Brown Advisory Reduces Pfizer Stake by 8.8%, Sells 82,589 Shares
Brown Advisory Inc. has reduced its stake in Pfizer Inc. (NYSE: PFE) by 8.8%, selling 82,589 shares during the second quarter of 2023. According to the firm’s latest 13F filing with the Securities and Exchange Commission (SEC), Brown Advisory now holds 854,700 shares of the biopharmaceutical giant, valued at approximately $20.7 million.
This move reflects a broader trend among institutional investors regarding Pfizer’s stock. Other hedge funds have also been active in adjusting their positions. For instance, Brighton Jones LLC increased its holdings in Pfizer by an impressive 1,282.4% in the fourth quarter, now owning 666,318 shares worth around $17.7 million.
Revolve Wealth Partners LLC and Townsquare Capital LLC also reported increases in their positions. Revolve raised its stake by 12.5%, holding 18,766 shares valued at $498,000, while Townsquare boosted its holdings by 34.3%, now owning 549,692 shares worth $13.9 million.
As of the latest reporting, institutional investors collectively own 68.36% of Pfizer’s stock.
Analysts Adjust Price Targets
Pfizer has recently been the focus of various research analyst reports. Notably, Guggenheim raised its price target from $33.00 to $35.00, maintaining a “buy” rating. Similarly, Bank of America increased its target price from $28.00 to $30.00, assigning a “neutral” rating.
Morgan Stanley, on the other hand, lowered its target from $33.00 to $32.00 while keeping an “equal weight” rating. Citigroup initiated coverage on Pfizer with a “neutral” rating and a target price of $26.00. Overall, analysts have given Pfizer a consensus rating of “Hold” with an average target price of $28.39.
Recent Performance and Dividend Announcement
Shares of Pfizer opened at $26.03 on the New York Stock Exchange on November 4, 2023. The stock has experienced fluctuations, with a one-year low of $20.92 and a one-year high of $27.69. Pfizer currently has a market capitalization of $147.97 billion, a P/E ratio of 15.13, and a beta of 0.46.
On the same day, Pfizer reported earnings that exceeded analysts’ expectations, posting an EPS of $0.87, surpassing the consensus estimate of $0.79. The company’s revenue for the quarter was $16.65 billion, slightly below the anticipated $16.94 billion. Pfizer has set its guidance for fiscal year 2025 at an EPS range of $3.000 to $3.150.
Additionally, Pfizer announced a quarterly dividend of $0.43, which was paid on December 1, 2023, to stockholders on record as of November 7, 2023. This represents an annualized dividend of $1.72 with a yield of 6.6%. The company’s dividend payout ratio is currently at 100.00%.
Pfizer Inc. continues to play a vital role in the pharmaceutical industry, engaging in the discovery, development, and distribution of medicines and vaccines across various therapeutic areas, including infectious diseases and COVID-19 prevention and treatment.
