LGT Fund Management Co Ltd. Takes $15.14 Million Position in BlackRock, Inc. (NYSE:BLK)

LGT Fund Management Co Ltd. bought a new position in shares of BlackRock, Inc. (NYSE:BLK) during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund bought 19,234 shares of the asset manager’s stock, valued at approximately $15,143,000. BlackRock accounts for approximately 1.8% of LGT Fund Management Co Ltd.’s portfolio, making the stock its 12th largest holding.

A number of other hedge funds have also recently bought and sold shares of BLK. Redmont Wealth Advisors LLC bought a new position in shares of BlackRock during the 1st quarter valued at about $27,000. Private Wealth Management Group LLC acquired a new stake in BlackRock during the fourth quarter valued at approximately $28,000. Pineridge Advisors LLC bought a new stake in BlackRock during the fourth quarter worth approximately $28,000. Lam Group Inc. acquired a new position in BlackRock in the first quarter worth approximately $33,000. Finally, Fairman Group LLC bought a new position in shares of BlackRock in the fourth quarter valued at $35,000. 80.69% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

BLK has been the subject of several research reports. Citigroup raised their price objective on BlackRock from $920.00 to $930.00 and gave the stock a “buy” rating in a research note on Tuesday, July 16th. Evercore ISI lifted their price target on BlackRock from $920.00 to $945.00 and gave the stock an “outperform” rating in a research note on Thursday, September 5th. TD Cowen reduced their price objective on shares of BlackRock from $974.00 to $969.00 and set a “buy” rating for the company in a research note on Monday, July 8th. Argus lifted their target price on shares of BlackRock from $880.00 to $910.00 and gave the stock a “buy” rating in a research report on Tuesday, July 16th. Finally, Keefe, Bruyette & Woods upped their price target on shares of BlackRock from $915.00 to $934.00 and gave the company an “outperform” rating in a research report on Tuesday, July 16th. Three analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $883.47.

BlackRock Trading Up 1.9 %

NYSE BLK opened at $877.94 on Tuesday. The company has a current ratio of 5.06, a quick ratio of 5.06 and a debt-to-equity ratio of 0.37. BlackRock, Inc. has a 1-year low of $596.18 and a 1-year high of $903.46. The firm’s fifty day simple moving average is $850.49 and its 200-day simple moving average is $812.37. The company has a market capitalization of $130.05 billion, a PE ratio of 22.31, a price-to-earnings-growth ratio of 1.89 and a beta of 1.30.

BlackRock (NYSE:BLK) last issued its earnings results on Monday, July 15th. The asset manager reported $10.36 earnings per share for the quarter, topping the consensus estimate of $9.96 by $0.40. The company had revenue of $4.81 billion for the quarter, compared to analyst estimates of $4.85 billion. BlackRock had a return on equity of 15.44% and a net margin of 32.36%. The business’s revenue was up 7.7% compared to the same quarter last year. During the same period in the prior year, the firm posted $9.28 EPS. As a group, sell-side analysts anticipate that BlackRock, Inc. will post 41.34 earnings per share for the current fiscal year.

BlackRock Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, September 23rd. Shareholders of record on Monday, September 9th will be paid a $5.10 dividend. This represents a $20.40 dividend on an annualized basis and a yield of 2.32%. The ex-dividend date of this dividend is Monday, September 9th. BlackRock’s dividend payout ratio (DPR) is presently 51.84%.

Insiders Place Their Bets

In related news, Director Mark Wiedman sold 12,000 shares of BlackRock stock in a transaction on Friday, August 30th. The shares were 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 approximately $5,832,000. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In other BlackRock news, Director Pamela Daley sold 1,531 shares of the stock in a transaction that occurred on Friday, August 2nd. The stock was sold at an average price of $842.08, for a total transaction of $1,289,224.48. Following the transaction, the director now owns 5,732 shares in the company, valued at $4,826,802.56. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Mark Wiedman sold 12,000 shares of the business’s stock in a transaction on Friday, August 30th. The stock was sold at an average price of $900.00, for a total transaction 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. The disclosure for this sale can be found here. Insiders sold 93,042 shares of company stock valued at $79,387,117 over the last ninety days. 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.