Meritage Portfolio Management Purchases 15,006 Shares of Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX)

Meritage Portfolio Management boosted its holdings in Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX) by 61.6% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 39,348 shares of the pharmaceutical company’s stock after acquiring an additional 15,006 shares during the quarter. Vertex Pharmaceuticals accounts for approximately 1.1% of Meritage Portfolio Management’s holdings, making the stock its 17th largest position. Meritage Portfolio Management’s holdings in Vertex Pharmaceuticals were worth $16,010,000 at the end of the most recent quarter.

Other institutional investors have also added to or reduced their stakes in the company. OFI Invest Asset Management purchased a new stake in Vertex Pharmaceuticals in the third quarter worth approximately $25,000. Arlington Trust Co LLC lifted its holdings in shares of Vertex Pharmaceuticals by 97.1% during the 4th quarter. Arlington Trust Co LLC now owns 67 shares of the pharmaceutical company’s stock valued at $27,000 after buying an additional 33 shares during the period. Fortitude Family Office LLC purchased a new position in shares of Vertex Pharmaceuticals in the 4th quarter worth $30,000. Baystate Wealth Management LLC grew its holdings in shares of Vertex Pharmaceuticals by 49.0% in the fourth quarter. Baystate Wealth Management LLC now owns 76 shares of the pharmaceutical company’s stock worth $31,000 after acquiring an additional 25 shares during the period. Finally, NBC Securities Inc. purchased a new stake in Vertex Pharmaceuticals during the third quarter valued at $34,000. 90.96% of the stock is currently owned by hedge funds and other institutional investors.

Vertex Pharmaceuticals Price Performance

Shares of VRTX stock traded up $0.41 on Friday, reaching $398.11. The company’s stock had a trading volume of 307,205 shares, compared to its average volume of 1,223,085. The stock’s fifty day simple moving average is $412.09 and its 200-day simple moving average is $398.37. Vertex Pharmaceuticals Incorporated has a 1 year low of $320.01 and a 1 year high of $448.40. The company has a current ratio of 3.99, a quick ratio of 3.78 and a debt-to-equity ratio of 0.02. The company has a market capitalization of $102.90 billion, a price-to-earnings ratio of 28.63, a price-to-earnings-growth ratio of 1.89 and a beta of 0.35.

Vertex Pharmaceuticals (NASDAQ:VRTX) last released its quarterly earnings results on Monday, February 5th. The pharmaceutical company reported $4.20 earnings per share for the quarter, beating the consensus estimate of $3.85 by $0.35. Vertex Pharmaceuticals had a return on equity of 21.91% and a net margin of 36.68%. The company had revenue of $2.52 billion for the quarter, compared to analyst estimates of $2.50 billion. During the same quarter in the prior year, the firm posted $3.33 EPS. Analysts forecast that Vertex Pharmaceuticals Incorporated will post 14.95 earnings per share for the current fiscal year.

Insider Transactions at Vertex Pharmaceuticals

In other news, EVP Amit Sachdev sold 3,222 shares of the company’s stock in a transaction that occurred on Monday, February 12th. The shares were sold at an average price of $420.24, for a total value of $1,354,013.28. Following the completion of the sale, the executive vice president now owns 74,364 shares of the company’s stock, valued at approximately $31,250,727.36. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, EVP Amit Sachdev sold 3,222 shares of the business’s stock in a transaction that occurred on Monday, February 12th. The shares were sold at an average price of $420.24, for a total transaction of $1,354,013.28. Following the completion of the transaction, the executive vice president now owns 74,364 shares in the company, valued at approximately $31,250,727.36. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, EVP Ourania Tatsis sold 354 shares of the firm’s stock in a transaction that occurred on Monday, February 26th. The shares were sold at an average price of $425.70, for a total transaction of $150,697.80. Following the completion of the sale, the executive vice president now owns 55,804 shares of the company’s stock, valued at $23,755,762.80. The disclosure for this sale can be found here. Over the last three months, insiders have sold 12,381 shares of company stock worth $5,203,249. 0.20% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on VRTX shares. Wells Fargo & Company boosted their price target on Vertex Pharmaceuticals from $500.00 to $540.00 and gave the company an “overweight” rating in a research note on Tuesday, February 6th. Royal Bank of Canada increased their price target on shares of Vertex Pharmaceuticals from $397.00 to $420.00 and gave the stock a “sector perform” rating in a research report on Tuesday, February 6th. Oppenheimer reissued an “outperform” rating and set a $500.00 price objective on shares of Vertex Pharmaceuticals in a research report on Monday, April 15th. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $440.00 target price on shares of Vertex Pharmaceuticals in a report on Tuesday, February 20th. Finally, Maxim Group lowered Vertex Pharmaceuticals from a “buy” rating to a “hold” rating in a report on Wednesday, January 31st. Three investment analysts have rated the stock with a sell rating, six have issued a hold rating and fifteen have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $429.45.

About Vertex Pharmaceuticals

Vertex Pharmaceuticals Incorporated, a biotechnology company, engages in developing and commercializing therapies for treating cystic fibrosis (CF). It markets TRIKAFTA/KAFTRIO for people with CF with at least one F508del mutation for 2 years of age or older; SYMDEKO/SYMKEVI for people with CF for 6 years of age or older; ORKAMBI for CF patients 1 year or older; and KALYDECO for the treatment of patients with 1 year or older who have CF with ivacaftor.