Morningstar Investment Services LLC Sells 1,378 Shares of BlackRock, Inc. (NYSE:BLK)

Morningstar Investment Services LLC lessened its stake in shares of BlackRock, Inc. (NYSE:BLK) by 3.3% in the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 39,971 shares of the asset manager’s stock after selling 1,378 shares during the period. Morningstar Investment Services LLC’s holdings in BlackRock were worth $21,299,000 as of its most recent filing with the Securities & Exchange Commission.

Several other large investors have also modified their holdings of the business. Community Capital Management Inc. raised its position in shares of BlackRock by 73.0% in the 2nd quarter. Community Capital Management Inc. now owns 2,500 shares of the asset manager’s stock valued at $1,360,000 after purchasing an additional 1,055 shares during the last quarter. Sage Rhino Capital LLC boosted its position in BlackRock by 8.6% during the second quarter. Sage Rhino Capital LLC now owns 1,371 shares of the asset manager’s stock worth $746,000 after purchasing an additional 109 shares in the last quarter. Huntington National Bank grew its position in shares of BlackRock by 76.6% in the second quarter. Huntington National Bank now owns 69,571 shares of the asset manager’s stock valued at $37,853,000 after purchasing an additional 30,179 shares during the period. Lyell Wealth Management LP increased its position in shares of BlackRock by 2.7% during the second quarter. Lyell Wealth Management LP now owns 683 shares of the asset manager’s stock worth $372,000 after purchasing an additional 18 shares in the last quarter. Finally, Mitchell Capital Management Co. lifted its stake in BlackRock by 53.4% in the 2nd quarter. Mitchell Capital Management Co. now owns 2,013 shares of the asset manager’s stock worth $1,095,000 after purchasing an additional 701 shares in the last quarter. 82.79% of the stock is owned by institutional investors and hedge funds.

Shares of BLK traded up $1.92 on Friday, hitting $575.01. 375,919 shares of the stock traded hands, compared to its average volume of 569,521. BlackRock, Inc. has a 1 year low of $323.98 and a 1 year high of $592.48. The stock’s 50 day moving average is $556.48 and its two-hundred day moving average is $509.32. The firm has a market capitalization of $88.70 billion, a P/E ratio of 20.22, a P/E/G ratio of 1.96 and a beta of 1.27. The company has a quick ratio of 4.08, a current ratio of 4.08 and a debt-to-equity ratio of 0.63.

BlackRock (NYSE:BLK) last issued its quarterly earnings results on Friday, July 17th. The asset manager reported $7.85 earnings per share for the quarter, topping analysts’ consensus estimates of $6.90 by $0.95. The company had revenue of $3.60 billion for the quarter, compared to analyst estimates of $3.55 billion. BlackRock had a return on equity of 14.14% and a net margin of 29.55%. The business’s revenue for the quarter was up 2.3% compared to the same quarter last year. During the same quarter in the prior year, the company posted $6.41 EPS. Research analysts forecast that BlackRock, Inc. will post 29.24 EPS for the current year.

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 22nd. Shareholders of record on Friday, September 4th will be paid a $3.63 dividend. This represents a $14.52 dividend on an annualized basis and a yield of 2.53%. The ex-dividend date of this dividend is Thursday, September 3rd. BlackRock’s payout ratio is 50.98%.

In other BlackRock news, General Counsel Christopher J. Meade sold 2,000 shares of the business’s stock in a transaction dated Tuesday, May 26th. The stock was sold at an average price of $526.04, for a total transaction of $1,052,080.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Rachel Lord sold 3,000 shares of the company’s stock in a transaction dated Thursday, May 7th. The stock was sold at an average price of $499.31, for a total value of $1,497,930.00. The disclosure for this sale can be found here. Insiders sold a total of 53,388 shares of company stock valued at $30,536,679 in the last 90 days. 1.42% of the stock is owned by company insiders.

A number of equities research analysts have recently weighed in on BLK shares. Zacks Investment Research cut BlackRock from a “strong-buy” rating to a “hold” rating and set a $609.00 price objective for the company. in a research note on Tuesday, July 21st. Barclays lifted their price target on BlackRock from $515.00 to $580.00 and gave the stock an “overweight” rating in a research report on Monday, June 15th. Credit Suisse Group reaffirmed a “buy” rating and issued a $552.00 target price on shares of BlackRock in a report on Thursday, May 28th. Morgan Stanley raised their price target on BlackRock from $630.00 to $652.00 and gave the stock an “overweight” rating in a report on Tuesday, July 21st. Finally, BMO Capital Markets upped their price objective on BlackRock from $560.00 to $620.00 and gave the company a “market perform” rating in a research note on Monday, July 20th. Four investment analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. The stock has an average rating of “Buy” and a consensus price target of $600.17.

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.

Read More: Compound Annual Growth Rate (CAGR)

Institutional Ownership by Quarter for BlackRock (NYSE:BLK)

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