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PFE) positioning as one of the biggest drug makers in the world didn't spare it from institutional selling in the most recent quarter. All told, institutions sold 138.9 million shares. Like Qualcomm, that's only a dent in a very large original aggregate position, but it's still telling. It means that fund managers see a better use of capital on the market than shares of PFE.
Part of the Pfizer sale likely has to do with the anxiety over pharmaceutical firms' patent cliffs -- and the loss of Lipitor's patent protection for Pfizer specifically. While high dividend payouts were a saving grace until now, the possibility of upwardly mobile interest rates makes high yields look relatively less attractive.