NEW YORK - Pfizer Inc. (NYSE: NYSE:PFE) has announced a quarterly cash dividend of $0.42 per share for the third quarter of 2024, which marks the company's 343rd consecutive quarterly dividend. Shareholders on record as of July 26, 2024, will be eligible for the dividend, payable on September 3, 2024.
The pharmaceutical giant, known for its extensive portfolio of medicines and vaccines, has a long-standing history of delivering shareholder value through consistent dividend payments. This latest dividend is in line with Pfizer's commitment to providing returns to its investors.
Pfizer's dedication to innovation in healthcare is reflected in its efforts to develop new treatments and cures for some of the most challenging diseases. With a legacy spanning 175 years, the company has been at the forefront of medical breakthroughs that have significantly improved patient lives.
The announcement is based on a press release statement from Pfizer, providing investors with key information regarding the upcoming dividend. As one of the leading biopharmaceutical companies globally, Pfizer continues to collaborate with various healthcare stakeholders to ensure broad access to quality and affordable healthcare.
The dividend payout is part of Pfizer's financial strategy, reinforcing its position in the market and demonstrating its financial health. Investors holding Pfizer's common stock can expect the dividend to be distributed in early September, as stated by the company.
This financial update reflects Pfizer's ongoing commitment to its shareholders and its role in the global healthcare industry. The company's consistent dividend payments underscore its stable financial performance and outlook.
In other recent news, Pfizer is facing multiple lawsuits and legal challenges. The U.S. Supreme Court has directed a lower court to reassess a lawsuit implicating 21 pharmaceutical and medical equipment companies, including Pfizer, AstraZeneca (NASDAQ:AZN), GE Healthcare USA, Johnson & Johnson, and F. Hoffmann-La Roche.
The companies are accused of facilitating terrorism through alleged illegal financial contributions. The state of Kansas has also initiated legal action against Pfizer, alleging the company made misleading statements about its COVID-19 vaccine.
Despite these legal challenges, Jefferies, a global investment banking firm, has maintained its Buy rating for Pfizer. The firm's outlook remains positive, citing the potential impact of the HELIOS-B study on Pfizer's cardiovascular drug Tafamidis as unlikely to significantly disrupt Pfizer's market opportunity.
In other developments, Pfizer, along with its partner BioNTech (NASDAQ:BNTX), Moderna (NASDAQ:MRNA), and Novavax (NASDAQ:NVAX), have announced that their latest COVID-19 vaccines show promising results against newer subvariants. The vaccines, designed to combat the earlier JN.1 variant, are reportedly more effective in neutralizing recent strains like KP.2 compared to previous vaccines.
The U.S. Food and Drug Administration's (FDA) advisers are set to decide whether vaccine updates should focus on the JN.1 variant for the upcoming immunization campaign.
Lastly, Roger Williams, a representative from Texas's 25th congressional district, has sold stocks from Pfizer, among other transactions conducted through his Edward Jones Brokerage Accounts.
InvestingPro Insights
Pfizer Inc. (NYSE: PFE) has been a beacon of consistency for investors, particularly those looking for steady dividend income. The pharmaceutical giant's recent declaration of its 343rd consecutive quarterly dividend is a testament to its commitment to shareholder returns. Here are some insights from InvestingPro that could provide additional context for investors considering Pfizer's financial health and market position:
InvestingPro Data:
- Pfizer's market capitalization stands strong at $155.38 billion, reflecting its significant presence in the pharmaceutical industry.
- With a dividend yield of 6.0%, Pfizer is an attractive option for income-focused investors, especially considering the company's track record of maintaining dividend payments for 54 consecutive years.
- Despite a challenging environment with a revenue decrease of 41.08% in the last twelve months as of Q1 2024, the company's gross profit margin remains high at 59.41%, indicating robust profitability at the core operational level.
InvestingPro Tips:
- Pfizer has raised its dividend for 13 consecutive years, showcasing a reliable pattern of returning value to its shareholders.
- Analysts predict that the company will be profitable this year, which could reassure investors about the company's ability to sustain dividend payments and potentially provide room for future increases.
InvestingPro offers more insights and metrics for those looking to delve deeper into Pfizer's financials and market performance. With additional tips available on InvestingPro, investors can equip themselves with a comprehensive understanding of the company's standing. To access these insights, use the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription. Discover more about Pfizer's financial journey and what lies ahead by exploring the full range of InvestingPro Tips at https://www.investing.com/pro/PFE.
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