and set a $32.00 price target on the stock. in a report on Thursday, January 4th. Argus downgraded Pfizer from a "buy" rating to a "hold" rating in a report on Friday, March 22nd. Morgan Stanley lifted their price target on Pfizer from $28.00 to $29.00 and gave the company an "equal weight" rating in a report on Thursday. BMO Capital Markets reiterated an "outperform" rating and issued a $36.00 price target (up from $33.00) on shares of Pfizer in a report on Thursday. Finally, Cantor Fitzgerald reissued an "overweight" rating and issued a $45.00 price objective on shares of Pfizer in a research report on Monday, April 15th. Eleven research analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of "Hold" and an average price target of $36.00.

Hedge Funds Weigh In On Pfizer

A number of large investors have recently bought and sold shares of PFE. Norges Bank acquired a new position in shares of Pfizer during the fourth quarter valued at approximately $2,129,927,000. Wellington Management Group LLP raised its holdings in shares of Pfizer by 4.9% during the fourth quarter. Wellington Management Group LLP now owns 239,209,768 shares of the biopharmaceutical company's stock valued at $6,886,849,000 after acquiring an additional 11,099,024 shares during the last quarter. Charles Schwab Investment Management Inc. increased its holdings in shares of Pfizer by 10.9% in the third quarter. Charles Schwab Investment Management Inc. now owns 95,772,746 shares of the biopharmaceutical company's stock valued at $3,161,261,000 after purchasing an additional 9,393,992 shares during the last quarter. Massachusetts Financial Services Co. MA increased its holdings in shares of Pfizer by 13.8% in the fourth quarter. Massachusetts Financial Services Co. MA now owns 68,506,441 shares of the biopharmaceutical company's stock valued at $1,972,300,000 after purchasing an additional 8,298,920 shares during the last quarter. Finally, Invesco Ltd. increased its holdings in shares of Pfizer by 30.9% in the third quarter. Invesco Ltd. now owns 24,054,896 shares of the biopharmaceutical company's stock valued at $797,901,000 after purchasing an additional 5,678,004 shares during the last quarter. Institutional investors and hedge funds own 68.36% of the company's stock.

Pfizer Stock Performance

The company has a debt-to-equity ratio of 0.69, a current ratio of 0.91 and a quick ratio of 0.69. The stock has a market cap of $156.85 billion, a price-to-earnings ratio of 76.94, a PEG ratio of 1.15 and a beta of 0.63. The firm has a fifty day moving average of $26.88 and a 200 day moving average of $28.25.

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.