Chesapeake Wealth Management Sells 12 Shares of BlackRock, Inc. (NYSE:BLK)

by · The Markets Daily

Chesapeake Wealth Management lowered its stake in shares of BlackRock, Inc. (NYSE:BLK – Free Report) by 1.0% in the 3rd quarter, according to the company in its most recent disclosure with the SEC. The firm owned 1,156 shares of the asset manager’s stock after selling 12 shares during the quarter. Chesapeake Wealth Management’s holdings in BlackRock were worth $1,098,000 as of its most recent SEC filing.

Several other hedge funds have also added to or reduced their stakes in BLK. Capital Research Global Investors raised its holdings in shares of BlackRock by 11.1% in 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 purchasing an additional 435,358 shares during the period. Ameriprise Financial Inc. increased its position in BlackRock by 2.9% in the second quarter. Ameriprise Financial Inc. now owns 1,665,044 shares of the asset manager’s stock worth $1,310,762,000 after buying an additional 46,728 shares during the last quarter. Legal & General Group Plc raised its stake in shares of BlackRock by 1.9% in the second quarter. Legal & General Group Plc now owns 1,197,274 shares of the asset manager’s stock valued at $942,640,000 after buying an additional 22,311 shares during the period. Pathway Financial Advisers LLC grew its stake in shares of BlackRock by 89,389.4% during the 3rd quarter. Pathway Financial Advisers LLC now owns 1,046,131 shares of the asset manager’s stock worth $993,312,000 after acquiring an additional 1,044,962 shares during the period. Finally, International Assets Investment Management LLC increased its holdings in BlackRock by 104,468.9% in the 3rd quarter. International Assets Investment Management LLC now owns 792,632 shares of the asset manager’s stock worth $7,526,120,000 after acquiring an additional 791,874 shares during the last quarter. Institutional investors own 80.69% of the company’s stock.

BlackRock Trading Up 0.2 %

Shares of BlackRock stock opened at $1,049.97 on Tuesday. BlackRock, Inc. has a 1 year low of $712.11 and a 1 year high of $1,068.34. The company has a 50 day simple moving average of $972.48 and a two-hundred day simple moving average of $873.69. The firm has a market cap of $162.62 billion, a PE ratio of 25.91, a PEG ratio of 1.87 and a beta of 1.30. The company has a debt-to-equity ratio of 0.37, a current ratio of 5.06 and a quick ratio of 5.06.

BlackRock (NYSE:BLK – Get Free Report) last posted its quarterly earnings results on Friday, October 11th. The asset manager reported $11.46 earnings per share (EPS) for the quarter, beating the consensus estimate of $10.42 by $1.04. BlackRock had a net margin of 31.37% and a return on equity of 15.52%. The business had revenue of $5.20 billion during the quarter, compared to analyst estimates of $5.03 billion. During the same period in the prior year, the business posted $10.91 earnings per share. The company’s revenue was up 14.9% on a year-over-year basis. Analysts expect that BlackRock, Inc. will post 43.17 earnings per share for the current fiscal year.

Insider Activity at BlackRock

In related news, Director Mark Wiedman sold 12,000 shares of the firm’s stock in a transaction on Friday, August 30th. The stock was sold at an average price of $900.00, for a total value of $10,800,000.00. Following the completion of the sale, the director now owns 6,480 shares of the company’s stock, valued at $5,832,000. This trade represents a 64.94 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. 0.90% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

Several equities research analysts have commented on BLK shares. TD Cowen upped their price objective on shares of BlackRock from $960.00 to $1,077.00 and gave the company a “buy” rating in a report on Thursday, October 10th. The Goldman Sachs Group raised their price objective on shares of BlackRock from $960.00 to $1,040.00 and gave the stock a “buy” rating in a report on Thursday, October 3rd. Evercore ISI boosted their target price on shares of BlackRock from $1,040.00 to $1,160.00 and gave the company an “outperform” rating in a report on Thursday, November 7th. Wells Fargo & Company raised their price target on BlackRock from $1,000.00 to $1,070.00 and gave the stock an “overweight” rating in a report on Wednesday, October 9th. Finally, Morgan Stanley boosted their price objective on BlackRock from $1,150.00 to $1,245.00 and gave the company an “overweight” rating in a research note on Monday, October 14th. Three equities research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $1,019.62.

View Our Latest Stock Analysis on BlackRock

About BlackRock

(Free Report)

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.

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