Keep an eye on beaten-down, oversold shares of Pfizer (PFE).
After plunging from about $54 to $39.06, PFE appears to have caught strong supporting back to October 2021. Also, if you take a look at a two-year chart of PFE, you can also see it’s over-extended on RSI, MACD, and Williams’ 5R. Typically, when these three indicators agree in oversold territory, we’ll see a pivot in the other direction shortly after.
Helping, the company will now focus on share buybacks, and increased dividends, as noted by CFO David Denton said, as noted by Barron’s. “What we believe is going to happen now that we start to harvest the investments that we made in business development transactions,” he added. “We’ll be able to get more balanced into increasing our dividends, maybe more rapidly than we’ve had in the past. Shareholders prefer some level of share repurchase, and we’ll be able to do that as well.”