Legal & General Group Plc Reduces Position in Pfizer Inc. (NYSE:PFE)

Legal & General Group Plc decreased its holdings in shares of Pfizer Inc. (NYSE:PFE) by 8.8% during the second quarter, HoldingsChannel reports. The institutional investor owned 46,645,766 shares of the biopharmaceutical company’s stock after selling 4,503,025 shares during the period. Legal & General Group Plc’s holdings in Pfizer were worth $1,305,150,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently modified their holdings of the business. Olistico Wealth LLC bought a new stake in shares of Pfizer during the second quarter worth $25,000. MFA Wealth Advisors LLC purchased a new stake in Pfizer in the 2nd quarter valued at about $29,000. Creekmur Asset Management LLC bought a new position in Pfizer in the 4th quarter worth about $32,000. Trivant Custom Portfolio Group LLC increased its position in shares of Pfizer by 100.0% during the first quarter. Trivant Custom Portfolio Group LLC now owns 1,200 shares of the biopharmaceutical company’s stock worth $33,000 after acquiring an additional 600 shares during the period. Finally, Financial Connections Group Inc. bought a new stake in shares of Pfizer during the second quarter valued at approximately $34,000. 68.36% of the stock is currently owned by hedge funds and other institutional investors.

Pfizer Price Performance

Shares of PFE opened at $28.97 on Friday. The company has a 50 day moving average of $29.34 and a two-hundred day moving average of $28.28. The company has a market cap of $164.13 billion, a price-to-earnings ratio of -482.75, a price-to-earnings-growth ratio of 1.26 and a beta of 0.68. 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 twelve month low of $25.20 and a twelve month high of $34.11.

Pfizer (NYSE:PFE) last announced its earnings results on Tuesday, July 30th. The biopharmaceutical company reported $0.60 earnings per share for the quarter, topping the consensus estimate of $0.46 by $0.14. Pfizer had a positive return on equity of 8.42% and a negative net margin of 4.66%. The firm had revenue of $13.28 billion for the quarter, compared to the consensus estimate of $12.96 billion. During the same period in the previous year, the business earned $0.67 EPS. The firm’s revenue for the quarter was up 2.1% on a year-over-year basis. As a group, analysts predict that Pfizer Inc. will post 2.66 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several research analysts recently issued reports on the company. Wells Fargo & Company increased their price objective on Pfizer from $28.00 to $30.00 and gave the stock an “equal weight” rating in a research note on Wednesday, July 31st. Barclays increased their price target on Pfizer from $30.00 to $32.00 and gave the stock an “equal weight” rating in a research report on Wednesday, July 31st. UBS Group lifted their price objective on Pfizer from $30.00 to $31.00 and gave the company a “neutral” rating in a report on Wednesday, July 31st. Daiwa America upgraded shares of Pfizer from a “moderate buy” rating to a “strong-buy” rating in a report on Wednesday, August 7th. Finally, Daiwa Capital Markets raised shares of Pfizer from a “neutral” rating to an “outperform” rating and raised their target price for the company from $28.00 to $34.00 in a research report on Wednesday, August 7th. Eight investment analysts have rated the stock with a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Pfizer presently has an average rating of “Moderate Buy” and a consensus price target of $34.54.

Pfizer 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.