Azimuth Capital Investment Management LLC Lowers Stock Holdings in Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX)

Key Points

• Azimuth Capital Investment Management LLC reduced its holdings in Vertex Pharmaceuticals by 4.1%, now owning 21,243 shares worth approximately $10.3 million.
• Several institutional investors made significant changes to their positions, with Clal Insurance Enterprises increasing its holdings by 450% during the same period.
• Vertex Pharmaceuticals recently reported a quarterly earnings per share of $4.52, exceeding analysts' expectations, and saw a year-over-year revenue increase of 11.3%.

Azimuth Capital Investment Management LLC cut its holdings in shares of Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX - Free Report) by 4.1% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 21,243 shares of the pharmaceutical company's stock after selling 898 shares during the period. Azimuth Capital Investment Management LLC's holdings in Vertex Pharmaceuticals were worth $10,299,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently bought and sold shares of the business. Clal Insurance Enterprises Holdings Ltd increased its holdings in Vertex Pharmaceuticals by 450.0% during the 1st quarter. Clal Insurance Enterprises Holdings Ltd now owns 55 shares of the pharmaceutical company's stock worth $27,000 after purchasing an additional 45 shares during the period. Mascagni Wealth Management Inc. purchased a new position in shares of Vertex Pharmaceuticals in the 4th quarter valued at about $31,000. Mpwm Advisory Solutions LLC acquired a new position in shares of Vertex Pharmaceuticals during the fourth quarter worth about $40,000. Minot DeBlois Advisors LLC purchased a new stake in shares of Vertex Pharmaceuticals during the fourth quarter worth approximately $44,000. Finally, SJS Investment Consulting Inc. raised its holdings in Vertex Pharmaceuticals by 46.2% in the first quarter. SJS Investment Consulting Inc. now owns 95 shares of the pharmaceutical company's stock valued at $46,000 after acquiring an additional 30 shares in the last quarter. 90.96% of the stock is currently owned by hedge funds and other institutional investors.

Vertex Pharmaceuticals Stock Performance

Shares of Vertex Pharmaceuticals stock opened at $390.30 on Friday. The company has a market cap of $100.07 billion, a P/E ratio of 27.90 and a beta of 0.44. The firm has a fifty day moving average of $446.11 and a two-hundred day moving average of $464.11. Vertex Pharmaceuticals Incorporated has a one year low of $362.50 and a one year high of $519.88.

Vertex Pharmaceuticals (NASDAQ:VRTX - Get Free Report) last announced its quarterly earnings data on Monday, August 4th. The pharmaceutical company reported $4.52 earnings per share for the quarter, topping analysts' consensus estimates of $4.24 by $0.28. Vertex Pharmaceuticals had a return on equity of 23.91% and a net margin of 31.86%. The firm had revenue of $2.94 billion for the quarter, compared to analyst estimates of $2.90 billion. During the same quarter in the prior year, the company posted ($12.83) earnings per share. Vertex Pharmaceuticals's quarterly revenue was up 11.3% on a year-over-year basis. As a group, equities analysts predict that Vertex Pharmaceuticals Incorporated will post 15.63 earnings per share for the current year.

Analysts Set New Price Targets

Several research analysts have commented on the stock. Guggenheim lowered their price target on shares of Vertex Pharmaceuticals from $558.00 to $546.00 and set a "buy" rating for the company in a report on Wednesday, August 6th. HC Wainwright decreased their price objective on shares of Vertex Pharmaceuticals from $550.00 to $478.00 and set a "buy" rating for the company in a research report on Tuesday, August 5th. Truist Financial set a $490.00 target price on shares of Vertex Pharmaceuticals and gave the stock a "buy" rating in a research note on Tuesday, August 5th. Cantor Fitzgerald cut their price target on Vertex Pharmaceuticals from $535.00 to $485.00 and set an "overweight" rating on the stock in a research note on Tuesday, August 5th. Finally, The Goldman Sachs Group reaffirmed a "buy" rating on shares of Vertex Pharmaceuticals in a report on Tuesday, May 6th. Thirteen investment analysts have rated the stock with a hold rating, thirteen have issued a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat.com, Vertex Pharmaceuticals presently has a consensus rating of "Moderate Buy" and a consensus target price of $497.10.

Insider Activity

In other news, Director Bruce I. Sachs purchased 5,000 shares of the firm's stock in a transaction dated Wednesday, August 6th. The shares were acquired at an average price of $389.68 per share, with a total value of $1,948,400.00. Following the purchase, the director directly owned 45,000 shares of the company's stock, valued at $17,535,600. The trade was a 12.50% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through this link. 0.20% of the stock is owned by corporate insiders.

Vertex Pharmaceuticals Profile

Vertex Pharmaceuticals Incorporated, a biotechnology company, engages in developing and commercializing therapies for treating cystic fibrosis (CF). It markets TRIKAFTA/KAFTRIO for people with CF with at least one F508del mutation for 2 years of age or older; SYMDEKO/SYMKEVI for people with CF for 6 years of age or older; ORKAMBI for CF patients 1 year or older; and KALYDECO for the treatment of patients with 1 year or older who have CF with ivacaftor.

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