Pfizer (NYSE:PFE) Stock Price Up 2% After Better-Than-Expected Earnings

Pfizer Inc. (NYSE:PFE - Get Free Report) shot up 2% on Wednesday after the company announced better than expected quarterly earnings. The stock traded as high as $24.37 and last traded at $24.28. 20,272,928 shares traded hands during trading, a decline of 58% from the average session volume of 48,148,574 shares. The stock had previously closed at $23.79.

The biopharmaceutical company reported $0.92 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.67 by $0.25. Pfizer had a return on equity of 19.47% and a net margin of 12.62%. The firm had revenue of $13.72 billion for the quarter, compared to analyst estimates of $14.43 billion. During the same quarter last year, the firm posted $0.82 EPS. The company's revenue was down 7.8% on a year-over-year basis.

Pfizer Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, June 13th. Shareholders of record on Friday, May 9th will be issued a dividend of $0.43 per share. The ex-dividend date is Friday, May 9th. This represents a $1.72 dividend on an annualized basis and a dividend yield of 7.08%. Pfizer's payout ratio is presently 121.99%.

Wall Street Analysts Forecast Growth

Several analysts have weighed in on PFE shares. Hsbc Global Res raised Pfizer to a "strong-buy" rating in a report on Monday, March 10th. Guggenheim reiterated a "buy" rating on shares of Pfizer in a report on Tuesday, March 18th. UBS Group raised their target price on Pfizer from $24.00 to $25.00 and gave the stock a "neutral" rating in a report on Wednesday. Citigroup reaffirmed a "neutral" rating on shares of Pfizer in a research note on Thursday, March 27th. Finally, Cantor Fitzgerald began coverage on Pfizer in a research note on Tuesday, April 22nd. They issued a "neutral" rating and a $24.00 target price for the company. One research analyst has rated the stock with a sell rating, nine have issued a hold rating, five have given a buy rating and three have issued a strong buy rating to the company's stock. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $29.64.

Insider Buying and Selling at Pfizer

In other news, Director Ronald E. Blaylock acquired 19,457 shares of the firm's stock in a transaction on Thursday, February 13th. The shares were purchased at an average cost of $25.65 per share, with a total value of $499,072.05. Following the acquisition, the director now directly owns 27,707 shares in the company, valued at $710,684.55. This represents a 235.84 % increase in their position. The purchase was disclosed in a document filed with the SEC, which is accessible through this link. Insiders own 0.06% of the company's stock.

Institutional Trading of Pfizer

Several hedge funds and other institutional investors have recently made changes to their positions in PFE. Norges Bank acquired a new position in Pfizer in the fourth quarter valued at $2,328,986,000. Charles Schwab Investment Management Inc. boosted its holdings in Pfizer by 19.5% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 155,459,101 shares of the biopharmaceutical company's stock worth $4,124,330,000 after acquiring an additional 25,315,159 shares in the last quarter. Starboard Value LP bought a new position in Pfizer in the 4th quarter valued at about $407,730,000. Raymond James Financial Inc. bought a new stake in shares of Pfizer in the 4th quarter worth $274,694,000. Finally, Assenagon Asset Management S.A. grew its position in Pfizer by 307.5% in the 1st quarter. Assenagon Asset Management S.A. now owns 10,046,340 shares of the biopharmaceutical company's stock worth $254,574,000 after purchasing an additional 7,581,030 shares in the last quarter. 68.36% of the stock is currently owned by institutional investors.

Pfizer Trading Up 2.1 %

The company has a market capitalization of $137.73 billion, a P/E ratio of 17.22, a price-to-earnings-growth ratio of 0.64 and a beta of 0.67. The company has a debt-to-equity ratio of 0.63, a current ratio of 1.00 and a quick ratio of 0.73. The firm has a fifty day moving average price of $24.48 and a 200-day moving average price of $25.86.

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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