BlackRock (NYSE:BLK) Price Target Cut to $969.00

BlackRock (NYSE:BLK) had its target price lowered by stock analysts at TD Cowen from $974.00 to $969.00 in a research note issued to investors on Monday, Benzinga reports. The brokerage currently has a “buy” rating on the asset manager’s stock. TD Cowen’s target price indicates a potential upside of 20.80% from the stock’s previous close.

Several other brokerages have also recently commented on BLK. UBS Group increased their target price on shares of BlackRock from $818.00 to $850.00 and gave the stock a “neutral” rating in a report on Friday, April 12th. JPMorgan Chase & Co. lifted their target price on BlackRock from $742.00 to $767.00 and gave the company a “neutral” rating in a research report on Tuesday, April 2nd. Morgan Stanley raised their price target on BlackRock from $1,013.00 to $1,025.00 and gave the company an “overweight” rating in a research note on Monday, April 15th. Finally, Keefe, Bruyette & Woods reiterated an “outperform” rating and set a $915.00 price objective on shares of BlackRock in a research note on Tuesday, July 2nd. Three analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $846.75.

BlackRock Stock Up 1.5 %

BlackRock stock opened at $802.12 on Monday. BlackRock has a twelve month low of $596.18 and a twelve month high of $845.00. The company has a quick ratio of 5.32, a current ratio of 5.32 and a debt-to-equity ratio of 0.35. The company has a 50 day moving average of $783.46 and a 200-day moving average of $792.55. The stock has a market capitalization of $119.20 billion, a PE ratio of 20.38, a price-to-earnings-growth ratio of 1.63 and a beta of 1.32.

BlackRock (NYSE:BLK) last released its quarterly earnings results on Friday, April 12th. The asset manager reported $9.81 earnings per share (EPS) for the quarter, beating the consensus estimate of $9.42 by $0.39. BlackRock had a return on equity of 15.24% and a net margin of 32.26%. The firm had revenue of $4.73 billion for the quarter, compared to the consensus estimate of $4.65 billion. During the same quarter last year, the business posted $7.93 EPS. The company’s revenue for the quarter was up 11.4% on a year-over-year basis. On average, equities research analysts anticipate that BlackRock will post 41.25 EPS for the current fiscal year.

Insider Buying and Selling

In other news, Director Mark Wiedman sold 9,000 shares of the company’s stock in a transaction that occurred on Friday, May 10th. The stock was sold at an average price of $795.00, for a total value of $7,155,000.00. Following the transaction, the director now owns 6,480 shares of the company’s stock, valued at $5,151,600. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other news, Director Mark Wiedman sold 9,000 shares of the business’s stock in a transaction dated Friday, May 10th. The shares were sold at an average price of $795.00, for a total value of $7,155,000.00. Following the completion of the sale, the director now owns 6,480 shares of the company’s stock, valued at $5,151,600. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Laurence Fink sold 30,978 shares of the firm’s stock in a transaction dated Monday, May 20th. The stock was sold at an average price of $807.29, for a total transaction of $25,008,229.62. Following the transaction, the chief executive officer now directly owns 383,168 shares in the company, valued at $309,327,694.72. The disclosure for this sale can be found here. 0.90% of the stock is currently owned by insiders.

Institutional Trading of BlackRock

Large investors have recently modified their holdings of the stock. Vanguard Group Inc. lifted its stake in BlackRock by 2.3% during the first quarter. Vanguard Group Inc. now owns 13,182,262 shares of the asset manager’s stock worth $10,990,052,000 after purchasing an additional 292,017 shares during the last quarter. Capital Research Global Investors lifted its position in shares of BlackRock by 11.1% during the 1st quarter. Capital Research Global Investors now owns 4,354,236 shares of the asset manager’s stock worth $3,630,127,000 after buying an additional 435,358 shares during the last quarter. Capital World Investors boosted its stake in BlackRock by 57.3% in the fourth quarter. Capital World Investors now owns 3,514,999 shares of the asset manager’s stock valued at $2,853,517,000 after buying an additional 1,279,952 shares in the last quarter. Capital International Investors raised its stake in BlackRock by 2.4% during the fourth quarter. Capital International Investors now owns 2,471,621 shares of the asset manager’s stock worth $2,006,490,000 after acquiring an additional 58,681 shares in the last quarter. Finally, Norges Bank bought a new position in shares of BlackRock in the fourth quarter worth about $1,812,920,000. 80.69% of the stock is owned by institutional investors and hedge funds.

BlackRock Company Profile

BlackRock, Inc is a publicly owned investment manager. The firm primarily provides its services to institutional, intermediary, and individual investors including corporate, public, union, and industry pension plans, insurance companies, third-party mutual funds, endowments, public institutions, governments, foundations, charities, sovereign wealth funds, corporations, official institutions, and banks.