Topic: How To Invest

Wall Street Stock Forecaster Hotline – Friday, September 27, 2024

Article Excerpt

PFIZER INC., $29.11, New York symbol PFE, remains your #1 Income Buy for 2024. The company is one of the world’s largest makers of prescription drugs. Its top-selling brands include Enbrel (arthritis), Ibrance (breast cancer) and Prevnar (pneumonia). With the March 2024 payment, Pfizer raised your quarterly dividend by 2.4%. Investors now receive $0.42 a share instead of $0.41. The new annual rate of $1.68 yields a high 5.8%. With this increase, the company has raised the annual dividend rate each year for the past 14 years. The company has withdrawn its Oxbryta drug for sickle cell anemia from all markets following recent clinical trials that show the treatment has greater risks than benefits. Pfizer acquired the drug as part of its 2022 acquisition of Global Blood Therapeutics, Inc. This move should have little impact on the company’s prospects. In the second quarter of 2024, sales of Oxbryta accounted for just $92 million of Pfizer’s total revenue of $13.28 billion. For all of 2024, the…