State Treasurer State of Michigan Reduces Stock Holdings in Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX)

State Treasurer State of Michigan trimmed its holdings in shares of Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX) by 37.0% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 89,268 shares of the pharmaceutical company’s stock after selling 52,400 shares during the quarter. State Treasurer State of Michigan’s holdings in Vertex Pharmaceuticals were worth $16,370,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also made changes to their positions in the company. Geode Capital Management LLC raised its stake in shares of Vertex Pharmaceuticals by 7.3% during the 4th quarter. Geode Capital Management LLC now owns 3,059,306 shares of the pharmaceutical company’s stock worth $505,995,000 after purchasing an additional 207,934 shares during the period. Legacy Advisors LLC bought a new stake in shares of Vertex Pharmaceuticals during the 1st quarter worth $736,000. Broadleaf Partners LLC raised its stake in shares of Vertex Pharmaceuticals by 5.1% during the 1st quarter. Broadleaf Partners LLC now owns 22,832 shares of the pharmaceutical company’s stock worth $4,310,000 after purchasing an additional 1,100 shares during the period. Gateway Investment Advisers LLC raised its stake in shares of Vertex Pharmaceuticals by 0.5% during the 1st quarter. Gateway Investment Advisers LLC now owns 148,690 shares of the pharmaceutical company’s stock worth $27,352,000 after purchasing an additional 780 shares during the period. Finally, Pacer Advisors Inc. bought a new stake in shares of Vertex Pharmaceuticals during the 1st quarter worth $6,834,000. Hedge funds and other institutional investors own 95.02% of the company’s stock.

In other news, CEO Jeffrey M. Leiden sold 113,432 shares of the company’s stock in a transaction dated Friday, May 24th. The stock was sold at an average price of $175.10, for a total transaction of $19,861,943.20. Following the sale, the chief executive officer now directly owns 219,719 shares in the company, valued at $38,472,796.90. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, SVP Paul M. Silva sold 161 shares of the company’s stock in a transaction dated Wednesday, May 15th. The shares were sold at an average price of $165.41, for a total value of $26,631.01. Following the sale, the senior vice president now owns 17,759 shares in the company, valued at $2,937,516.19. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 183,630 shares of company stock worth $32,197,628. Company insiders own 0.70% of the company’s stock.

A number of equities research analysts have recently commented on VRTX shares. JPMorgan Chase & Co. reiterated a “buy” rating and set a $212.00 target price on shares of Vertex Pharmaceuticals in a research note on Thursday, August 1st. Stifel Nicolaus lifted their target price on Vertex Pharmaceuticals from $205.00 to $211.00 and gave the stock a “buy” rating in a research note on Thursday, August 1st. Goldman Sachs Group reiterated a “buy” rating and set a $220.00 target price on shares of Vertex Pharmaceuticals in a research note on Thursday, May 23rd. Citigroup reiterated a “buy” rating and set a $205.00 target price on shares of Vertex Pharmaceuticals in a research note on Thursday, May 23rd. Finally, HC Wainwright reiterated a “buy” rating and set a $220.00 target price on shares of Vertex Pharmaceuticals in a research note on Thursday, August 1st. One analyst has rated the stock with a sell rating, ten have given a hold rating and thirteen have issued a buy rating to the company. The company currently has a consensus rating of “Buy” and an average price target of $206.63.

Vertex Pharmaceuticals stock traded down $2.81 during midday trading on Wednesday, reaching $174.13. The stock had a trading volume of 420,933 shares, compared to its average volume of 1,280,345. Vertex Pharmaceuticals Incorporated has a 12 month low of $151.80 and a 12 month high of $195.81. The business has a 50-day moving average of $176.98. The firm has a market cap of $44.81 billion, a price-to-earnings ratio of 61.53, a PEG ratio of 2.58 and a beta of 1.40. The company has a debt-to-equity ratio of 0.12, a current ratio of 3.74 and a quick ratio of 3.63.

Vertex Pharmaceuticals (NASDAQ:VRTX) last announced its quarterly earnings results on Wednesday, July 31st. The pharmaceutical company reported $0.99 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.75 by $0.24. Vertex Pharmaceuticals had a return on equity of 21.73% and a net margin of 64.13%. The firm had revenue of $941.29 million for the quarter, compared to analysts’ expectations of $884.66 million. During the same period in the prior year, the business posted $0.94 earnings per share. The company’s revenue was up 25.1% on a year-over-year basis. On average, equities research analysts anticipate that Vertex Pharmaceuticals Incorporated will post 3.38 earnings per share for the current fiscal year.

Vertex Pharmaceuticals announced that its Board of Directors has authorized a stock buyback plan on Wednesday, July 31st that authorizes the company to buyback $500.00 million in outstanding shares. This buyback authorization authorizes 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 leadership believes its stock is undervalued.

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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