Crossmark Global Holdings Inc. Decreases Stock Position in Vertex Pharmaceuticals Incorporated $VRTX

Key Points

• Crossmark Global Holdings cut its stake in Vertex Pharmaceuticals by 54.5% in the fourth quarter, leaving it with 2,797 shares valued at about $1.27 million.
• Vertex reported better-than-expected earnings, posting $4.47 EPS versus the $4.24 estimate, while quarterly revenue rose 8.3% year over year to $2.99 billion.
• Analyst sentiment remains positive overall, with Vertex holding an average “Moderate Buy” rating and an average price target of $555.17, even as some insiders have recently sold shares.

Crossmark Global Holdings Inc. lessened its stake in Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX - Free Report) by 54.5% in the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 2,797 shares of the pharmaceutical company's stock after selling 3,346 shares during the quarter. Crossmark Global Holdings Inc.'s holdings in Vertex Pharmaceuticals were worth $1,268,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently bought and sold shares of VRTX. Earned Wealth Advisors LLC raised its position in shares of Vertex Pharmaceuticals by 3.3% during the fourth quarter. Earned Wealth Advisors LLC now owns 650 shares of the pharmaceutical company's stock worth $295,000 after acquiring an additional 21 shares during the last quarter. Confluence Wealth Services Inc. raised its position in shares of Vertex Pharmaceuticals by 4.0% during the fourth quarter. Confluence Wealth Services Inc. now owns 545 shares of the pharmaceutical company's stock worth $247,000 after acquiring an additional 21 shares during the last quarter. Childress Capital Advisors LLC raised its position in shares of Vertex Pharmaceuticals by 3.1% during the fourth quarter. Childress Capital Advisors LLC now owns 730 shares of the pharmaceutical company's stock worth $331,000 after acquiring an additional 22 shares during the last quarter. Central Pacific Bank Trust Division raised its position in shares of Vertex Pharmaceuticals by 0.5% during the fourth quarter. Central Pacific Bank Trust Division now owns 5,026 shares of the pharmaceutical company's stock worth $2,279,000 after acquiring an additional 24 shares during the last quarter. Finally, JFS Wealth Advisors LLC raised its position in shares of Vertex Pharmaceuticals by 28.1% during the fourth quarter. JFS Wealth Advisors LLC now owns 114 shares of the pharmaceutical company's stock worth $52,000 after acquiring an additional 25 shares during the last quarter. Hedge funds and other institutional investors own 90.96% of the company's stock.

Vertex Pharmaceuticals Price Performance

Shares of Vertex Pharmaceuticals stock opened at $448.29 on Wednesday. Vertex Pharmaceuticals Incorporated has a 1 year low of $362.50 and a 1 year high of $507.92. The business has a 50-day moving average of $447.52 and a two-hundred day moving average of $450.08. The company has a market capitalization of $113.78 billion, a P/E ratio of 26.59, a price-to-earnings-growth ratio of 1.87 and a beta of 0.30.

Vertex Pharmaceuticals (NASDAQ:VRTX - Get Free Report) last announced its quarterly earnings results on Monday, May 4th. The pharmaceutical company reported $4.47 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.24 by $0.23. Vertex Pharmaceuticals had a return on equity of 23.86% and a net margin of 35.51%.The company had revenue of $2.99 billion during the quarter, compared to the consensus estimate of $2.99 billion. During the same period in the prior year, the company earned $4.06 earnings per share. The company's revenue for the quarter was up 8.3% compared to the same quarter last year. On average, equities analysts anticipate that Vertex Pharmaceuticals Incorporated will post 16.96 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on VRTX shares. Jefferies Financial Group began coverage on Vertex Pharmaceuticals in a research report on Tuesday, March 10th. They set a "buy" rating and a $580.00 target price for the company. Stifel Nicolaus upped their price objective on Vertex Pharmaceuticals from $445.00 to $466.00 and gave the company a "hold" rating in a report on Friday, February 13th. Truist Financial upgraded Vertex Pharmaceuticals to a "strong-buy" rating in a report on Monday, April 27th. Royal Bank Of Canada upped their price objective on Vertex Pharmaceuticals from $541.00 to $543.00 and gave the company an "outperform" rating in a report on Tuesday, May 5th. Finally, Weiss Ratings downgraded Vertex Pharmaceuticals from a "buy (b-)" rating to a "hold (c+)" rating in a report on Tuesday, April 14th. One analyst has rated the stock with a Strong Buy rating, twenty have assigned a Buy rating and five have assigned a Hold rating to the company. Based on data from MarketBeat, Vertex Pharmaceuticals currently has an average rating of "Moderate Buy" and an average price target of $555.17.

Insider Buying and Selling

In other Vertex Pharmaceuticals news, Director Sangeeta N. Bhatia sold 318 shares of the stock in a transaction dated Monday, May 4th. The stock was sold at an average price of $423.73, for a total value of $134,746.14. Following the completion of the sale, the director directly owned 4,924 shares in the company, valued at $2,086,446.52. This represents a 6.07% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CMO Carmen Bozic sold 2,329 shares of the stock in a transaction dated Friday, March 13th. The stock was sold at an average price of $481.79, for a total value of $1,122,088.91. Following the completion of the sale, the chief marketing officer owned 35,405 shares of the company's stock, valued at $17,057,774.95. This trade represents a 6.17% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last ninety days, insiders sold 74,314 shares of company stock valued at $35,007,953. 0.20% of the stock is owned by company insiders.

Vertex Pharmaceuticals Company Profile

Vertex Pharmaceuticals Inc is a Boston-based biotechnology company focused on the discovery, development and commercialization of therapies for serious diseases. Founded in 1989, Vertex built its reputation on research-driven drug development and is best known for its work in cystic fibrosis (CF), where its portfolio of small-molecule CFTR modulators transformed standards of care for many people with the disease. The company operates research and development, manufacturing and commercial organizations and serves patients and healthcare systems in multiple international markets.

Vertex's marketed products center on CFTR modulators that target the underlying cause of cystic fibrosis rather than just treating symptoms.

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