WATCH: Stock pick — Pfizer

Steven Schultz from Momentum chose Pfizer as his stock pick of the day.

“Pfizer pharmaceuticals is a US-listed offshore company. I think it is a great environment to take a very defensive growth counter such as Pfizer. It is in the headlines at the moment for its acquisition of Array Biopharma for $10.64bn in cash. It is effectively an oncology portfolio, which bolts on quite nicely to Pfizer. Not a cheap counter by any measure at the moment but it does boast a pretty impressive dividend yield of 3.3% in US dollar terms.”