Pfizer, Inc. PFE shares are trading higher Friday. The stock remains down by more than 11% over the past five days and down by more than 47% year-to-date.
Here’s a look at what’s going on:
What To Know:
Pfizer shares are climbing on heavy trading volume Friday after the company announced that its board of directors declared an increase in the quarterly cash dividend. The first-quarter dividend of 42 cents per share, up from 41 cents, will be payable March 1 to holders of the stock as of Jan. 26.
According to data from Benzinga Pro, more than 44.3 million shares have been traded in the session, exceeding the stock’s 100-day average volume of 35.194 million shares.
Pfizer announced the completion of its acquisition of Seagen on Thursday for $229 per share at a total value of approximately $43 billion.
The following analysts have lowered their price targets on Pfizer this week:
Barclays analyst Carter Gould maintained Pfizer with an Equal-Weight and lowered the price target from $34 to $28.
UBS analyst Colin Bristow maintained Pfizer with a Neutral and lowered the price target from $34 to $27.
Truist Securities analyst Robyn Karnauskas maintained Pfizer with a Buy and lowered the price target from $42 to $36.
According to data from Benzinga Pro, Pfizer shares are trading above the stock’s 50-day moving average of $35.19 and well-below its 52-week high of $54.93.
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PFE Price Action: According to Benzinga Pro, Pfizer shares are up by 3.2% at $26.98 at the time of publication.
Image: Pete Linforth from Pixabay
Image and article originally from www.benzinga.com. Read the original article here.