Convergence Financial LLC Reduces Position in Pfizer Inc. (NYSE:PFE)

Convergence Financial LLC trimmed its stake in Pfizer Inc. (NYSE:PFE) by 36.9% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 10,902 shares of the biopharmaceutical company’s stock after selling 6,371 shares during the period. Convergence Financial LLC’s holdings in Pfizer were worth $316,000 at the end of the most recent quarter.

A number of other hedge funds have also recently modified their holdings of PFE. Olistico Wealth LLC purchased a new position in shares of Pfizer in the 2nd quarter valued at $25,000. MFA Wealth Advisors LLC purchased a new position in shares of Pfizer in the 2nd quarter valued at $29,000. Quarry LP purchased a new position in shares of Pfizer in the 2nd quarter valued at $31,000. Trivant Custom Portfolio Group LLC grew its position in shares of Pfizer by 100.0% in the 1st quarter. Trivant Custom Portfolio Group LLC now owns 1,200 shares of the biopharmaceutical company’s stock valued at $33,000 after buying an additional 600 shares during the last quarter. Finally, Financial Connections Group Inc. purchased a new position in Pfizer during the 2nd quarter worth $34,000. 68.36% of the stock is owned by hedge funds and other institutional investors.

Pfizer Stock Down 0.6 %

Shares of NYSE PFE opened at $28.46 on Friday. The company has a quick ratio of 0.60, a current ratio of 0.86 and a debt-to-equity ratio of 0.65. Pfizer Inc. has a 52 week low of $25.20 and a 52 week high of $31.54. The firm has a 50-day moving average price of $29.07 and a 200 day moving average price of $28.49. The stock has a market capitalization of $161.27 billion, a price-to-earnings ratio of -61.87, a price-to-earnings-growth ratio of 1.01 and a beta of 0.67.

Pfizer (NYSE:PFE) last announced its quarterly earnings data on Tuesday, July 30th. The biopharmaceutical company reported $0.60 EPS for the quarter, beating the consensus estimate of $0.46 by $0.14. Pfizer had a negative net margin of 4.66% and a positive return on equity of 8.42%. The firm had revenue of $13.28 billion during the quarter, compared to analysts’ expectations of $12.96 billion. During the same quarter last year, the business earned $0.67 earnings per share. The business’s revenue for the quarter was up 2.1% compared to the same quarter last year. Equities research analysts anticipate that Pfizer Inc. will post 2.67 EPS for the current fiscal year.

Pfizer Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, December 2nd. Investors of record on Friday, November 8th will be paid a $0.42 dividend. This represents a $1.68 annualized dividend and a dividend yield of 5.90%. The ex-dividend date is Friday, November 8th. Pfizer’s dividend payout ratio (DPR) is -365.21%.

Analyst Ratings Changes

Several research analysts have issued reports on PFE shares. Citigroup started coverage on shares of Pfizer in a research report on Friday. They set a “neutral” rating and a $30.00 price objective on the stock. Cantor Fitzgerald reissued an “overweight” rating and set a $45.00 price objective on shares of Pfizer in a research report on Wednesday. StockNews.com raised shares of Pfizer from a “hold” rating to a “buy” rating in a research report on Wednesday, October 9th. Sanford C. Bernstein started coverage on shares of Pfizer in a research report on Thursday, October 17th. They set a “market perform” rating and a $32.00 price objective on the stock. Finally, Barclays raised their price objective on shares of Pfizer from $30.00 to $32.00 and gave the stock an “equal weight” rating in a research report on Wednesday, July 31st. Eight analysts have rated the stock with a hold rating, six have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $33.58.

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.