Summit X LLC Buys 12,786 Shares of Pfizer Inc. (NYSE:PFE)

Summit X LLC lifted its stake in shares of Pfizer Inc. (NYSE:PFE) by 86.6% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 27,542 shares of the biopharmaceutical company’s stock after acquiring an additional 12,786 shares during the quarter. Summit X LLC’s holdings in Pfizer were worth $698,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in the stock. SeaBridge Investment Advisors LLC lifted its position in Pfizer by 13.5% in the first quarter. SeaBridge Investment Advisors LLC now owns 20,925 shares of the biopharmaceutical company’s stock worth $530,000 after buying an additional 2,492 shares during the last quarter. Cable Hill Partners LLC grew its stake in Pfizer by 7.0% in the first quarter. Cable Hill Partners LLC now owns 22,847 shares of the biopharmaceutical company’s stock valued at $558,000 after purchasing an additional 1,503 shares during the last quarter. Parcion Private Wealth LLC boosted its position in Pfizer by 28.4% in the first quarter. Parcion Private Wealth LLC now owns 23,915 shares of the biopharmaceutical company’s stock valued at $606,000 after buying an additional 5,287 shares during the last quarter. DDD Partners LLC acquired a new position in Pfizer in the first quarter valued at approximately $817,000. Finally, Tectonic Advisors LLC lifted its holdings in Pfizer by 9.4% in the first quarter. Tectonic Advisors LLC now owns 244,619 shares of the biopharmaceutical company’s stock valued at $6,199,000 after acquiring an additional 20,933 shares during the period. 68.36% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

PFE has been the subject of several research analyst reports. Wolfe Research upped their target price on Pfizer from $22.00 to $23.00 and gave the stock an “underperform” rating in a research note on Wednesday, April 30th. Citigroup upped their target price on Pfizer from $23.00 to $25.00 and gave the company a “neutral” rating in a report on Wednesday, April 30th. BMO Capital Markets dropped their target price on Pfizer from $36.00 to $30.00 in a report on Thursday, April 17th. UBS Group increased their price target on Pfizer from $24.00 to $25.00 and gave the stock a “neutral” rating in a report on Wednesday, April 30th. Finally, Berenberg Bank lowered their price target on Pfizer from $28.00 to $25.00 and set a “hold” rating for the company in a report on Thursday, May 29th. One equities research analyst has rated the stock with a sell rating, thirteen have given a hold rating, six have issued a buy rating and three have assigned a strong buy rating to the company. According to MarketBeat, Pfizer has an average rating of “Hold” and an average target price of $28.55.

Pfizer Price Performance

Shares of PFE opened at $24.63 on Wednesday. The company has a market cap of $140.00 billion, a price-to-earnings ratio of 17.84, a PEG ratio of 0.92 and a beta of 0.58. Pfizer Inc. has a 1-year low of $20.92 and a 1-year high of $31.54. The company’s fifty day simple moving average is $23.95 and its 200 day simple moving average is $24.77. The company has a current ratio of 1.26, a quick ratio of 0.96 and a debt-to-equity ratio of 0.64.

Pfizer (NYSE:PFE) last issued its quarterly earnings data on Tuesday, April 29th. The biopharmaceutical company reported $0.92 EPS for the quarter, beating analysts’ consensus estimates of $0.67 by $0.25. The firm had revenue of $13.72 billion for the quarter, compared to analyst estimates of $14.43 billion. Pfizer had a return on equity of 20.33% and a net margin of 12.62%. The company’s revenue for the quarter was down 7.8% on a year-over-year basis. During the same period in the prior year, the firm posted $0.82 EPS. On average, research analysts forecast that Pfizer Inc. will post 2.95 earnings per share for the current fiscal year.

Pfizer Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 2nd. Investors of record on Friday, July 25th will be issued a $0.43 dividend. The ex-dividend date is Friday, July 25th. This represents a $1.72 annualized dividend and a yield of 6.98%. Pfizer’s payout ratio is 124.64%.

Pfizer Company Profile

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.