Essex Financial Services Inc. has increased its stake in Pfizer Inc. by 14.6% during the second quarter, according to its recent disclosure to the Securities and Exchange Commission. By adding an additional 29,086 shares, the firm now holds 228,372 shares in the pharmaceutical giant, valued at approximately $5.54 million by the end of the last quarter.
Other major investors also recently adjusted their positions in Pfizer. Vanguard Group Inc. increased its holdings by 0.9% in the first quarter, owning over 523 million shares valued at approximately $13.26 billion. Northern Trust Corp boosted its holdings by 6.8%, and Amundi significantly increased its stake by 43.4%, demonstrating confidence in Pfizer’s future performance.
The pharmaceutical company’s stock is primarily owned by institutional investors, accounting for 68.36% of the total shares. Analysts have also been re-evaluating their ratings for Pfizer, with Wall Street Zen upgrading its rating to “buy” in a recent note. Meanwhile, Berenberg Bank lowered their price target due to market shifts, but other analysts like Bank of America and Morgan Stanley have shown optimism, adjusting their price targets upwards.
Pfizer’s stock opened at $24.07 recently, with a market capitalization of $136.82 billion. The company’s recent earnings report revealed a robust quarter, with earnings per share of $0.78, surpassing analyst estimates by $0.20. The firm also reported a 10.3% increase in quarterly revenue compared to the previous year, due in part to strong performances across various therapeutic areas.
Pfizer is known for its medicines and vaccines, especially in therapeutic areas such as cardiovascular health and infectious diseases. It has been pivotal in the COVID-19 pandemic with products like Comirnaty and Paxlovid.
While the outlook for Pfizer is mixed among analysts, with some suggesting a “Hold” rating, the overall potential for growth in its sectors remains notable. Investors and market watchers will be interested to see how Pfizer continues to navigate the evolving pharmaceutical landscape.