The Manufacturers Life Insurance Company Acquires New Stake in Vertex Pharmaceuticals Incorporated $VRTX

Key Points

• The Manufacturers Life Insurance Company acquired 554,085 Vertex Pharmaceuticals shares worth approximately $275.2 million, representing a 0.22% stake. Institutional investors collectively own 90.96% of Vertex.
• Analysts maintain a favorable outlook, with a consensus “Moderate Buy” rating and an average price target of $563.50; several firms recently raised their targets.
• Vertex reported quarterly revenue of $3.33 billion, up 12.5% year over year and above expectations, while adjusted EPS of $4.73 narrowly missed consensus estimates. Shares opened at $547.59, near their 12-month high.

The Manufacturers Life Insurance Company bought a new position in Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX - Free Report) in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor bought 554,085 shares of the pharmaceutical company's stock, valued at approximately $275,231,000. The Manufacturers Life Insurance Company owned 0.22% of Vertex Pharmaceuticals at the end of the most recent quarter.

A number of other large investors have also recently added to or reduced their stakes in the company. BlackRock Inc. bought a new stake in Vertex Pharmaceuticals in the 2nd quarter valued at approximately $11,975,849,000. Capital Research Global Investors grew its stake in shares of Vertex Pharmaceuticals by 4.6% during 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 acquiring an additional 763,063 shares in the last quarter. State Street Corp raised its holdings in shares of Vertex Pharmaceuticals by 0.7% in the fourth quarter. State Street Corp now owns 11,689,539 shares of the pharmaceutical company's stock valued at $5,299,569,000 after purchasing an additional 83,539 shares during the last quarter. Capital International Investors lifted its position in shares of Vertex Pharmaceuticals by 0.9% in the fourth quarter. Capital International Investors now owns 4,733,596 shares of the pharmaceutical company's stock worth $2,146,041,000 after purchasing an additional 44,537 shares in the last quarter. Finally, Victory Capital Management Inc. lifted 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 worth $1,521,851,000 after purchasing an additional 1,109,200 shares in the last quarter. Institutional investors own 90.96% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research analysts recently weighed in on the stock. Truist Financial raised their target price 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. Weiss Ratings upgraded shares of Vertex Pharmaceuticals from a "buy (b-)" rating to a "buy (b)" rating in a research note on Wednesday, August 5th. Cantor Fitzgerald raised their price objective on Vertex Pharmaceuticals from $590.00 to $595.00 and gave the company an "overweight" rating in a report on Tuesday, August 4th. UBS Group upped their target price on Vertex Pharmaceuticals from $545.00 to $585.00 and gave the stock a "buy" rating in a report on Monday, July 13th. Finally, Wall Street Zen cut Vertex Pharmaceuticals from a "buy" rating to a "hold" rating in a research note on Sunday, June 28th. One analyst has rated the stock with a Strong Buy rating, twenty have assigned a Buy rating and three have given a Hold rating to the company. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average price target of $563.50.

Vertex Pharmaceuticals Stock Down 0.1%

Shares of NASDAQ VRTX opened at $547.59 on Tuesday. The business's 50 day moving average price is $494.60 and its two-hundred day moving average price is $466.46. The company has a market cap of $138.98 billion, a PE ratio of 31.87, a price-to-earnings-growth ratio of 2.27 and a beta of 0.30. Vertex Pharmaceuticals Incorporated has a twelve month low of $374.17 and a twelve month high of $555.32.

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

Insider Buying and Selling at Vertex Pharmaceuticals

In other Vertex Pharmaceuticals news, EVP Duncan Mckechnie sold 1,541 shares of the company's stock in a transaction on Thursday, July 2nd. The shares were sold at an average price of $519.00, for a total value of $799,779.00. Following the transaction, the executive vice president directly owned 11,001 shares in the company, valued at $5,709,519. The trade was a 12.29% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CMO Carmen Bozic sold 596 shares of the stock in a transaction dated Friday, June 26th. The shares were sold at an average price of $482.50, for a total transaction of $287,570.00. Following the completion of the transaction, the chief marketing officer directly owned 15,337 shares in the company, valued at $7,400,102.50. The trade was a 3.74% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 10,464 shares of company stock valued at $4,959,397 in the last quarter. 0.20% of the stock is currently owned by insiders.

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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