Grassi Investment Management Sells 6,500 Shares of Pfizer Inc. (NYSE:PFE)

Grassi Investment Management cut its stake in shares of Pfizer Inc. (NYSE:PFE) by 4.3% during the 2nd quarter, HoldingsChannel reports. The institutional investor owned 145,102 shares of the biopharmaceutical company’s stock after selling 6,500 shares during the period. Grassi Investment Management’s holdings in Pfizer were worth $5,322,000 at the end of the most recent reporting period.

A number of other large investors also recently modified their holdings of PFE. BancFirst Trust & Investment Management raised its position in shares of Pfizer by 2.3% in the first quarter. BancFirst Trust & Investment Management now owns 17,794 shares of the biopharmaceutical company’s stock worth $719,000 after buying an additional 398 shares in the last quarter. Strategic Investment Advisors MI increased its stake in Pfizer by 32.1% in the 1st quarter. Strategic Investment Advisors MI now owns 94,117 shares of the biopharmaceutical company’s stock worth $3,840,000 after acquiring an additional 22,879 shares during the last quarter. State of Michigan Retirement System raised its holdings in shares of Pfizer by 0.9% in the 1st quarter. State of Michigan Retirement System now owns 1,771,584 shares of the biopharmaceutical company’s stock valued at $72,281,000 after acquiring an additional 15,900 shares in the last quarter. MainStreet Investment Advisors LLC grew its holdings in shares of Pfizer by 1.6% during the first quarter. MainStreet Investment Advisors LLC now owns 197,477 shares of the biopharmaceutical company’s stock worth $8,057,000 after purchasing an additional 3,099 shares in the last quarter. Finally, Center For Asset Management LLC increased its position in shares of Pfizer by 28.0% in the first quarter. Center For Asset Management LLC now owns 23,894 shares of the biopharmaceutical company’s stock worth $975,000 after purchasing an additional 5,228 shares during the last quarter. 68.05% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of equities analysts have commented on the stock. BMO Capital Markets cut their price target on shares of Pfizer from $45.00 to $44.00 and set an “outperform” rating for the company in a research note on Wednesday, August 2nd. Morgan Stanley cut their price objective on Pfizer from $42.00 to $40.00 and set an “equal weight” rating for the company in a report on Wednesday, August 2nd. Truist Financial reissued a “buy” rating and set a $62.00 price objective on shares of Pfizer in a report on Wednesday, September 13th. Barclays cut their target price on Pfizer from $40.00 to $38.00 in a research note on Tuesday, July 11th. Finally, Jefferies Financial Group lowered their price objective on shares of Pfizer from $40.00 to $38.00 in a report on Wednesday, August 2nd. Twelve analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Hold” and an average target price of $46.35.

Pfizer Price Performance

PFE stock opened at $33.64 on Tuesday. The company has a current ratio of 2.12, a quick ratio of 1.82 and a debt-to-equity ratio of 0.62. The firm’s 50-day moving average price is $35.80 and its two-hundred day moving average price is $37.96. The stock has a market capitalization of $189.93 billion, a price-to-earnings ratio of 8.95, a PEG ratio of 1.14 and a beta of 0.59. Pfizer Inc. has a 12-month low of $33.44 and a 12-month high of $54.93.

Pfizer (NYSE:PFE) last released its quarterly earnings results on Tuesday, August 1st. The biopharmaceutical company reported $0.67 EPS for the quarter, beating analysts’ consensus estimates of $0.57 by $0.10. The business had revenue of $12.73 billion during the quarter, compared to analyst estimates of $13.36 billion. Pfizer had a return on equity of 28.36% and a net margin of 27.55%. Pfizer’s quarterly revenue was down 54.1% compared to the same quarter last year. During the same quarter in the prior year, the company posted $2.04 EPS. As a group, equities analysts predict that Pfizer Inc. will post 3.33 earnings per share for the current year.

Pfizer Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Tuesday, September 5th. Stockholders of record on Friday, July 28th were paid a dividend of $0.41 per share. This represents a $1.64 dividend on an annualized basis and a dividend yield of 4.88%. The ex-dividend date of this dividend was Thursday, July 27th. Pfizer’s payout ratio is 43.62%.

About Pfizer

Pfizer Inc discovers, develops, manufactures, markets, distributes, and sells biopharmaceutical products worldwide. It offers medicines and vaccines in various therapeutic areas, including cardiovascular metabolic, migraine, and women's health under the Eliquis, Nurtec ODT/Vydura, and the Premarin family brands; infectious diseases with unmet medical needs under the Prevnar family, 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.