Summit Wealth Partners LLC Buys 1,000 Shares of Pfizer Inc. (NYSE:PFE)

Summit Wealth Partners LLC lifted its stake in Pfizer Inc. (NYSE:PFE) by 4.2% during the third quarter, HoldingsChannel reports. The firm owned 24,937 shares of the biopharmaceutical company’s stock after purchasing an additional 1,000 shares during the period. Summit Wealth Partners LLC’s holdings in Pfizer were worth $722,000 at the end of the most recent quarter.

Other hedge funds have also recently made changes to their positions in the company. Massachusetts Financial Services Co. MA grew its holdings in Pfizer by 3.2% during the 2nd quarter. Massachusetts Financial Services Co. MA now owns 71,794,056 shares of the biopharmaceutical company’s stock worth $2,008,798,000 after acquiring an additional 2,241,609 shares in the last quarter. Van ECK Associates Corp grew its holdings in Pfizer by 1.8% during the 2nd quarter. Van ECK Associates Corp now owns 16,104,088 shares of the biopharmaceutical company’s stock worth $450,593,000 after acquiring an additional 290,760 shares in the last quarter. Federated Hermes Inc. grew its holdings in Pfizer by 3.3% during the 2nd quarter. Federated Hermes Inc. now owns 14,923,545 shares of the biopharmaceutical company’s stock worth $417,561,000 after acquiring an additional 470,003 shares in the last quarter. Envestnet Asset Management Inc. grew its holdings in Pfizer by 2.4% during the 2nd quarter. Envestnet Asset Management Inc. now owns 10,260,067 shares of the biopharmaceutical company’s stock worth $287,077,000 after acquiring an additional 238,850 shares in the last quarter. Finally, Thornburg Investment Management Inc. grew its holdings in Pfizer by 10.3% during the 2nd quarter. Thornburg Investment Management Inc. now owns 9,803,509 shares of the biopharmaceutical company’s stock worth $274,302,000 after acquiring an additional 912,156 shares in the last quarter. 68.36% of the stock is currently owned by institutional investors.

Pfizer Stock Performance

PFE opened at $28.29 on Friday. Pfizer Inc. has a 12-month low of $25.20 and a 12-month high of $31.54. The company has a current ratio of 0.86, a quick ratio of 0.60 and a debt-to-equity ratio of 0.65. The firm has a market capitalization of $160.31 billion, a PE ratio of 38.23, a P/E/G ratio of 0.90 and a beta of 0.67. The firm has a 50 day moving average of $29.05 and a two-hundred day moving average of $28.56.

Pfizer (NYSE:PFE) last posted its quarterly earnings results on Tuesday, October 29th. The biopharmaceutical company reported $1.06 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.64 by $0.42. Pfizer had a net margin of 7.07% and a return on equity of 16.40%. The company had revenue of $17.70 billion during the quarter, compared to analyst estimates of $14.92 billion. During the same period last year, the firm posted ($0.17) EPS. Pfizer’s revenue for the quarter was up 31.2% compared to the same quarter last year. On average, analysts anticipate that Pfizer Inc. will post 2.95 EPS for the current year.

Pfizer Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, December 2nd. Stockholders of record on Friday, November 8th will be issued a dividend of $0.42 per share. This represents a $1.68 annualized dividend and a dividend yield of 5.94%. The ex-dividend date is Friday, November 8th. Pfizer’s dividend payout ratio (DPR) is 227.03%.

Wall Street Analysts Forecast Growth

Several research analysts have issued reports on the stock. Barclays increased their target price on shares of Pfizer from $30.00 to $32.00 and gave the stock an “equal weight” rating in a report on Wednesday, July 31st. Daiwa America upgraded shares of Pfizer from a “moderate buy” rating to a “strong-buy” rating in a report on Wednesday, August 7th. Citigroup initiated coverage on shares of Pfizer in a report on Friday, October 25th. They set a “neutral” rating and a $30.00 target price on the stock. UBS Group raised their price target on shares of Pfizer from $30.00 to $31.00 and gave the company a “neutral” rating in a report on Wednesday, July 31st. Finally, StockNews.com upgraded shares of Pfizer from a “hold” rating to a “buy” rating in a report on Wednesday, October 9th. Eight research analysts have rated the stock with a hold rating, six have issued a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $33.58.

Insider Activity

In other news, Director Scott Gottlieb bought 1,000 shares of the business’s stock in a transaction dated Wednesday, October 30th. The stock was purchased at an average cost of $28.24 per share, with a total value of $28,240.00. Following the acquisition, the director now directly owns 10,000 shares in the company, valued at $282,400. This trade represents a 0.00 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Insiders own 0.06% of the company’s stock.

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.