Principal Financial Group Inc. Has $190.85 Million Stake in Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX)

Principal Financial Group Inc. grew its stake in Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX - Free Report) by 5.6% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 410,359 shares of the pharmaceutical company's stock after purchasing an additional 21,649 shares during the period. Principal Financial Group Inc. owned approximately 0.16% of Vertex Pharmaceuticals worth $190,850,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also modified their holdings of VRTX. Northwest Investment Counselors LLC acquired a new stake in shares of Vertex Pharmaceuticals in the 3rd quarter valued at $25,000. Highline Wealth Partners LLC acquired a new position in Vertex Pharmaceuticals in the third quarter worth $27,000. GHP Investment Advisors Inc. acquired a new stake in shares of Vertex Pharmaceuticals in the second quarter valued at $29,000. Stephens Consulting LLC bought a new position in shares of Vertex Pharmaceuticals in the second quarter valued at about $31,000. Finally, Founders Capital Management lifted its position in Vertex Pharmaceuticals by 50.0% during the 2nd quarter. Founders Capital Management now owns 75 shares of the pharmaceutical company's stock worth $35,000 after buying an additional 25 shares in the last quarter. Institutional investors own 90.96% of the company's stock.

Analysts Set New Price Targets

Several research firms have issued reports on VRTX. Guggenheim upped their price objective on Vertex Pharmaceuticals from $450.00 to $558.00 and gave the stock a "buy" rating in a report on Friday, August 2nd. Barclays downgraded Vertex Pharmaceuticals from an "overweight" rating to an "equal weight" rating and increased their price target for the company from $472.00 to $509.00 in a research note on Monday, August 5th. TD Cowen increased their target price on Vertex Pharmaceuticals from $450.00 to $500.00 and gave the company a "buy" rating in a research note on Tuesday, July 23rd. Needham & Company LLC reissued a "hold" rating on shares of Vertex Pharmaceuticals in a research note on Friday, July 26th. Finally, Raymond James reissued a "market perform" rating on shares of Vertex Pharmaceuticals in a research report on Thursday, October 10th. Three research analysts have rated the stock with a sell rating, nine have issued a hold rating and eighteen have given a buy rating to the company's stock. According to data from MarketBeat, Vertex Pharmaceuticals currently has a consensus rating of "Moderate Buy" and a consensus target price of $495.96.

Vertex Pharmaceuticals Stock Up 3.1 %

Shares of NASDAQ VRTX traded up $15.81 during midday trading on Friday, hitting $518.26. 689,687 shares of the company's stock were exchanged, compared to its average volume of 1,169,050. The company's 50 day moving average price is $474.81 and its 200 day moving average price is $466.95. The company has a debt-to-equity ratio of 0.01, a quick ratio of 2.26 and a current ratio of 2.47. Vertex Pharmaceuticals Incorporated has a 12 month low of $341.90 and a 12 month high of $519.88.

Vertex Pharmaceuticals (NASDAQ:VRTX - Get Free Report) last released its quarterly earnings results on Monday, November 4th. The pharmaceutical company reported $4.38 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.61 by $0.77. The business had revenue of $2.77 billion during the quarter, compared to the consensus estimate of $2.69 billion. Vertex Pharmaceuticals had a negative return on equity of 1.91% and a negative net margin of 4.52%. The firm's quarterly revenue was up 11.6% on a year-over-year basis. During the same period in the previous year, the company posted $3.67 EPS. Equities research analysts predict that Vertex Pharmaceuticals Incorporated will post -2.04 earnings per share for the current year.

Insider Activity at Vertex Pharmaceuticals

In other Vertex Pharmaceuticals news, Director Sangeeta N. Bhatia sold 646 shares of the business's stock in a transaction dated Friday, August 30th. The shares were sold at an average price of $500.00, for a total value of $323,000.00. Following the completion of the sale, the director now owns 4,435 shares of the company's stock, valued at $2,217,500. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. In related news, Chairman Jeffrey M. Leiden sold 3,784 shares of the business's stock in a transaction dated Friday, August 30th. The stock was sold at an average price of $499.00, for a total value of $1,888,216.00. Following the completion of the transaction, the chairman now owns 9,994 shares of the company's stock, valued at $4,987,006. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Sangeeta N. Bhatia sold 646 shares of the stock in a transaction dated Friday, August 30th. The stock was sold at an average price of $500.00, for a total transaction of $323,000.00. Following the sale, the director now owns 4,435 shares in the company, valued at $2,217,500. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.20% of the stock is currently owned by corporate insiders.

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.