Principal Financial Group Inc. Raises Position in Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX)

Principal Financial Group Inc. boosted its holdings in Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX) by 7.0% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 388,710 shares of the pharmaceutical company’s stock after buying an additional 25,573 shares during the period. Principal Financial Group Inc. owned approximately 0.15% of Vertex Pharmaceuticals worth $182,196,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also bought and sold shares of the company. University of Texas Texas AM Investment Managment Co. purchased a new position in Vertex Pharmaceuticals in the 4th quarter valued at approximately $25,000. Annapolis Financial Services LLC purchased a new position in Vertex Pharmaceuticals in the 1st quarter valued at approximately $27,000. ICA Group Wealth Management LLC purchased a new position in Vertex Pharmaceuticals in the 4th quarter valued at approximately $28,000. Founders Capital Management grew its stake in Vertex Pharmaceuticals by 50.0% in the 2nd quarter. Founders Capital Management now owns 75 shares of the pharmaceutical company’s stock valued at $35,000 after buying an additional 25 shares in the last quarter. Finally, Quest Partners LLC purchased a new position in Vertex Pharmaceuticals in the 4th quarter valued at approximately $33,000. 90.96% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of research analysts recently weighed in on the stock. Barclays lowered shares of Vertex Pharmaceuticals from an “overweight” rating to an “equal weight” rating and lifted their price objective for the company from $472.00 to $509.00 in a research note on Monday, August 5th. StockNews.com lowered shares of Vertex Pharmaceuticals from a “buy” rating to a “hold” rating in a research report on Monday, August 5th. Truist Financial restated a “buy” rating and set a $550.00 price target (up from $508.00) on shares of Vertex Pharmaceuticals in a research report on Monday, August 5th. Morgan Stanley boosted their price target on shares of Vertex Pharmaceuticals from $402.00 to $455.00 and gave the company an “equal weight” rating in a research report on Thursday, July 11th. Finally, Cantor Fitzgerald restated an “overweight” rating and set a $480.00 price target on shares of Vertex Pharmaceuticals in a research report on Friday, August 2nd. Three equities research analysts have rated the stock with a sell rating, eight have given a hold rating and sixteen have given a buy rating to the company. According to MarketBeat.com, Vertex Pharmaceuticals presently has a consensus rating of “Hold” and an average target price of $485.91.

Insider Activity at Vertex Pharmaceuticals

In related news, EVP Edward Morrow Atkinson III sold 7,288 shares of the business’s stock in a transaction dated Wednesday, June 12th. The shares were sold at an average price of $478.00, for a total transaction of $3,483,664.00. Following the transaction, the executive vice president now owns 15,972 shares in the company, valued at $7,634,616. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In other Vertex Pharmaceuticals news, Director Bruce I. Sachs sold 5,295 shares of the company’s stock in a transaction dated Thursday, August 1st. The shares were sold at an average price of $508.00, for a total value of $2,689,860.00. Following the sale, the director now owns 40,000 shares in the company, valued at $20,320,000. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, EVP Edward Morrow Atkinson III sold 7,288 shares of the company’s stock in a transaction dated Wednesday, June 12th. The stock was sold at an average price of $478.00, for a total transaction of $3,483,664.00. Following the completion of the sale, the executive vice president now owns 15,972 shares in the company, valued at approximately $7,634,616. The disclosure for this sale can be found here. Insiders have sold 39,185 shares of company stock worth $19,206,094 over the last 90 days. 0.20% of the stock is owned by company insiders.

Vertex Pharmaceuticals Trading Up 0.5 %

Shares of VRTX stock traded up $2.54 during mid-day trading on Friday, reaching $495.89. The stock had a trading volume of 1,809,666 shares, compared to its average volume of 1,206,899. The stock’s 50-day moving average price is $482.31 and its two-hundred day moving average price is $445.88. Vertex Pharmaceuticals Incorporated has a 52-week low of $340.83 and a 52-week high of $510.64. The firm has a market capitalization of $127.99 billion, a PE ratio of 32.18 and a beta of 0.39. The company has a current ratio of 2.52, a quick ratio of 2.26 and a debt-to-equity ratio of 0.02.

Vertex Pharmaceuticals (NASDAQ:VRTX) last announced its quarterly earnings results on Thursday, August 1st. The pharmaceutical company reported ($12.83) earnings per share (EPS) for the quarter, missing the consensus estimate of ($12.54) by ($0.29). Vertex Pharmaceuticals had a negative net margin of 4.74% and a negative return on equity of 2.45%. The company had revenue of $2.65 billion for the quarter, compared to analysts’ expectations of $2.66 billion. During the same quarter in the prior year, the firm earned $3.53 EPS. Vertex Pharmaceuticals’s quarterly revenue was up 6.1% compared to the same quarter last year. Equities analysts expect that Vertex Pharmaceuticals Incorporated will post -1.85 earnings per share for the current fiscal year.

Vertex Pharmaceuticals Profile

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.