TIAA CREF Investment Management LLC lessened its stake in Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX) by 12.4% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 1,891,482 shares of the pharmaceutical company’s stock after selling 267,106 shares during the quarter. TIAA CREF Investment Management LLC’s holdings in Vertex Pharmaceuticals were worth $283,457,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Advisory Services Network LLC grew its stake in Vertex Pharmaceuticals by 337.6% in the fourth quarter. Advisory Services Network LLC now owns 792 shares of the pharmaceutical company’s stock valued at $119,000 after acquiring an additional 611 shares during the period. Whittier Trust Co. grew its stake in Vertex Pharmaceuticals by 153.5% in the fourth quarter. Whittier Trust Co. now owns 991 shares of the pharmaceutical company’s stock valued at $149,000 after acquiring an additional 600 shares during the period. FNY Managed Accounts LLC acquired a new position in Vertex Pharmaceuticals in the third quarter valued at about $162,000. Baldwin Brothers Inc. MA acquired a new position in Vertex Pharmaceuticals in the fourth quarter valued at about $184,000. Finally, SeaCrest Wealth Management LLC acquired a new position in Vertex Pharmaceuticals in the fourth quarter valued at about $184,000. Institutional investors and hedge funds own 94.51% of the company’s stock.
Vertex Pharmaceuticals Incorporated (NASDAQ VRTX) opened at $174.96 on Wednesday. Vertex Pharmaceuticals Incorporated has a 52-week low of $88.90 and a 52-week high of $178.25. The company has a current ratio of 3.28, a quick ratio of 3.14 and a debt-to-equity ratio of 0.01. The company has a market capitalization of $44,971.89, a P/E ratio of 224.21, a P/E/G ratio of 2.52 and a beta of 1.56.
Vertex Pharmaceuticals (NASDAQ:VRTX) last issued its quarterly earnings results on Wednesday, January 31st. The pharmaceutical company reported $0.61 EPS for the quarter, beating the consensus estimate of $0.53 by $0.08. Vertex Pharmaceuticals had a return on equity of 11.02% and a net margin of 10.59%. The firm had revenue of $651.63 million during the quarter, compared to analysts’ expectations of $592.49 million. During the same period in the prior year, the firm posted $0.35 earnings per share. The business’s quarterly revenue was up 42.1% compared to the same quarter last year. equities analysts predict that Vertex Pharmaceuticals Incorporated will post 1.67 EPS for the current fiscal year.
Vertex Pharmaceuticals announced that its board has initiated a stock repurchase plan on Wednesday, January 31st that allows the company to repurchase $500.00 million in outstanding shares. This repurchase authorization allows the pharmaceutical company to reacquire shares of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s leadership believes its shares are undervalued.
VRTX has been the subject of a number of research analyst reports. HC Wainwright reissued a “hold” rating and issued a $103.00 target price on shares of Vertex Pharmaceuticals in a research note on Tuesday, February 13th. Deutsche Bank initiated coverage on Vertex Pharmaceuticals in a research note on Tuesday, December 12th. They issued a “buy” rating and a $175.00 target price for the company. Zacks Investment Research raised Vertex Pharmaceuticals from a “hold” rating to a “strong-buy” rating and set a $176.00 target price for the company in a research note on Monday, January 8th. Oppenheimer boosted their target price on Vertex Pharmaceuticals from $175.00 to $190.00 and gave the company an “outperform” rating in a research note on Thursday, January 4th. Finally, BidaskClub raised Vertex Pharmaceuticals from a “strong sell” rating to a “sell” rating in a research note on Wednesday, January 24th. Two investment analysts have rated the stock with a sell rating, three have given a hold rating and twenty-five have issued a buy rating to the stock. The company has an average rating of “Buy” and a consensus target price of $183.96.
In related news, SVP Paul M. Silva sold 1,289 shares of the stock in a transaction that occurred on Wednesday, December 27th. The stock was sold at an average price of $152.31, for a total transaction of $196,327.59. Following the completion of the transaction, the senior vice president now directly owns 17,923 shares of the company’s stock, valued at $2,729,852.13. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Thomas Graney sold 777 shares of the stock in a transaction that occurred on Tuesday, January 2nd. The shares were sold at an average price of $149.95, for a total value of $116,511.15. The disclosure for this sale can be found here. Insiders have sold 356,966 shares of company stock valued at $57,081,624 over the last three months. Insiders own 1.80% of the company’s stock.
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About Vertex Pharmaceuticals
Vertex Pharmaceuticals Incorporated is engaged in discovering, developing, manufacturing and commercializing medicines for serious diseases. The Company is focused on developing and commercializing therapies for the treatment of cystic fibrosis (CF) and advancing its research and development programs in other indications.
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