Empire Financial Management Company LLC, a prominent institutional investor, has recently disclosed its acquisition of a new position in Pfizer Inc., a leading biopharmaceutical company. According to the disclosure filed with the Securities and Exchange Commission (SEC), Empire Financial Management purchased 67,985 shares of Pfizer’s stock during the first quarter. The total value of the acquisition amounts to approximately $2,774,000.
Growing Interest from Other Hedge Funds
Empire Financial Management is not the only hedge fund that has shown interest in Pfizer recently. RB Capital Management LLC increased its stake in the company by 6.7% during the first quarter, acquiring an additional 341 shares, bringing its total ownership to 5,446 shares valued at $282,000. Similarly, Ironwood Wealth Management LLC raised its stake in Pfizer by 1.1%, adding 400 shares to reach a total of 36,081 shares valued at $1,868,000. United Bank also boosted its holdings by 0.6%, purchasing an additional 290 shares, resulting in a total ownership of 46,671 shares valued at $2,416,000. Furthermore, Ergoteles LLC significantly increased its stake by 136.3%, purchasing 21,209 additional shares, bringing its total ownership to 36,766 shares valued at $1,903,000. Mackenzie Financial Corp joined the list as well, growing its position by 6.4% to own 1,337,418 shares valued at $69,238,000.
Market Performance and Financial Details
On Wednesday, Pfizer’s shares on the New York Stock Exchange opened at $36.65. The company’s financial indicators include a quick ratio of 1.11 and a current ratio of 1.37, indicating its ability to meet short-term obligations. The debt-to-equity ratio stands at 0.31, reflecting the company’s moderate level of debt. With a market capitalization of $206.90 billion, Pfizer has a price-to-earnings (P/E) ratio of 7.21 and a price/earnings-to-growth (P/E/G) ratio of 1.22. The company’s beta is 0.61, suggesting a lower level of volatility compared to the overall market. Over the past year, Pfizer shares have ranged from a low of $35.76 to a high of $46.68.
Strong Earnings Report
Pfizer recently announced its earnings results for the quarter ending on May 2nd. The company reported earnings per share (EPS) of $1.23, surpassing the consensus estimate of $1.00 by $0.23. Pfizer generated $18.28 billion in revenue during the quarter, exceeding analyst estimates of $16.49 billion. The company’s return on equity stood at an impressive 37.53%, with a net margin of 31.25%. However, the quarterly revenue was down 28.8% compared to the same period last year. In the previous year’s corresponding quarter, Pfizer achieved an EPS of $1.62. Analysts on PFE Stock specializing in sell-side forecasts anticipate that Pfizer Inc. will post an EPS of 3.35 for the current fiscal year.
Outlook for Pfizer
With the recent acquisition of Pfizer shares by Empire Financial Management and the growing interest from other hedge funds, the biopharmaceutical company has attracted significant attention in the investment community. Despite a decrease in revenue compared to the previous year, Pfizer’s strong earnings report and robust financial indicators provide a positive outlook for the company. Investors will continue to closely monitor Pfizer’s market performance and future developments in the biopharmaceutical industry as they assess potential investment opportunities.
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