Summit Asset Management LLC Grows Stake in Pfizer Inc. (NYSE:PFE)

Summit Asset Management LLC grew its stake in shares of Pfizer Inc. (NYSE:PFE) by 5.0% in the 3rd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 22,428 shares of the biopharmaceutical company’s stock after buying an additional 1,063 shares during the period. Summit Asset Management LLC’s holdings in Pfizer were worth $649,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Olistico Wealth LLC acquired a new position in shares of Pfizer in the second quarter worth about $25,000. MFA Wealth Advisors LLC acquired a new stake in shares of Pfizer during the 2nd quarter valued at $29,000. Quarry LP acquired a new stake in shares of Pfizer during the 2nd quarter valued at $31,000. Financial Connections Group Inc. acquired a new stake in Pfizer during the 2nd quarter valued at $34,000. Finally, ESL Trust Services LLC acquired a new stake in Pfizer during the 1st quarter valued at $37,000. Hedge funds and other institutional investors own 68.36% of the company’s stock.

Insiders Place Their Bets

In related news, Director Scott Gottlieb acquired 1,000 shares of the stock in a transaction on Wednesday, October 30th. The shares were acquired at an average price of $28.24 per share, with a total value of $28,240.00. Following the completion of the transaction, the director now owns 10,000 shares in the company, valued at approximately $282,400. The trade was a 0.00 % increase in their position. The purchase was disclosed in a legal filing with the SEC, which is accessible through this link. Corporate insiders own 0.06% of the company’s stock.

Pfizer Stock Performance

Shares of NYSE:PFE opened at $26.72 on Thursday. The company has a quick ratio of 0.73, a current ratio of 1.00 and a debt-to-equity ratio of 0.63. The firm has a market cap of $151.42 billion, a PE ratio of 36.11, a PEG ratio of 0.83 and a beta of 0.67. The company’s 50 day moving average price is $28.80 and its two-hundred day moving average price is $28.68. Pfizer Inc. has a 12-month low of $25.20 and a 12-month high of $31.54.

Pfizer (NYSE:PFE) last issued its quarterly earnings data on Tuesday, October 29th. The biopharmaceutical company reported $1.06 EPS for the quarter, beating the consensus estimate of $0.64 by $0.42. The business had revenue of $17.70 billion during the quarter, compared to the consensus estimate of $14.92 billion. Pfizer had a net margin of 7.07% and a return on equity of 16.28%. The firm’s revenue was up 31.2% compared to the same quarter last year. During the same quarter in the prior year, the firm earned ($0.17) EPS. Equities research analysts predict that Pfizer Inc. will post 2.96 earnings per share for the current year.

Pfizer Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, December 2nd. Shareholders of record on Friday, November 8th will be issued a $0.42 dividend. This represents a $1.68 dividend on an annualized basis and a yield of 6.29%. The ex-dividend date is Friday, November 8th. Pfizer’s payout ratio is 227.03%.

Wall Street Analyst Weigh In

Several equities analysts have weighed in on PFE shares. Daiwa Capital Markets upgraded Pfizer from a “neutral” rating to an “outperform” rating and raised their target price for the company from $28.00 to $34.00 in a report on Wednesday, August 7th. UBS Group lifted their price objective on Pfizer from $30.00 to $31.00 and gave the company a “neutral” rating in a report on Wednesday, July 31st. StockNews.com upgraded shares of Pfizer from a “buy” rating to a “strong-buy” rating in a research report on Tuesday. Sanford C. Bernstein assumed coverage on shares of Pfizer in a report on Thursday, October 17th. They set a “market perform” rating and a $32.00 target price for the company. Finally, Citigroup began coverage on shares of Pfizer in a report on Friday, October 25th. They issued a “neutral” rating and a $30.00 price target for the company. Eight analysts have rated the stock with a hold rating, five have assigned a buy rating and three have issued a strong buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $33.58.

About Pfizer

Pfizer Inc discovers, develops, manufactures, markets, distributes, and sells biopharmaceutical products in the United States, Europe, and internationally. The company offers medicines and vaccines in various therapeutic areas, including cardiovascular metabolic, migraine, and women's health under the Eliquis, Nurtec ODT/Vydura, Zavzpret, and the Premarin family brands; infectious diseases with unmet medical needs under the Prevnar family, Abrysvo, Nimenrix, FSME/IMMUN-TicoVac, and Trumenba brands; and COVID-19 prevention and treatment, and potential future mRNA and antiviral products under the Comirnaty and Paxlovid brands.