Puzo Michael J Purchases Shares of 15,907 Vertex Pharmaceuticals Incorporated $VRTX

Key Points

• Puzo Michael J acquired 15,907 Vertex shares worth approximately $7.9 million in the second quarter, making VRTX 2% of its portfolio. Institutional investors own 90.96% of the company, with BlackRock also reporting a significant new stake.
• Vertex reported quarterly revenue of $3.33 billion, up 12.5% year over year and above estimates, though adjusted earnings of $4.73 per share narrowly missed consensus by $0.01.
• Analyst sentiment remains positive, with a consensus “Moderate Buy” rating and a $563.50 price target. Meanwhile, insiders sold 10,464 shares worth about $5.0 million over the past 90 days under pre-arranged trading plans.

Puzo Michael J purchased a new stake in Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX - Free Report) during the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm purchased 15,907 shares of the pharmaceutical company's stock, valued at approximately $7,901,000. Vertex Pharmaceuticals comprises 2.0% of Puzo Michael J's investment portfolio, making the stock its 21st biggest holding.

Other institutional investors have also made changes to their positions in the company. BlackRock Inc. acquired a new stake in Vertex Pharmaceuticals in the 2nd quarter valued at approximately $11,975,849,000. Capital Research Global Investors increased its position in Vertex Pharmaceuticals by 4.6% in the 4th quarter. Capital Research Global Investors now owns 17,316,344 shares of the pharmaceutical company's stock worth $7,850,544,000 after buying an additional 763,063 shares during the period. State Street Corp lifted its holdings in shares of Vertex Pharmaceuticals by 0.7% during the fourth quarter. State Street Corp now owns 11,689,539 shares of the pharmaceutical company's stock worth $5,299,569,000 after buying an additional 83,539 shares during the last quarter. Capital International Investors lifted its holdings in shares of Vertex Pharmaceuticals by 0.9% during the fourth quarter. Capital International Investors now owns 4,733,596 shares of the pharmaceutical company's stock worth $2,146,041,000 after buying an additional 44,537 shares during the last quarter. Finally, Victory Capital Management Inc. boosted its position in shares of Vertex Pharmaceuticals by 49.4% in the fourth quarter. Victory Capital Management Inc. now owns 3,356,766 shares of the pharmaceutical company's stock valued at $1,521,851,000 after acquiring an additional 1,109,200 shares during the period. 90.96% of the stock is currently owned by institutional investors.

Insider Activity

In other news, EVP Duncan Mckechnie sold 1,541 shares of the stock in a transaction that occurred on Thursday, July 2nd. The stock was sold at an average price of $519.00, for a total value of $799,779.00. Following the completion of the transaction, the executive vice president directly owned 11,001 shares of the company's stock, valued at approximately $5,709,519. This represents a 12.29% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CMO Carmen Bozic sold 596 shares of the firm's stock in a transaction that occurred on Friday, June 26th. The stock was sold at an average price of $482.50, for a total value of $287,570.00. Following the transaction, the chief marketing officer owned 15,337 shares of the company's stock, valued at $7,400,102.50. This trade represents a 3.74% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last ninety days, insiders have sold 10,464 shares of company stock worth $4,959,397. Company insiders own 0.20% of the company's stock.

Vertex Pharmaceuticals Stock Performance

NASDAQ:VRTX opened at $552.06 on Thursday. The company has a 50-day moving average of $488.69 and a 200-day moving average of $464.85. Vertex Pharmaceuticals Incorporated has a 52 week low of $374.17 and a 52 week high of $553.69. The company has a market capitalization of $140.11 billion, a price-to-earnings ratio of 32.13, a PEG ratio of 2.19 and a beta of 0.30.

Vertex Pharmaceuticals (NASDAQ:VRTX - Get Free Report) last posted its earnings results on Monday, August 3rd. The pharmaceutical company reported $4.73 earnings per share for the quarter, missing analysts' consensus estimates of $4.74 by ($0.01). The business had revenue of $3.33 billion during the quarter, compared to the consensus estimate of $3.23 billion. Vertex Pharmaceuticals had a net margin of 35.00% and a return on equity of 23.09%. The business's revenue was up 12.5% compared to the same quarter last year. During the same period in the previous year, the firm earned $4.52 EPS. Sell-side analysts forecast that Vertex Pharmaceuticals Incorporated will post 16.86 EPS for the current year.

Analyst Upgrades and Downgrades

VRTX has been the topic of several research analyst reports. UBS Group raised their price objective on shares of Vertex Pharmaceuticals from $545.00 to $585.00 and gave the stock a "buy" rating in a research note on Monday, July 13th. Wall Street Zen downgraded shares of Vertex Pharmaceuticals from a "buy" rating to a "hold" rating in a report on Sunday, June 28th. TD Cowen raised their price target on shares of Vertex Pharmaceuticals from $525.00 to $550.00 and gave the stock a "buy" rating in a research report on Tuesday, August 4th. Royal Bank Of Canada boosted their price objective on shares of Vertex Pharmaceuticals from $543.00 to $570.00 and gave the stock an "outperform" rating in a report on Tuesday, July 7th. Finally, Truist Financial upped their price objective on shares of Vertex Pharmaceuticals from $560.00 to $565.00 and gave the company a "buy" rating in a research report on Wednesday, August 5th. One analyst has rated the stock with a Strong Buy rating, twenty have issued a Buy rating and three have issued a Hold rating to the stock. According to MarketBeat, Vertex Pharmaceuticals currently has a consensus rating of "Moderate Buy" and a consensus price target of $563.50.

Vertex Pharmaceuticals 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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