Municipal Employees Retirement System of Michigan held its stake in shares of Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX) during the second quarter, Holdings Channel reports. The fund owned 8,000 shares of the pharmaceutical company’s stock at the end of the second quarter. Municipal Employees Retirement System of Michigan’s holdings in Vertex Pharmaceuticals were worth $1,031,000 at the end of the most recent quarter.

Other large investors also recently made changes to their positions in the company. Guardian Life Insurance Co. of America boosted its stake in shares of Vertex Pharmaceuticals by 0.6% in the first quarter. Guardian Life Insurance Co. of America now owns 956 shares of the pharmaceutical company’s stock valued at $105,000 after buying an additional 6 shares in the last quarter. Elk Creek Partners LLC boosted its stake in shares of Vertex Pharmaceuticals by 0.3% in the first quarter. Elk Creek Partners LLC now owns 3,120 shares of the pharmaceutical company’s stock valued at $341,000 after buying an additional 10 shares in the last quarter. Sowell Financial Services LLC boosted its stake in shares of Vertex Pharmaceuticals by 0.8% in the first quarter. Sowell Financial Services LLC now owns 2,762 shares of the pharmaceutical company’s stock valued at $325,000 after buying an additional 23 shares in the last quarter. Capital Investment Advisory Services LLC boosted its stake in shares of Vertex Pharmaceuticals by 0.4% in the first quarter. Capital Investment Advisory Services LLC now owns 6,463 shares of the pharmaceutical company’s stock valued at $707,000 after buying an additional 25 shares in the last quarter. Finally, First Manhattan Co. boosted its stake in shares of Vertex Pharmaceuticals by 1.3% in the first quarter. First Manhattan Co. now owns 2,356 shares of the pharmaceutical company’s stock valued at $205,000 after buying an additional 31 shares in the last quarter. Hedge funds and other institutional investors own 93.13% of the company’s stock.

Shares of Vertex Pharmaceuticals Incorporated (NASDAQ VRTX) opened at 148.54 on Friday. Vertex Pharmaceuticals Incorporated has a 52 week low of $71.46 and a 52 week high of $167.86. The firm has a 50-day moving average price of $143.33 and a 200 day moving average price of $114.93. The stock has a market cap of $37.45 billion, a price-to-earnings ratio of 142.69 and a beta of 1.77.

Vertex Pharmaceuticals (NASDAQ:VRTX) last released its quarterly earnings data on Wednesday, July 26th. The pharmaceutical company reported $0.39 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.06 by $0.33. Vertex Pharmaceuticals had a return on equity of 4.64% and a net margin of 12.05%. The business had revenue of $544.10 million for the quarter, compared to the consensus estimate of $489.95 million. During the same quarter in the previous year, the company posted $0.24 EPS. The company’s revenue was up 26.1% compared to the same quarter last year. On average, analysts forecast that Vertex Pharmaceuticals Incorporated will post $1.60 EPS for the current fiscal year.

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Several brokerages have recently weighed in on VRTX. Oppenheimer Holdings, Inc. reiterated a “hold” rating on shares of Vertex Pharmaceuticals in a research report on Sunday, April 30th. UBS Group AG reiterated a “buy” rating and set a $135.00 price target (up from $132.00) on shares of Vertex Pharmaceuticals in a research report on Friday, May 19th. Stifel Nicolaus upped their price target on Vertex Pharmaceuticals from $130.00 to $154.00 and gave the company a “buy” rating in a research report on Tuesday, July 18th. Robert W. Baird reiterated an “outperform” rating and set a $171.00 price target (up from $136.00) on shares of Vertex Pharmaceuticals in a research report on Friday, July 21st. Finally, Cowen and Company reiterated a “market perform” rating and set a $105.00 price target on shares of Vertex Pharmaceuticals in a research report on Thursday, July 6th. Five investment analysts have rated the stock with a hold rating, twenty-two have issued a buy rating and one has assigned a strong buy rating to the stock. The stock currently has an average rating of “Buy” and a consensus target price of $162.88.

In other Vertex Pharmaceuticals news, CEO Jeffrey M. Leiden sold 216,624 shares of Vertex Pharmaceuticals stock in a transaction that occurred on Friday, July 21st. The stock was sold at an average price of $160.96, for a total value of $34,867,799.04. Following the sale, the chief executive officer now owns 400,266 shares of the company’s stock, valued at approximately $64,426,815.36. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CFO Ian F. Smith sold 4,250 shares of Vertex Pharmaceuticals stock in a transaction that occurred on Monday, August 7th. The stock was sold at an average price of $155.39, for a total value of $660,407.50. Following the completion of the sale, the chief financial officer now directly owns 120,138 shares in the company, valued at approximately $18,668,243.82. The disclosure for this sale can be found here. In the last ninety days, insiders sold 751,042 shares of company stock worth $113,078,257. Corporate insiders own 1.80% of the company’s stock.

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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Institutional Ownership by Quarter for Vertex Pharmaceuticals (NASDAQ:VRTX)

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