Pfizer shares close lower on Monday, company reveals new $10 billion share buyback program

A new $10 billion share buyback program has been authorized by Pfizer Incs (PFE) board on Monday. According to a statement by the company, the program represents an addition to the remaining amount of $6.4 billion under Pfizers current authorization.

Pfizer shares closed lower for the second time in the past seven trading sessions on Monday. The stock edged down 0.19% ($0.07) to $37.13, after touching an intraday high at $37.34, or a price level not seen since August 1st 2016 ($37.39).

In the week ended on December 17th the shares of the global pharmaceutical company added 4.09% to their market value compared to a week ago, which marked the fourth gain out of five weeks and also the best performance since the week ended on November 13th 2016.

The stock has pared its advance to 2.40% so far during the current month, following a 3.42% surge in November. The latter has been the third gain out of four months.

For the entire past year, Pfizer Incs shares inched up 0.62%. The stock has gained another 14.32% so far in 2017.

At the same time, the pharmaceutical company raised first-quarter dividend to $0.34 per share from $0.32 per share previously.

The drug manufacturer is another entity to roll out a share repurchase program alongside Bank of America Corp, Boeing Co and Anthem Inc.

The news came ahead of the long-awaited bill to cut taxes, proposed by Donald Trumps administration, a move expected to urge US businesses to expand their investment programs.

According to CNN Money, the 23 analysts, offering 12-month forecasts regarding Pfizer Inc’s stock price, have a median target of $38.00, with a high estimate of $54.00 and a low estimate of $31.00. The median estimate is a 2.34% surge compared to the closing price of $37.13 on December 18th.

The same media also reported that 11 out of 25 surveyed investment analysts had rated Pfizer Inc’s stock as “Buy”, while 10 – as “Hold”. On the other hand, 1 analyst had recommended selling the stock.

Daily and Weekly Pivot Levels

With the help of the Camarilla calculation method, todays levels of importance for the Pfizer stock are presented as follows:

R1 – $37.16
R2 – $37.18
R3 (Range Resistance – Sell) – $37.21
R4 (Long Breakout) – $37.28
R5 (Breakout Target 1) – $37.37
R6 (Breakout Target 2) – $37.41

S1 – $37.10
S2 – $37.08
S3 (Range Support – Buy) – $37.05
S4 (Short Breakout) – $36.98
S5 (Breakout Target 1) – $36.89
S6 (Breakout Target 2) – $36.85

By using the traditional method of calculation, the weekly levels of importance for Pfizer Inc (PFE) are presented as follows:

Central Pivot Point – $36.71
R1 – $37.72
R2 – $38.25
R3 – $39.26
R4 – $40.28

S1 – $36.18
S2 – $35.17
S3 – $34.64
S4 – $34.12