Vestcor Inc Grows Holdings in Vertex Pharmaceuticals Incorporated $VRTX

Key Points

• Vestcor Inc increased its stake in Vertex by 12% to 35,266 shares, valued at about $13.8 million at quarter-end, and institutional investors now own roughly 90.96% of the stock.
• Vertex reported quarterly EPS of $5.03 (a $0.02 miss) while revenue was $3.19 billion—up 9.5% year-over-year—supporting a strong net margin of 32.94%.
• Wall Street is broadly positive with an average target of $542 (22 Buys vs. 5 Holds), even as insiders have been net sellers, disposing of 91,156 shares (~$42.8M) over the past three months.

Vestcor Inc grew its position in Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX - Free Report) by 12.0% in the third quarter, according to the company in its most recent disclosure with the SEC. The firm owned 35,266 shares of the pharmaceutical company's stock after acquiring an additional 3,778 shares during the period. Vestcor Inc's holdings in Vertex Pharmaceuticals were worth $13,812,000 at the end of the most recent quarter.

Several other hedge funds have also modified their holdings of the company. Chesapeake Asset Management LLC grew its position in shares of Vertex Pharmaceuticals by 110.0% during the 3rd quarter. Chesapeake Asset Management LLC now owns 63 shares of the pharmaceutical company's stock valued at $25,000 after acquiring an additional 33 shares during the period. Colonial Trust Co SC raised its holdings in Vertex Pharmaceuticals by 118.8% in the 3rd quarter. Colonial Trust Co SC now owns 70 shares of the pharmaceutical company's stock worth $27,000 after purchasing an additional 38 shares during the period. Legacy Investment Solutions LLC purchased a new position in Vertex Pharmaceuticals during the second quarter worth approximately $29,000. Total Investment Management Inc. acquired a new stake in Vertex Pharmaceuticals in the second quarter valued at approximately $33,000. Finally, Financial Network Wealth Advisors LLC increased its position in shares of Vertex Pharmaceuticals by 50.9% in the third quarter. Financial Network Wealth Advisors LLC now owns 86 shares of the pharmaceutical company's stock valued at $34,000 after buying an additional 29 shares in the last quarter. 90.96% of the stock is owned by hedge funds and other institutional investors.

Vertex Pharmaceuticals Stock Down 0.9%

Vertex Pharmaceuticals stock opened at $456.69 on Monday. The company has a fifty day simple moving average of $467.48 and a 200-day simple moving average of $435.35. The firm has a market capitalization of $116.01 billion, a price-to-earnings ratio of 29.79 and a beta of 0.31. Vertex Pharmaceuticals Incorporated has a 52-week low of $362.50 and a 52-week high of $519.68.

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

Wall Street Analyst Weigh In

A number of research firms recently issued reports on VRTX. Evercore lifted their price target on shares of Vertex Pharmaceuticals from $475.00 to $530.00 and gave the company an "outperform" rating in a research note on Friday, January 23rd. Stifel Nicolaus boosted their target price on shares of Vertex Pharmaceuticals from $445.00 to $466.00 and gave the stock a "hold" rating in a research note on Friday, February 13th. Morgan Stanley restated an "overweight" rating and set a $570.00 price target on shares of Vertex Pharmaceuticals in a research report on Friday, February 13th. Barclays raised their price target on shares of Vertex Pharmaceuticals from $606.00 to $607.00 and gave the company an "overweight" rating in a research note on Tuesday, February 17th. Finally, Royal Bank Of Canada cut their price objective 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 investment analysts have rated the stock with a Buy rating and five have given a Hold rating to the company's stock. According to data from MarketBeat, Vertex Pharmaceuticals has an average rating of "Moderate Buy" and an average target price of $542.00.

Insiders Place Their Bets

In related news, EVP Charles F. Wagner, Jr. sold 9,532 shares of Vertex Pharmaceuticals stock in a transaction that occurred on Tuesday, January 6th. The stock was sold at an average price of $461.00, for a total transaction of $4,394,252.00. Following the transaction, the executive vice president owned 37,725 shares in the company, valued at approximately $17,391,225. This trade represents a 20.17% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, EVP Mark E. Bunnage sold 2,021 shares of the business's stock in a transaction on Wednesday, February 11th. The stock was sold at an average price of $460.43, for a total value of $930,529.03. Following the transaction, the executive vice president directly owned 12,914 shares in the company, valued at $5,945,993.02. This trade represents a 13.53% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders sold 91,156 shares of company stock worth $42,845,497. 0.20% of the stock is currently owned by insiders.

About Vertex Pharmaceuticals

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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