Pfizer (PFE) has a reputation for being a blue-chip pharmaceuticals company. However, its recent performance has been weak as the overall healthcare sector (and drug companies, in particular) have under-performed the market (President Trump has taken over the fight to reduce drug costs for investors). And Pfizer in particular has been undergoing some significantly risky portfolio restructuring. As a result, Pfizer’s dividend yield (4.2%) is now significantly higher than normal (as the price has fallen), especially for a Dow Jones stock. This article considers whether Pfizer is currently an attractive big-dividend blue chip, or a dangerous value trap.