South Dakota Investment Council Cuts Stake in Vertex Pharmaceuticals Incorporated $VRTX

Key Points

• South Dakota Investment Council reduced its stake in Vertex by 56% in Q3, selling 8,743 shares and retaining 6,880 shares valued at about $2.694 million.
• Vertex reported quarterly EPS $5.03 (missed by $0.02) and revenue of $3.19B (slightly above estimates), with a net margin of 32.94%; analysts maintain a consensus "Moderate Buy" rating and a $542 target.
• Insiders have sold 91,156 shares (~$42.8 million) over the past three months, while institutional investors collectively own about 90.96% of the stock.

South Dakota Investment Council lessened its stake in shares of Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX - Free Report) by 56.0% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 6,880 shares of the pharmaceutical company's stock after selling 8,743 shares during the quarter. South Dakota Investment Council's holdings in Vertex Pharmaceuticals were worth $2,694,000 at the end of the most recent quarter.

Other large investors have also modified their holdings of the company. Brighton Jones LLC grew its position in Vertex Pharmaceuticals by 15.0% in the fourth quarter. Brighton Jones LLC now owns 4,427 shares of the pharmaceutical company's stock valued at $1,783,000 after acquiring an additional 579 shares in the last quarter. Westside Investment Management Inc. boosted its stake in shares of Vertex Pharmaceuticals by 243.3% in the second quarter. Westside Investment Management Inc. now owns 103 shares of the pharmaceutical company's stock valued at $47,000 after purchasing an additional 73 shares during the period. Elyxium Wealth LLC grew its holdings in Vertex Pharmaceuticals by 23.6% during the 2nd quarter. Elyxium Wealth LLC now owns 539 shares of the pharmaceutical company's stock valued at $240,000 after purchasing an additional 103 shares in the last quarter. Blue Barn Wealth LLC increased its stake in Vertex Pharmaceuticals by 8.8% during the 2nd quarter. Blue Barn Wealth LLC now owns 470 shares of the pharmaceutical company's stock worth $209,000 after buying an additional 38 shares during the period. Finally, Trillium Asset Management LLC lifted its holdings in Vertex Pharmaceuticals by 10.1% in the 2nd quarter. Trillium Asset Management LLC now owns 61,474 shares of the pharmaceutical company's stock worth $27,370,000 after buying an additional 5,658 shares in the last quarter. Institutional investors and hedge funds own 90.96% of the company's stock.

Vertex Pharmaceuticals Stock Up 0.8%

Shares of NASDAQ:VRTX opened at $477.89 on Thursday. The company has a market cap of $121.40 billion, a PE ratio of 31.17 and a beta of 0.31. Vertex Pharmaceuticals Incorporated has a fifty-two week low of $362.50 and a fifty-two week high of $519.68. The firm has a 50-day simple moving average of $467.65 and a 200 day simple moving average of $434.10.

Vertex Pharmaceuticals (NASDAQ:VRTX - Get Free Report) last posted its earnings results on Thursday, February 12th. The pharmaceutical company reported $5.03 EPS for the quarter, missing the consensus estimate of $5.05 by ($0.02). The company had revenue of $3.19 billion for the quarter, compared to the consensus estimate of $3.18 billion. Vertex Pharmaceuticals had a net margin of 32.94% and a return on equity of 24.30%. The firm's revenue for the quarter was up 9.5% compared to the same quarter last year. During the same period last year, the company posted $3.98 earnings per share. As a group, research analysts forecast that Vertex Pharmaceuticals Incorporated will post 15.63 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several equities research analysts have issued reports on the company. Barclays lifted their price objective on Vertex Pharmaceuticals from $606.00 to $607.00 and gave the stock an "overweight" rating in a report on Tuesday, February 17th. Canaccord Genuity Group upped their price target on shares of Vertex Pharmaceuticals from $411.00 to $441.00 and gave the company a "hold" rating in a report on Tuesday, February 17th. Sanford C. Bernstein reissued an "outperform" rating and set a $577.00 price objective on shares of Vertex Pharmaceuticals in a report on Friday, February 13th. Stifel Nicolaus upped their target price on shares of Vertex Pharmaceuticals from $445.00 to $466.00 and gave the company a "hold" rating in a research note on Friday, February 13th. Finally, Royal Bank Of Canada decreased their price target on Vertex Pharmaceuticals from $546.00 to $541.00 and set an "outperform" rating for the company in a research note on Friday, February 13th. Twenty-two analysts have rated the stock with a Buy rating and five have given a Hold rating to the company's stock. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $542.00.

Insider Transactions at Vertex Pharmaceuticals

In other Vertex Pharmaceuticals news, EVP Duncan Mckechnie sold 4,910 shares of the firm's stock in a transaction on Wednesday, February 25th. The stock was sold at an average price of $487.65, for a total value of $2,394,361.50. Following the sale, the executive vice president directly owned 17,559 shares in the company, valued at approximately $8,562,646.35. This trade represents a 21.85% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, EVP Jonathan Biller sold 945 shares of the business's stock in a transaction on Wednesday, February 25th. The shares were sold at an average price of $486.35, for a total transaction of $459,600.75. Following the transaction, the executive vice president directly owned 13,659 shares of the company's stock, valued at approximately $6,643,054.65. This trade represents a 6.47% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 91,156 shares of company stock valued at $42,845,497 over the last three months. 0.20% of the stock is currently 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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