RNC Capital Management LLC Reduces Stake in Pfizer Inc. (PFE)

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RNC Capital Management LLC lessened its holdings in shares of Pfizer Inc. (NYSE:PFE) by 12.1% during the third quarter, HoldingsChannel reports. The institutional investor owned 66,608 shares of the biopharmaceutical company’s stock after selling 9,184 shares during the period. RNC Capital Management LLC’s holdings in Pfizer were worth $2,935,000 as of its most recent SEC filing.

Several other hedge funds have also made changes to their positions in PFE. Fort L.P. purchased a new position in shares of Pfizer in the 2nd quarter worth about $121,000. Smart Portfolios LLC raised its position in Pfizer by 43.9% in the 2nd quarter. Smart Portfolios LLC now owns 3,935 shares of the biopharmaceutical company’s stock worth $143,000 after buying an additional 1,200 shares during the last quarter. Selective Wealth Management purchased a new position in Pfizer in the 3rd quarter worth about $155,000. Goodwin Daniel L purchased a new position in Pfizer in the 2nd quarter worth about $171,000. Finally, Point72 Hong Kong Ltd raised its position in Pfizer by 7,195.5% in the 2nd quarter. Point72 Hong Kong Ltd now owns 4,815 shares of the biopharmaceutical company’s stock worth $175,000 after buying an additional 4,749 shares during the last quarter. Hedge funds and other institutional investors own 69.26% of the company’s stock.

A number of equities analysts have weighed in on the company. Cantor Fitzgerald reissued a “buy” rating and issued a $53.00 target price on shares of Pfizer in a research report on Wednesday, October 17th. Credit Suisse Group set a $45.00 target price on Pfizer and gave the stock a “hold” rating in a research report on Thursday, December 13th. Zacks Investment Research lowered Pfizer from a “buy” rating to a “hold” rating in a research report on Tuesday, October 16th. Wolfe Research assumed coverage on Pfizer in a research report on Tuesday, October 23rd. They issued a “market perform” rating for the company. Finally, BMO Capital Markets lowered Pfizer from an “outperform” rating to a “market perform” rating and decreased their target price for the stock from $47.00 to $46.00 in a research report on Thursday, November 1st. They noted that the move was a valuation call. Two research analysts have rated the stock with a sell rating, fifteen have issued a hold rating and eight have issued a buy rating to the stock. Pfizer presently has a consensus rating of “Hold” and a consensus target price of $43.41.

In other news, major shareholder Pfizer Inc purchased 55,556 shares of the business’s stock in a transaction on Monday, October 15th. The stock was acquired at an average cost of $18.00 per share, for a total transaction of $1,000,008.00. Following the purchase, the insider now directly owns 21,976,484 shares in the company, valued at approximately $395,576,712. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Insiders own 0.06% of the company’s stock.

Pfizer stock opened at $42.88 on Friday. The stock has a market cap of $258.00 billion, a price-to-earnings ratio of 16.18, a PEG ratio of 2.11 and a beta of 0.87. Pfizer Inc. has a 52-week low of $33.20 and a 52-week high of $46.47. 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, beating the Zacks’ consensus estimate of $0.75 by $0.03. The business had revenue of $13.30 billion during the quarter, compared to the consensus estimate of $13.53 billion. Pfizer had a return on equity of 25.26% and a net margin of 44.63%. The business’s quarterly revenue was up 1.0% compared to the same quarter last year. During the same period in the previous year, the company posted $0.67 EPS. On average, sell-side analysts expect that Pfizer Inc. will post 3 earnings per share for the current fiscal year.

The company also recently declared a quarterly dividend, which will be paid on Friday, March 1st. Shareholders of record on Friday, February 1st will be paid a dividend of $0.36 per share. This is an increase from Pfizer’s previous quarterly dividend of $0.34. This represents a $1.44 dividend on an annualized basis and a dividend yield of 3.36%. The ex-dividend date is Thursday, January 31st. Pfizer’s payout ratio is currently 51.32%.

Pfizer announced that its board has initiated a share buyback plan on Friday, December 14th that permits the company to buyback $10.00 billion in shares. This buyback authorization permits the biopharmaceutical company to repurchase up to 3.8% of its stock through open market purchases. Stock buyback plans are often an indication that the company’s leadership believes its stock is undervalued.

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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.

Further Reading: Hedge Funds Explained

Want to see what other hedge funds are holding PFE? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Pfizer Inc. (NYSE:PFE).

Institutional Ownership by Quarter for Pfizer (NYSE:PFE)

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