Meritage Portfolio Management Decreases Position in Vertex Pharmaceuticals Incorporated $VRTX

Key Points

• Meritage Portfolio Management reduced its holdings in Vertex Pharmaceuticals by 5.5% in the second quarter, now owning 32,943 shares valued at approximately $14.67 million.
• Vertex Pharmaceuticals reported a quarterly earnings per share of $4.52, exceeding analysts' expectations, and its revenue for the quarter was $2.94 billion, reflecting an 11.3% increase year-over-year.
• Several institutional investors have taken new positions or adjusted their stakes in Vertex, with hedge funds owning 90.96% of the company’s stock.

Meritage Portfolio Management lessened its holdings in Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX - Free Report) by 5.5% in the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 32,943 shares of the pharmaceutical company's stock after selling 1,934 shares during the period. Vertex Pharmaceuticals makes up approximately 0.9% of Meritage Portfolio Management's portfolio, making the stock its 23rd largest position. Meritage Portfolio Management's holdings in Vertex Pharmaceuticals were worth $14,666,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. United Services Automobile Association purchased a new position in Vertex Pharmaceuticals in the 1st quarter valued at approximately $2,933,000. Lee Johnson Capital Management LLC purchased a new stake in shares of Vertex Pharmaceuticals during the 2nd quarter worth $721,000. Aries Wealth Management purchased a new stake in shares of Vertex Pharmaceuticals during the 1st quarter worth $293,000. SteelPeak Wealth LLC purchased a new stake in shares of Vertex Pharmaceuticals during the 2nd quarter worth $10,059,000. Finally, Moody Lynn & Lieberson LLC lifted its position in shares of Vertex Pharmaceuticals by 1.4% during the 2nd quarter. Moody Lynn & Lieberson LLC now owns 58,077 shares of the pharmaceutical company's stock worth $25,856,000 after purchasing an additional 822 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 NASDAQ:VRTX opened at $407.79 on Friday. The company's fifty day moving average price is $393.91 and its 200 day moving average price is $439.18. Vertex Pharmaceuticals Incorporated has a 12 month low of $362.50 and a 12 month high of $519.88. The firm has a market capitalization of $104.55 billion, a P/E ratio of 29.15 and a beta of 0.43.

Vertex Pharmaceuticals (NASDAQ:VRTX - Get Free Report) last announced its quarterly earnings results on Monday, August 4th. The pharmaceutical company reported $4.52 EPS for the quarter, topping the consensus estimate of $4.24 by $0.28. The firm had revenue of $2.94 billion for the quarter, compared to analyst estimates of $2.90 billion. Vertex Pharmaceuticals had a net margin of 31.86% and a return on equity of 23.91%. Vertex Pharmaceuticals's revenue for the quarter was up 11.3% compared to the same quarter last year. During the same period last year, the business earned ($12.83) EPS. Vertex Pharmaceuticals has set its FY 2025 guidance at EPS. On average, sell-side analysts anticipate that Vertex Pharmaceuticals Incorporated will post 15.63 EPS for the current year.

Analyst Upgrades and Downgrades

Several research firms have recently issued reports on VRTX. Wells Fargo & Company raised shares of Vertex Pharmaceuticals from an "equal weight" rating to an "overweight" rating and set a $460.00 price objective for the company in a research report on Wednesday, August 6th. Cantor Fitzgerald decreased their price objective on shares of Vertex Pharmaceuticals from $535.00 to $485.00 and set an "overweight" rating for the company in a research report on Tuesday, August 5th. Leerink Partnrs raised shares of Vertex Pharmaceuticals from a "hold" rating to a "strong-buy" rating in a research report on Thursday, September 25th. Morgan Stanley decreased their price objective on shares of Vertex Pharmaceuticals from $439.00 to $438.00 and set an "equal weight" rating for the company in a research report on Friday. Finally, Leerink Partners raised shares of Vertex Pharmaceuticals from a "market perform" rating to an "outperform" rating and decreased their price objective for the stock from $458.00 to $456.00 in a research report on Thursday, September 25th. One investment analyst has rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating and twelve have assigned a Hold rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $494.38.

Insider Buying and Selling

In other Vertex Pharmaceuticals news, Director Bruce I. Sachs acquired 5,000 shares of the company's stock in a transaction on Wednesday, August 6th. The shares were bought at an average cost of $389.68 per share, for a total transaction of $1,948,400.00. Following the completion of the purchase, the director owned 45,000 shares in the company, valued at $17,535,600. This trade represents a 12.50% increase in their position. The purchase was disclosed in a filing with the SEC, which is accessible through this hyperlink. Corporate insiders own 0.20% of the company's stock.

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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