Hidden Cove Wealth Management LLC Takes $203,000 Position in BlackRock $BLK

Hidden Cove Wealth Management LLC purchased a new position in shares of BlackRock (NYSE:BLK) in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor purchased 193 shares of the asset manager’s stock, valued at approximately $203,000.

A number of other institutional investors have also recently added to or reduced their stakes in BLK. Fairway Wealth LLC boosted its position in BlackRock by 76.5% during the 1st quarter. Fairway Wealth LLC now owns 30 shares of the asset manager’s stock worth $28,000 after purchasing an additional 13 shares during the period. Game Plan Financial Advisors LLC boosted its position in BlackRock by 100.0% during the 1st quarter. Game Plan Financial Advisors LLC now owns 30 shares of the asset manager’s stock worth $28,000 after purchasing an additional 15 shares during the period. Garde Capital Inc. boosted its position in BlackRock by 200.0% during the 2nd quarter. Garde Capital Inc. now owns 27 shares of the asset manager’s stock worth $28,000 after purchasing an additional 18 shares during the period. Cheviot Value Management LLC purchased a new stake in BlackRock during the 1st quarter worth $30,000. Finally, MorganRosel Wealth Management LLC acquired a new position in BlackRock in the 1st quarter worth $31,000. 80.69% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at BlackRock

In other news, Director J. Richard Kushel sold 17,142 shares of the stock in a transaction that occurred on Wednesday, July 30th. The shares were sold at an average price of $1,120.50, for a total value of $19,207,611.00. Following the completion of the transaction, the director directly owned 61,369 shares in the company, valued at $68,763,964.50. This trade represents a 21.83% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Laurence Fink sold 14,828 shares of the stock in a transaction that occurred on Thursday, July 24th. The shares were sold at an average price of $1,122.28, for a total transaction of $16,641,167.84. Following the completion of the transaction, the chief executive officer owned 263,751 shares of the company’s stock, valued at $296,002,472.28. This trade represents a 5.32% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 66,494 shares of company stock valued at $74,694,573. Insiders own 1.98% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts have commented on BLK shares. Jefferies Financial Group boosted their price objective on shares of BlackRock from $959.00 to $1,210.00 in a report on Thursday, July 10th. Morgan Stanley cut their price objective on shares of BlackRock from $1,247.00 to $1,224.00 and set an “overweight” rating on the stock in a report on Wednesday, July 16th. Telsey Advisory Group reiterated an “outperform” rating on shares of BlackRock in a report on Tuesday, July 8th. Wells Fargo & Company cut their price objective on shares of BlackRock from $1,180.00 to $1,170.00 and set an “overweight” rating on the stock in a report on Wednesday, July 16th. Finally, UBS Group restated a “neutral” rating and issued a $980.00 target price on shares of BlackRock in a research note on Tuesday, July 8th. Twelve research analysts have rated the stock with a Buy rating and three have given a Hold rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $1,154.07.

BlackRock Price Performance

NYSE BLK opened at $1,135.87 on Tuesday. The company has a 50-day moving average price of $1,120.31 and a two-hundred day moving average price of $1,014.87. The company has a current ratio of 4.04, a quick ratio of 4.04 and a debt-to-equity ratio of 0.39. The stock has a market cap of $175.89 billion, a price-to-earnings ratio of 27.46, a price-to-earnings-growth ratio of 2.19 and a beta of 1.45. BlackRock has a 52 week low of $773.74 and a 52 week high of $1,171.89.

BlackRock (NYSE:BLK) last posted its quarterly earnings data on Tuesday, July 15th. The asset manager reported $12.05 earnings per share (EPS) for the quarter, beating the consensus estimate of $10.41 by $1.64. The business had revenue of $5.42 billion during the quarter, compared to analysts’ expectations of $5.40 billion. BlackRock had a net margin of 29.68% and a return on equity of 15.53%. The business’s revenue was up 12.9% on a year-over-year basis. During the same period last year, the firm posted $10.36 earnings per share. Analysts forecast that BlackRock will post 47.41 EPS for the current year.

BlackRock Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 23rd. Stockholders of record on Friday, September 5th will be issued a $5.21 dividend. The ex-dividend date is Friday, September 5th. This represents a $20.84 annualized dividend and a dividend yield of 1.8%. BlackRock’s dividend payout ratio (DPR) is 50.39%.

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.