ARK Investment Management LLC Lowers Stock Position in Pfizer Inc. (NYSE:PFE)

Posted by on Apr 3rd, 2023

ARK Investment Management LLC cut its position in shares of Pfizer Inc. (NYSE:PFE – Get Rating) by 7.7% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 491,555 shares of the biopharmaceutical company’s stock after selling 41,257 shares during the period. ARK Investment Management LLC’s holdings in Pfizer were worth $25,187,000 as of its most recent filing with the SEC.

A number of other hedge funds have also recently added to or reduced their stakes in the company. Assenagon Asset Management S.A. raised its position in Pfizer by 528.9% during the third quarter. Assenagon Asset Management S.A. now owns 12,401,164 shares of the biopharmaceutical company’s stock worth $542,675,000 after acquiring an additional 10,429,412 shares during the period. Charles Schwab Investment Management Inc. raised its position in Pfizer by 13.2% during the first quarter. Charles Schwab Investment Management Inc. now owns 59,828,849 shares of the biopharmaceutical company’s stock worth $3,097,341,000 after acquiring an additional 6,972,650 shares during the period. Renaissance Technologies LLC acquired a new position in Pfizer during the first quarter worth $311,238,000. Vanguard Group Inc. raised its position in Pfizer by 1.1% during the third quarter. Vanguard Group Inc. now owns 493,584,761 shares of the biopharmaceutical company’s stock worth $21,599,270,000 after acquiring an additional 5,139,634 shares during the period. Finally, First Trust Advisors LP raised its position in Pfizer by 108.3% during the first quarter. First Trust Advisors LP now owns 7,909,665 shares of the biopharmaceutical company’s stock worth $409,483,000 after acquiring an additional 4,112,528 shares during the period. 67.62% of the stock is owned by hedge funds and other institutional investors.

Pfizer Stock Up 1.0 %

Shares of NYSE:PFE opened at $40.80 on Monday. The firm’s 50 day moving average price is $41.98 and its 200 day moving average price is $45.61. The stock has a market cap of $230.29 billion, a price-to-earnings ratio of 7.45, a price-to-earnings-growth ratio of 1.37 and a beta of 0.64. Pfizer Inc. has a fifty-two week low of $39.23 and a fifty-two week high of $56.32. The company has a quick ratio of 1.00, a current ratio of 1.22 and a debt-to-equity ratio of 0.34.

Pfizer (NYSE:PFE – Get Rating) last issued its earnings results on Tuesday, January 31st. The biopharmaceutical company reported $1.14 earnings per share for the quarter, beating the consensus estimate of $1.03 by $0.11. The firm had revenue of $24.30 billion for the quarter, compared to analysts’ expectations of $24.40 billion. Pfizer had a net margin of 31.27% and a return on equity of 42.03%. The firm’s revenue was up 1.9% compared to the same quarter last year. During the same quarter last year, the company earned $1.08 earnings per share. As a group, equities research analysts predict that Pfizer Inc. will post 3.3 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, major shareholder Pfizer Inc acquired 1,811,594 shares of the business’s stock in a transaction on Friday, March 17th. The shares were bought at an average price of $2.76 per share, with a total value of $4,999,999.44. Following the completion of the acquisition, the insider now owns 5,952,263 shares in the company, valued at $16,428,245.88. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. 0.05% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

PFE has been the subject of a number of research analyst reports. The Goldman Sachs Group upgraded shares of Pfizer from a “neutral” rating to a “buy” rating and upped their price objective for the stock from $47.00 to $60.00 in a research report on Tuesday, December 13th. Daiwa Capital Markets upgraded shares of Pfizer from a “neutral” rating to an “outperform” rating and set a $51.00 price objective for the company in a research report on Tuesday, February 7th. Barclays reduced their target price on shares of Pfizer from $49.00 to $44.00 and set an “equal weight” rating for the company in a research report on Wednesday, February 1st. Cantor Fitzgerald reiterated an “overweight” rating and issued a $75.00 target price on shares of Pfizer in a research report on Wednesday, February 1st. Finally, UBS Group set a $45.00 target price on shares of Pfizer in a research report on Tuesday, March 14th. Nine analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. According to MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $50.38.

Pfizer Company Profile

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Pfizer Inc is a research-based global biopharmaceutical company. It engages in the discovery, development, manufacture, marketing, sales and distribution of biopharmaceutical products worldwide. The firm works across developed and emerging markets to advance wellness, prevention, treatments and cures that challenge the most feared diseases.

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Institutional Ownership by Quarter for Pfizer (NYSE:PFE)

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