What's Going On With Pfizer Stock?
Portfolio Pulse from Erica Kollmann
Pfizer, Inc. (NYSE:PFE) shares are trading higher on Friday after the company announced an increase in its quarterly cash dividend from 41 cents to 42 cents per share, payable on March 1 to stockholders of record as of January 26. Despite the uptick, the stock is still down over 11% in the past five days and over 47% year-to-date. Pfizer also completed its acquisition of Seagen for approximately $43 billion. Analysts from Barclays, UBS, and Truist Securities have lowered their price targets on Pfizer this week. The stock is currently trading above its 50-day moving average but well below its 52-week high.
December 15, 2023 | 6:31 pm
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Pfizer's stock is experiencing a short-term rise after announcing a dividend increase and completing the acquisition of Seagen. However, the stock has seen a significant decline year-to-date and analysts have lowered their price targets.
The increase in dividend is likely to be viewed positively by investors, providing a short-term boost to the stock. The completion of the Seagen acquisition could also be seen as a strategic move to strengthen Pfizer's portfolio. However, the lowered price targets by analysts may temper investor enthusiasm, suggesting a cautious outlook for the stock's future performance.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100