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

Summit Asset Management LLC boosted its position in shares of Pfizer Inc. (NYSE:PFE) by 3.7% during the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 23,267 shares of the biopharmaceutical company’s stock after purchasing an additional 839 shares during the quarter. Summit Asset Management LLC’s holdings in Pfizer were worth $617,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors also recently bought and sold shares of PFE. Retirement Wealth Solutions LLC purchased a new position in Pfizer during the 4th quarter worth $26,000. Gladius Capital Management LP increased its holdings in Pfizer by 102.8% during the 3rd quarter. Gladius Capital Management LP now owns 1,043 shares of the biopharmaceutical company’s stock worth $30,000 after purchasing an additional 38,015 shares during the period. Sierra Ocean LLC purchased a new position in Pfizer during the 4th quarter worth $34,000. Teachers Insurance & Annuity Association of America purchased a new position in Pfizer during the 3rd quarter worth $35,000. Finally, Joseph Group Capital Management increased its holdings in Pfizer by 168.3% during the 3rd quarter. Joseph Group Capital Management now owns 1,229 shares of the biopharmaceutical company’s stock worth $36,000 after purchasing an additional 771 shares during the period. 68.36% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of research analysts have recently issued reports on PFE shares. UBS Group cut their price target on Pfizer from $31.00 to $29.00 and set a “neutral” rating on the stock in a report on Wednesday, January 8th. Truist Financial lowered their price target on shares of Pfizer from $36.00 to $32.00 and set a “buy” rating on the stock in a report on Wednesday, December 18th. Citigroup reduced their price objective on shares of Pfizer from $30.00 to $29.00 and set a “neutral” rating for the company in a research note on Tuesday, January 28th. StockNews.com downgraded shares of Pfizer from a “strong-buy” rating to a “buy” rating in a research note on Wednesday, November 20th. Finally, Wolfe Research began coverage on Pfizer in a research report on Friday, November 15th. They set an “underperform” rating and a $25.00 price target on the stock. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating, six have given a buy rating and two have given a strong buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $31.92.

Insiders Place Their Bets

In other news, Director Ronald E. Blaylock acquired 19,457 shares of the company’s stock in a transaction dated Thursday, February 13th. The shares were acquired at an average price of $25.65 per share, with a total value of $499,072.05. Following the purchase, the director now directly owns 27,707 shares of the company’s stock, valued at $710,684.55. This trade represents a 235.84 % increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is accessible through this hyperlink. 0.06% of the stock is currently owned by insiders.

Pfizer Stock Performance

Shares of Pfizer stock opened at $26.32 on Friday. The firm has a market capitalization of $149.14 billion, a P/E ratio of 18.66, a PEG ratio of 0.64 and a beta of 0.64. 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 company has a 50 day moving average price of $26.30 and a 200 day moving average price of $27.41. Pfizer Inc. has a 52 week low of $24.48 and a 52 week high of $31.54.

Pfizer (NYSE:PFE) last announced its quarterly earnings data on Tuesday, February 4th. The biopharmaceutical company reported $0.63 EPS for the quarter, beating the consensus estimate of $0.48 by $0.15. Pfizer had a net margin of 12.62% and a return on equity of 19.47%. The firm had revenue of $17.76 billion during the quarter, compared to analyst estimates of $17.26 billion. During the same period last year, the firm posted $0.10 EPS. Pfizer’s revenue was up 24.7% on a year-over-year basis. Sell-side analysts expect that Pfizer Inc. will post 2.95 EPS for the current year.

Pfizer Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, March 7th. Shareholders of record on Friday, January 24th will be given a dividend of $0.43 per share. The ex-dividend date is Friday, January 24th. This is a positive change from Pfizer’s previous quarterly dividend of $0.42. This represents a $1.72 dividend on an annualized basis and a yield of 6.54%. Pfizer’s dividend payout ratio (DPR) is currently 121.99%.

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.