Boston Private Wealth LLC Increases Stock Position in Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX)

Boston Private Wealth LLC boosted its stake in Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX) by 4.1% during the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 13,865 shares of the pharmaceutical company’s stock after purchasing an additional 540 shares during the quarter. Boston Private Wealth LLC’s holdings in Vertex Pharmaceuticals were worth $2,349,000 as of its most recent SEC filing.

A number of other hedge funds also recently made changes to their positions in the business. Parallel Advisors LLC raised its position in shares of Vertex Pharmaceuticals by 15.3% during the 3rd quarter. Parallel Advisors LLC now owns 1,079 shares of the pharmaceutical company’s stock valued at $183,000 after buying an additional 143 shares in the last quarter. Cullen Frost Bankers Inc. raised its position in shares of Vertex Pharmaceuticals by 27.7% during the 3rd quarter. Cullen Frost Bankers Inc. now owns 64,584 shares of the pharmaceutical company’s stock valued at $10,942,000 after buying an additional 14,021 shares in the last quarter. Congress Asset Management Co. MA raised its position in shares of Vertex Pharmaceuticals by 1.9% during the 3rd quarter. Congress Asset Management Co. MA now owns 308,856 shares of the pharmaceutical company’s stock valued at $52,326,000 after buying an additional 5,779 shares in the last quarter. Citizens Financial Group Inc RI raised its position in shares of Vertex Pharmaceuticals by 187.5% during the 3rd quarter. Citizens Financial Group Inc RI now owns 276 shares of the pharmaceutical company’s stock valued at $47,000 after buying an additional 180 shares in the last quarter. Finally, Mackay Shields LLC raised its position in shares of Vertex Pharmaceuticals by 6.6% during the 3rd quarter. Mackay Shields LLC now owns 47,545 shares of the pharmaceutical company’s stock valued at $8,055,000 after buying an additional 2,944 shares in the last quarter. Institutional investors and hedge funds own 94.59% of the company’s stock.

VRTX stock traded up $5.95 during mid-day trading on Friday, reaching $201.78. The company had a trading volume of 24,822 shares, compared to its average volume of 1,471,225. The company has a debt-to-equity ratio of 0.12, a current ratio of 3.44 and a quick ratio of 3.32. The company has a market capitalization of $50.69 billion, a PE ratio of 71.30, a price-to-earnings-growth ratio of 1.84 and a beta of 1.46. The firm has a 50 day moving average of $180.84 and a 200 day moving average of $176.68. Vertex Pharmaceuticals Incorporated has a 12 month low of $151.80 and a 12 month high of $202.94.

Vertex Pharmaceuticals (NASDAQ:VRTX) last issued its earnings results on Wednesday, October 30th. The pharmaceutical company reported $1.23 EPS for the quarter, topping the Zacks’ consensus estimate of $0.87 by $0.36. The business had revenue of $949.83 million for the quarter, compared to the consensus estimate of $942.90 million. Vertex Pharmaceuticals had a net margin of 59.24% and a return on equity of 20.33%. The company’s revenue for the quarter was up 21.1% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.09 EPS. Analysts anticipate that Vertex Pharmaceuticals Incorporated will post 3.72 EPS for the current year.

Vertex Pharmaceuticals declared that its board has initiated a share buyback plan on Wednesday, July 31st that allows the company to buyback $500.00 million in outstanding shares. This buyback authorization allows the pharmaceutical company to purchase up to 1.2% of its stock through open market purchases. Stock buyback plans are typically an indication that the company’s board believes its shares are undervalued.

In other Vertex Pharmaceuticals news, EVP Amit Sachdev sold 4,097 shares of the company’s stock in a transaction dated Monday, November 4th. The shares were sold at an average price of $200.34, for a total value of $820,792.98. Following the transaction, the executive vice president now directly owns 35,571 shares in the company, valued at approximately $7,126,294.14. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Sangeeta N. Bhatia sold 8,379 shares of the stock in a transaction that occurred on Wednesday, October 2nd. The shares were sold at an average price of $166.80, for a total transaction of $1,397,617.20. Following the transaction, the director now owns 7,810 shares in the company, valued at $1,302,708. The disclosure for this sale can be found here. Insiders sold a total of 280,596 shares of company stock worth $54,030,128 over the last 90 days. Insiders own 0.70% of the company’s stock.

Several analysts have recently issued reports on the stock. Piper Jaffray Companies upped their target price on shares of Vertex Pharmaceuticals from $230.00 to $247.00 and gave the company an “overweight” rating in a research report on Thursday, October 31st. HC Wainwright restated a “buy” rating and set a $220.00 target price on shares of Vertex Pharmaceuticals in a research report on Thursday, August 1st. BidaskClub raised shares of Vertex Pharmaceuticals from a “hold” rating to a “buy” rating in a research report on Thursday, October 24th. Cowen set a $220.00 price objective on shares of Vertex Pharmaceuticals and gave the stock a “buy” rating in a research report on Monday, October 21st. Finally, Credit Suisse Group reissued a “buy” rating and issued a $228.00 price objective on shares of Vertex Pharmaceuticals in a research report on Monday. One analyst has rated the stock with a sell rating, seven have assigned a hold rating and nineteen have given a buy rating to the company. Vertex Pharmaceuticals presently has a consensus rating of “Buy” and a consensus target price of $216.12.

Vertex Pharmaceuticals Company Profile

Vertex Pharmaceuticals Incorporated engages in developing and commercializing therapies for treating cystic fibrosis. The company markets SYMDEKO/SYMKEVI, ORKAMBI, and KALYDECO to treat patients with cystic fibrosis who have specific mutations in their cystic fibrosis transmembrane conductance regulator gene.

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Institutional Ownership by Quarter for Vertex Pharmaceuticals (NASDAQ:VRTX)

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