Ledyard National Bank trimmed its holdings in Pfizer Inc. (NYSE:PFE) by 0.9% in the third quarter, HoldingsChannel reports. The institutional investor owned 418,834 shares of the biopharmaceutical company’s stock after selling 3,845 shares during the quarter. Pfizer accounts for approximately 2.1% of Ledyard National Bank’s investment portfolio, making the stock its 3rd biggest holding. Ledyard National Bank’s holdings in Pfizer were worth $18,458,000 at the end of the most recent reporting period.
A number of other institutional investors have also added to or reduced their stakes in PFE. Naples Global Advisors LLC lifted its position in shares of Pfizer by 5.4% during the second quarter. Naples Global Advisors LLC now owns 33,695 shares of the biopharmaceutical company’s stock worth $1,222,000 after purchasing an additional 1,712 shares in the last quarter. Sterling Capital Management LLC grew its position in shares of Pfizer by 16.6% during the second quarter. Sterling Capital Management LLC now owns 2,478,848 shares of the biopharmaceutical company’s stock worth $89,933,000 after acquiring an additional 353,212 shares during the last quarter. Steward Partners Investment Advisory LLC grew its position in shares of Pfizer by 25.1% during the second quarter. Steward Partners Investment Advisory LLC now owns 285,325 shares of the biopharmaceutical company’s stock worth $10,352,000 after acquiring an additional 57,176 shares during the last quarter. Destination Wealth Management grew its position in shares of Pfizer by 962,667.3% during the second quarter. Destination Wealth Management now owns 500,639 shares of the biopharmaceutical company’s stock worth $18,163,000 after acquiring an additional 500,587 shares during the last quarter. Finally, Essex Financial Services Inc. grew its position in shares of Pfizer by 1.0% during the second quarter. Essex Financial Services Inc. now owns 331,097 shares of the biopharmaceutical company’s stock worth $12,012,000 after acquiring an additional 3,249 shares during the last quarter. Institutional investors and hedge funds own 69.26% of the company’s stock.
NYSE:PFE opened at $43.43 on Wednesday. Pfizer Inc. has a 1 year low of $33.20 and a 1 year high of $46.47. The firm has a market capitalization of $255.97 billion, a PE ratio of 16.39, a price-to-earnings-growth ratio of 2.10 and a beta of 0.87. The company has a quick ratio of 1.15, a current ratio of 1.43 and a debt-to-equity ratio of 0.47.
Pfizer (NYSE:PFE) last released its quarterly earnings results on Tuesday, October 30th. The biopharmaceutical company reported $0.78 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.75 by $0.03. Pfizer had a return on equity of 25.26% and a net margin of 44.63%. The company had revenue of $13.30 billion during the quarter, compared to analysts’ expectations of $13.53 billion. During the same quarter in the prior year, the business posted $0.67 earnings per share. The company’s revenue for the quarter was up 1.0% compared to the same quarter last year. As a group, sell-side analysts predict that Pfizer Inc. will post 3 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Friday, March 1st. Stockholders of record on Friday, February 1st will be paid a $0.36 dividend. This is a boost from Pfizer’s previous quarterly dividend of $0.34. The ex-dividend date of this dividend is Thursday, January 31st. This represents a $1.44 annualized dividend and a dividend yield of 3.32%. Pfizer’s dividend payout ratio is presently 51.32%.
Pfizer announced that its Board of Directors has authorized a stock buyback plan on Friday, December 14th that permits the company to repurchase $10.00 billion in shares. This repurchase authorization permits the biopharmaceutical company to reacquire up to 3.8% of its stock through open market purchases. Stock repurchase plans are usually an indication that the company’s leadership believes its stock is undervalued.
A number of brokerages have recently issued reports on PFE. Credit Suisse Group set a $45.00 target price on shares of Pfizer and gave the stock a “neutral” rating in a research report on Tuesday, January 1st. Cantor Fitzgerald set a $53.00 price objective on Pfizer and gave the stock a “buy” rating in a research note on Sunday, December 30th. Societe Generale set a $43.00 price objective on Pfizer and gave the stock a “hold” rating in a research note on Thursday, November 1st. Goldman Sachs Group restated a “neutral” rating and set a $45.00 price objective on shares of Pfizer in a research note on Tuesday, October 30th. Finally, Zacks Investment Research downgraded Pfizer from a “buy” rating to a “hold” rating in a research note on Tuesday, October 16th. Two research analysts have rated the stock with a sell rating, fifteen have given a hold rating and eight have given a buy rating to the company’s stock. Pfizer currently has an average rating of “Hold” and a consensus price target of $43.41.
In other Pfizer news, major shareholder Pfizer Inc purchased 55,556 shares of the firm’s stock in a transaction dated Monday, October 15th. The stock was bought at an average price of $18.00 per share, with a total value of $1,000,008.00. Following the completion of the purchase, the insider now owns 21,976,484 shares in the company, valued at approximately $395,576,712. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Corporate insiders own 0.06% of the company’s stock.
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Pfizer Company Profile
Pfizer Inc discovers, develops, manufactures, and sells healthcare products worldwide. It operates in two segments, Pfizer Innovative Health (IH) and Pfizer Essential Health (EH). The IH segment focuses on the development and commercialization of medicines and vaccines, and consumer healthcare products in various therapeutic areas, including internal medicine, vaccines, oncology, inflammation and immunology, and rare diseases, as well as consumer healthcare, such as over-the-counter brands comprising dietary supplements, pain management, gastrointestinal, and respiratory and personal care.
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