Redmont Wealth Advisors LLC Acquires New Position in BlackRock, Inc. (NYSE:BLK)

Redmont Wealth Advisors LLC acquired a new stake in BlackRock, Inc. (NYSE:BLK) during the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor acquired 32 shares of the asset manager’s stock, valued at approximately $27,000.

Several other large investors have also bought and sold shares of the business. Abacus Planning Group Inc. increased its position in shares of BlackRock by 4.0% during the fourth quarter. Abacus Planning Group Inc. now owns 334 shares of the asset manager’s stock worth $271,000 after acquiring an additional 13 shares in the last quarter. Knuff & Co LLC increased its position in shares of BlackRock by 48.1% during the fourth quarter. Knuff & Co LLC now owns 40 shares of the asset manager’s stock worth $32,000 after acquiring an additional 13 shares in the last quarter. Everhart Financial Group Inc. increased its position in shares of BlackRock by 3.2% during the fourth quarter. Everhart Financial Group Inc. now owns 450 shares of the asset manager’s stock worth $365,000 after acquiring an additional 14 shares in the last quarter. Spreng Capital Management Inc. increased its position in shares of BlackRock by 1.1% during the fourth quarter. Spreng Capital Management Inc. now owns 1,329 shares of the asset manager’s stock worth $1,079,000 after acquiring an additional 14 shares in the last quarter. Finally, Magellan Asset Management Ltd increased its position in shares of BlackRock by 3.6% during the fourth quarter. Magellan Asset Management Ltd now owns 404 shares of the asset manager’s stock worth $328,000 after acquiring an additional 14 shares in the last quarter. 80.69% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of research analysts recently weighed in on BLK shares. Morgan Stanley raised their target price on shares of BlackRock from $1,013.00 to $1,025.00 and gave the company an “overweight” rating in a research report on Monday, April 15th. UBS Group raised their target price on shares of BlackRock from $818.00 to $850.00 and gave the company a “neutral” rating in a research report on Friday, April 12th. JPMorgan Chase & Co. raised their target price on shares of BlackRock from $742.00 to $767.00 and gave the company a “neutral” rating in a research report on Tuesday, April 2nd. Finally, Keefe, Bruyette & Woods reaffirmed an “outperform” rating and issued a $915.00 target price on shares of BlackRock in a research report on Tuesday. Three equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $844.17.

BlackRock Stock Performance

NYSE BLK opened at $788.85 on Thursday. The firm has a 50-day moving average of $780.22 and a 200-day moving average of $792.74. The company has a debt-to-equity ratio of 0.35, a quick ratio of 5.32 and a current ratio of 5.32. The stock has a market cap of $117.22 billion, a PE ratio of 20.05, a P/E/G ratio of 1.63 and a beta of 1.32. BlackRock, Inc. has a 52-week low of $596.18 and a 52-week high of $845.00.

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

BlackRock Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, June 24th. Shareholders of record on Friday, June 7th were paid a $5.10 dividend. This represents a $20.40 annualized dividend and a yield of 2.59%. The ex-dividend date of this dividend was Friday, June 7th. BlackRock’s dividend payout ratio (DPR) is 51.84%.

Insiders Place Their Bets

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

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.