Diamond Hill Capital Management Inc. cut its position in shares of Pfizer Inc. (NYSE:PFE) by 1.8% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 11,128,596 shares of the biopharmaceutical company’s stock after selling 203,127 shares during the quarter. Pfizer accounts for 2.1% of Diamond Hill Capital Management Inc.’s portfolio, making the stock its 10th largest position. Diamond Hill Capital Management Inc. owned about 0.19% of Pfizer worth $397,291,000 as of its most recent filing with the Securities and Exchange Commission.
Other hedge funds have also recently bought and sold shares of the company. Janus Henderson Group PLC raised its position in Pfizer by 243.5% during the second quarter. Janus Henderson Group PLC now owns 13,175,187 shares of the biopharmaceutical company’s stock valued at $442,574,000 after acquiring an additional 9,339,749 shares in the last quarter. Vanguard Group Inc. grew its holdings in Pfizer by 2.3% during the second quarter. Vanguard Group Inc. now owns 418,639,111 shares of the biopharmaceutical company’s stock valued at $14,062,088,000 after purchasing an additional 9,239,499 shares during the last quarter. Renaissance Technologies LLC acquired a new position in Pfizer during the second quarter valued at approximately $268,389,000. Canada Pension Plan Investment Board grew its holdings in Pfizer by 249.6% during the second quarter. Canada Pension Plan Investment Board now owns 10,713,626 shares of the biopharmaceutical company’s stock valued at $359,871,000 after purchasing an additional 7,649,416 shares during the last quarter. Finally, Parametric Portfolio Associates LLC grew its holdings in Pfizer by 42.1% during the second quarter. Parametric Portfolio Associates LLC now owns 17,818,368 shares of the biopharmaceutical company’s stock valued at $598,519,000 after purchasing an additional 5,281,314 shares during the last quarter. 69.74% of the stock is owned by institutional investors.
PFE has been the topic of several analyst reports. BMO Capital Markets reiterated a “buy” rating and set a $39.00 price target (up previously from $37.00) on shares of Pfizer in a report on Thursday, October 19th. Deutsche Bank set a $38.00 price objective on shares of Pfizer and gave the stock a “buy” rating in a research note on Wednesday, October 11th. Barclays set a $38.00 target price on Pfizer and gave the stock a “buy” rating in a research report on Wednesday, October 11th. ValuEngine raised Pfizer from a “hold” rating to a “buy” rating in a research report on Friday, October 6th. Finally, Zacks Investment Research raised Pfizer from a “hold” rating to a “buy” rating and set a $40.00 target price for the company in a research report on Tuesday, October 3rd. Two equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating and thirteen have given a buy rating to the stock. The company presently has a consensus rating of “Buy” and an average target price of $38.83.
Pfizer (NYSE:PFE) last announced its quarterly earnings data on Tuesday, October 31st. The biopharmaceutical company reported $0.67 EPS for the quarter, topping the Zacks’ consensus estimate of $0.65 by $0.02. The firm had revenue of $13.17 billion during the quarter, compared to analyst estimates of $13.17 billion. Pfizer had a return on equity of 25.41% and a net margin of 18.69%. The company’s revenue was up .9% on a year-over-year basis. During the same period last year, the company earned $0.61 earnings per share. analysts expect that Pfizer Inc. will post 2.59 EPS for the current year.
The business also recently announced a quarterly dividend, which will be paid on Thursday, March 1st. Stockholders of record on Friday, February 2nd will be given a dividend of $0.34 per share. This is a positive change from Pfizer’s previous quarterly dividend of $0.32. This represents a $1.36 annualized dividend and a dividend yield of 3.72%. The ex-dividend date of this dividend is Thursday, February 1st. Pfizer’s payout ratio is presently 78.53%.
Pfizer announced that its board has approved a stock buyback plan on Monday, December 18th that permits the company to repurchase $10.00 billion in outstanding shares. This repurchase authorization permits the biopharmaceutical company to buy shares of its stock through open market purchases. Stock repurchase plans are often a sign that the company’s board believes its stock is undervalued.
In related news, insider Alexander R. Mackenzie sold 6,750 shares of the business’s stock in a transaction that occurred on Friday, December 15th. The stock was sold at an average price of $37.00, for a total value of $249,750.00. Following the completion of the transaction, the insider now directly owns 103,458 shares in the company, valued at approximately $3,827,946. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Rady A. Johnson sold 8,000 shares of the business’s stock in a transaction that occurred on Friday, December 15th. The shares were sold at an average price of $37.07, for a total value of $296,560.00. Following the completion of the transaction, the executive vice president now owns 46,963 shares of the company’s stock, valued at $1,740,918.41. The disclosure for this sale can be found here. Insiders have sold a total of 29,450 shares of company stock valued at $1,065,220 over the last 90 days. Corporate insiders own 0.06% of the company’s stock.
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Pfizer Inc (Pfizer) is a research-based global biopharmaceutical company. The Company is engaged in the discovery, development and manufacture of healthcare products. Its global portfolio includes medicines and vaccines, as well as consumer healthcare products. The Company manages its commercial operations through two business segments: Pfizer Innovative Health (IH) and Pfizer Essential Health (EH).
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