SRB Corp Acquires Shares of 2,769 Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX)

SRB Corp acquired a new stake in Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX) during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm acquired 2,769 shares of the pharmaceutical company’s stock, valued at approximately $508,000.

Other hedge funds have also made changes to their positions in the company. Johnson Investment Counsel Inc. boosted its position in shares of Vertex Pharmaceuticals by 2.5% during the second quarter. Johnson Investment Counsel Inc. now owns 10,114 shares of the pharmaceutical company’s stock worth $1,854,000 after purchasing an additional 242 shares in the last quarter. Asset Management One Co. Ltd. boosted its position in shares of Vertex Pharmaceuticals by 9.4% during the second quarter. Asset Management One Co. Ltd. now owns 136,896 shares of the pharmaceutical company’s stock worth $25,103,000 after purchasing an additional 11,789 shares in the last quarter. Eversept Partners LP boosted its position in shares of Vertex Pharmaceuticals by 51.3% during the second quarter. Eversept Partners LP now owns 57,849 shares of the pharmaceutical company’s stock worth $10,608,000 after purchasing an additional 19,620 shares in the last quarter. BlackRock Inc. boosted its position in shares of Vertex Pharmaceuticals by 2.6% during the second quarter. BlackRock Inc. now owns 20,708,669 shares of the pharmaceutical company’s stock worth $3,797,554,000 after purchasing an additional 532,371 shares in the last quarter. Finally, US Bancorp DE boosted its position in shares of Vertex Pharmaceuticals by 3.5% during the second quarter. US Bancorp DE now owns 9,306 shares of the pharmaceutical company’s stock worth $1,706,000 after purchasing an additional 319 shares in the last quarter. 94.81% of the stock is currently owned by hedge funds and other institutional investors.

VRTX traded up $2.61 during trading on Monday, hitting $177.55. The company had a trading volume of 54,333 shares, compared to its average volume of 1,004,658. The company has a market capitalization of $44.33 billion, a PE ratio of 62.73, a PEG ratio of 2.25 and a beta of 1.37. Vertex Pharmaceuticals Incorporated has a one year low of $151.80 and a one year high of $195.81. The firm’s 50-day moving average price is $178.31 and its 200 day moving average price is $177.75. The company has a quick ratio of 3.63, a current ratio of 3.74 and a debt-to-equity ratio of 0.12.

Vertex Pharmaceuticals (NASDAQ:VRTX) last issued its quarterly earnings results on Wednesday, July 31st. The pharmaceutical company reported $0.99 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.75 by $0.24. Vertex Pharmaceuticals had a net margin of 64.13% and a return on equity of 21.73%. The firm had revenue of $941.29 million for the quarter, compared to analyst estimates of $884.66 million. During the same period in the previous year, the business earned $0.94 EPS. The company’s revenue was up 25.1% compared to the same quarter last year. Sell-side analysts forecast that Vertex Pharmaceuticals Incorporated will post 3.41 earnings per share for the current year.

Vertex Pharmaceuticals announced that its Board of Directors has initiated a stock repurchase plan on Wednesday, July 31st that allows the company to repurchase $500.00 million in outstanding shares. This repurchase authorization allows the pharmaceutical company to repurchase up to 1.2% of its stock through open market purchases. Stock repurchase plans are often a sign that the company’s management believes its shares are undervalued.

In other Vertex Pharmaceuticals news, CEO Jeffrey M. Leiden sold 56,030 shares of Vertex Pharmaceuticals stock in a transaction on Tuesday, June 18th. The shares were sold at an average price of $175.39, for a total value of $9,827,101.70. Following the sale, the chief executive officer now directly owns 162,317 shares in the company, valued at approximately $28,468,778.63. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP David Altshuler sold 12,501 shares of Vertex Pharmaceuticals stock in a transaction on Monday, August 19th. The shares were sold at an average price of $186.38, for a total transaction of $2,329,936.38. Following the completion of the sale, the executive vice president now owns 35,803 shares in the company, valued at $6,672,963.14. The disclosure for this sale can be found here. Insiders sold a total of 93,641 shares of company stock worth $16,705,255 over the last quarter. Company insiders own 0.70% of the company’s stock.

A number of brokerages have recently weighed in on VRTX. ValuEngine cut shares of Vertex Pharmaceuticals from a “buy” rating to a “hold” rating in a research report on Tuesday, September 10th. Piper Jaffray Companies lifted their price target on shares of Vertex Pharmaceuticals from $217.00 to $230.00 and gave the stock an “overweight” rating in a research report on Thursday, August 1st. Citigroup reissued a “buy” rating and set a $205.00 price target on shares of Vertex Pharmaceuticals in a research report on Thursday, May 23rd. Goldman Sachs Group raised shares of Vertex Pharmaceuticals from a “neutral” rating to a “buy” rating and lifted their price target for the stock from $226.00 to $254.00 in a research report on Tuesday, September 3rd. Finally, Needham & Company LLC cut shares of Vertex Pharmaceuticals from a “buy” rating to a “hold” rating in a research report on Thursday, August 1st. They noted that the move was a valuation call. One investment analyst has rated the stock with a sell rating, nine have assigned a hold rating and fourteen have given a buy rating to the stock. Vertex Pharmaceuticals has an average rating of “Buy” and an average price target of $210.68.

About Vertex Pharmaceuticals

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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