Becker Capital Management Inc. has decreased its holdings in Pfizer Inc. (NYSE:PFE) by 14.2% during the third quarter of 2023. According to a recent disclosure with the Securities and Exchange Commission, the institutional investor now owns 325,863 shares after selling 54,103 shares during this period. At the close of the quarter, Becker Capital’s investment in Pfizer was valued at approximately $8,303,000.
This adjustment in Becker Capital’s portfolio comes amidst a broader trend among institutional investors. Other hedge funds have also made significant moves regarding Pfizer shares. For instance, Grey Fox Wealth Advisors LLC acquired a new stake valued at around $29,000, while Howard Hughes Medical Institute and Darwin Wealth Management LLC made similar investments worth $30,000 and $32,000, respectively. True Wealth Design LLC notably increased its stake by 302.5%, now holding 1,296 shares, valued at approximately $33,000 after purchasing an additional 974 shares.
As of now, institutional investors and hedge funds collectively own 68.36% of Pfizer’s stock.
Analyst Ratings and Market Performance
Pfizer’s stock has been the subject of various recent analyst reports, reflecting a mixed outlook. Weiss Ratings reaffirmed a “hold (c-)” rating on January 22, 2024. Wolfe Research set a price target of $24.00, categorizing the stock as “underperform” on December 17, 2023. Morgan Stanley revised its price objective downward from $32.00 to $28.00, maintaining an “equal weight” rating.
On a more positive note, Argus upgraded Pfizer from a “hold” to a “buy” rating, setting a target price of $35.00. Meanwhile, Daiwa Securities Group lowered its rating from “outperform” to “neutral” with a price target of $27.00. Overall, analysts have given Pfizer a consensus rating of “Hold” with an average target price of $28.05.
Key Developments Impacting Pfizer
Recent news has generated both positive and negative sentiment surrounding Pfizer. A successful Phase-3 readout for PADCEV, in collaboration with Astellas, has bolstered optimism regarding its oncology revenue potential. Conversely, the company faced setbacks, including the withdrawal of the Zumrad filing in Europe, which has raised concerns about potential delays and revenue impact.
Moreover, Pfizer’s CEO has highlighted challenges with FDA vaccine leadership, suggesting regulatory obstacles that could complicate future approvals. These factors have led analysts to express cautious positioning, particularly in light of flat guidance and declining COVID product sales.
On February 3, 2024, Pfizer reported earnings of $0.66 per share for the quarter, surpassing analysts’ expectations of $0.57 per share. The company achieved revenue of $17.56 billion, exceeding predictions of $16.93 billion. Despite this, Pfizer’s revenue reflects a 1.2% decline compared to the previous year.
Additionally, Pfizer announced a quarterly dividend of $0.43, scheduled to be paid on March 6, 2024, to investors of record as of January 23, 2024. This dividend represents an annualized payout of $1.72 and a yield of 6.3%.
Pfizer Inc., headquartered in New York City, is a leading multinational biopharmaceutical company established in 1849. It specializes in researching, developing, and manufacturing a diverse range of medicines and vaccines across various therapeutic areas, including oncology, immunology, and infectious diseases. The company continues to navigate a complex landscape marked by both opportunities and challenges as it strives to maintain its position in the global healthcare market.
