Welch & Forbes LLC Has $29.91 Million Stake in Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX)

Welch & Forbes LLC boosted its holdings in shares of Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX) by 0.3% in the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 176,514 shares of the pharmaceutical company’s stock after purchasing an additional 587 shares during the period. Welch & Forbes LLC owned 0.07% of Vertex Pharmaceuticals worth $29,906,000 as of its most recent SEC filing.

Other hedge funds have also added to or reduced their stakes in the company. Daiwa Securities Group Inc. increased its stake in shares of Vertex Pharmaceuticals by 0.5% in the 2nd quarter. Daiwa Securities Group Inc. now owns 11,806 shares of the pharmaceutical company’s stock valued at $2,165,000 after buying an additional 61 shares during the period. Victory Capital Management Inc. increased its stake in shares of Vertex Pharmaceuticals by 0.4% in the 2nd quarter. Victory Capital Management Inc. now owns 19,094 shares of the pharmaceutical company’s stock valued at $3,501,000 after buying an additional 67 shares during the period. Signaturefd LLC increased its stake in shares of Vertex Pharmaceuticals by 7.6% in the 2nd quarter. Signaturefd LLC now owns 1,016 shares of the pharmaceutical company’s stock valued at $186,000 after buying an additional 72 shares during the period. Next Capital Management LLC increased its stake in shares of Vertex Pharmaceuticals by 84.4% in the 2nd quarter. Next Capital Management LLC now owns 166 shares of the pharmaceutical company’s stock valued at $30,000 after buying an additional 76 shares during the period. Finally, Wetherby Asset Management Inc. increased its stake in shares of Vertex Pharmaceuticals by 1.8% in the 2nd quarter. Wetherby Asset Management Inc. now owns 4,769 shares of the pharmaceutical company’s stock valued at $874,000 after buying an additional 83 shares during the period. 94.81% of the stock is owned by hedge funds and other institutional investors.

VRTX stock traded up $3.73 during midday trading on Friday, hitting $173.95. 31,665 shares of the company’s stock were exchanged, compared to its average volume of 1,120,956. The stock’s fifty day moving average price is $175.40 and its 200-day moving average price is $176.01. The company has a debt-to-equity ratio of 0.12, a quick ratio of 3.63 and a current ratio of 3.74. The company has a market cap of $43.58 billion, a PE ratio of 61.48, a price-to-earnings-growth ratio of 2.21 and a beta of 1.43. Vertex Pharmaceuticals Incorporated has a one year low of $151.80 and a one year high of $195.81.

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

Vertex Pharmaceuticals declared that its board has authorized a stock buyback program 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 programs are typically an indication that the company’s management believes its stock is undervalued.

Several research firms have recently commented on VRTX. ValuEngine cut Vertex Pharmaceuticals from a “buy” rating to a “hold” rating in a research note on Tuesday, September 10th. Needham & Company LLC cut Vertex Pharmaceuticals from a “buy” rating to a “hold” rating in a research note on Thursday, August 1st. They noted that the move was a valuation call. Morgan Stanley lifted their target price on Vertex Pharmaceuticals from $215.00 to $240.00 and gave the company an “overweight” rating in a research note on Friday, September 6th. Jefferies Financial Group lifted their target price on Vertex Pharmaceuticals from $210.00 to $220.00 in a research note on Monday, September 23rd. Finally, Cowen set a $220.00 target price on Vertex Pharmaceuticals and gave the company a “buy” rating in a research note on Wednesday, July 31st. One analyst has rated the stock with a sell rating, nine have given a hold rating and fourteen have assigned a buy rating to the company’s stock. The stock presently has an average rating of “Buy” and a consensus price target of $211.15.

In other Vertex Pharmaceuticals news, Director Margaret G. Mcglynn sold 10,000 shares of Vertex Pharmaceuticals stock in a transaction dated Tuesday, August 13th. The stock was sold at an average price of $185.00, for a total transaction of $1,850,000.00. Following the transaction, the director now directly owns 14,124 shares in the company, valued at $2,612,940. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, EVP David Altshuler sold 12,501 shares of Vertex Pharmaceuticals stock in a transaction dated Monday, August 19th. The stock was sold at an average price of $186.38, for a total value of $2,329,936.38. Following the transaction, 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. Over the last quarter, insiders have sold 37,678 shares of company stock worth $6,787,381. Corporate insiders own 0.70% of the company’s stock.

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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