Avidian Wealth Enterprises LLC Raises Stock Position in BlackRock $BLK

Avidian Wealth Enterprises LLC lifted its holdings in shares of BlackRock (NYSE:BLK) by 1.7% during the 2nd quarter, Holdings Channel reports. The firm owned 832 shares of the asset manager’s stock after buying an additional 14 shares during the period. Avidian Wealth Enterprises LLC’s holdings in BlackRock were worth $873,000 as of its most recent SEC filing.

Other institutional investors have also recently made changes to their positions in the company. Welch Group LLC grew its stake in shares of BlackRock by 1.2% in the second quarter. Welch Group LLC now owns 760 shares of the asset manager’s stock worth $797,000 after acquiring an additional 9 shares in the last quarter. Stanley Laman Group Ltd. boosted its holdings in BlackRock by 2.7% in the second quarter. Stanley Laman Group Ltd. now owns 340 shares of the asset manager’s stock valued at $357,000 after purchasing an additional 9 shares during the period. McLean Asset Management Corp grew its stake in shares of BlackRock by 3.9% during the second quarter. McLean Asset Management Corp now owns 266 shares of the asset manager’s stock worth $285,000 after purchasing an additional 10 shares in the last quarter. Trust Co. of Oklahoma increased its holdings in BlackRock by 0.5% in the second quarter. Trust Co. of Oklahoma now owns 2,023 shares of the asset manager’s stock valued at $2,123,000 after buying an additional 10 shares during the last quarter. Finally, TOWER TRUST & INVESTMENT Co raised its stake in BlackRock by 1.3% in the second quarter. TOWER TRUST & INVESTMENT Co now owns 799 shares of the asset manager’s stock valued at $838,000 after buying an additional 10 shares in the last quarter. Institutional investors and hedge funds own 80.69% of the company’s stock.

Insider Activity at BlackRock

In related news, Director Fabrizio Freda sold 4,434 shares of the firm’s stock in a transaction dated Thursday, July 24th. The shares were sold at an average price of $1,122.81, for a total value of $4,978,539.54. Following the completion of the sale, the director owned 3,506 shares in the company, valued at $3,936,571.86. This trade represents a 55.84% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director J. Richard Kushel sold 17,142 shares of the business’s stock in a transaction dated Wednesday, July 30th. The stock was sold at an average price of $1,120.50, for a total transaction of $19,207,611.00. Following the sale, the director directly owned 61,369 shares in the company, valued at approximately $68,763,964.50. This represents a 21.83% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 66,494 shares of company stock valued at $74,694,573. Company insiders own 1.98% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts have recently issued reports on the company. Jefferies Financial Group upped their price objective on BlackRock from $1,196.00 to $1,325.00 and gave the stock a “buy” rating in a research report on Tuesday, October 7th. Zacks Research downgraded BlackRock from a “strong-buy” rating to a “hold” rating in a report on Thursday, August 14th. Keefe, Bruyette & Woods increased their price target on shares of BlackRock from $1,215.00 to $1,300.00 and gave the company an “outperform” rating in a research note on Monday, October 13th. JPMorgan Chase & Co. boosted their price objective on shares of BlackRock from $1,093.00 to $1,242.00 and gave the stock a “neutral” rating in a research report on Thursday, October 2nd. Finally, Deutsche Bank Aktiengesellschaft set a $1,320.00 target price on shares of BlackRock and gave the company a “buy” rating in a research report on Wednesday, October 15th. Seventeen equities research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $1,299.29.

BlackRock Stock Down 2.5%

BLK opened at $1,130.70 on Wednesday. The business has a 50 day simple moving average of $1,140.89 and a 200-day simple moving average of $1,046.85. BlackRock has a 12 month low of $773.74 and a 12 month high of $1,219.94. The stock has a market capitalization of $175.09 billion, a P/E ratio of 29.07, a P/E/G ratio of 2.01 and a beta of 1.45. The company has a debt-to-equity ratio of 0.39, a current ratio of 4.04 and a quick ratio of 4.04.

BlackRock (NYSE:BLK) last released its quarterly earnings data on Tuesday, October 14th. The asset manager reported $11.55 earnings per share (EPS) for the quarter, missing the consensus estimate of $11.78 by ($0.23). BlackRock had a return on equity of 15.36% and a net margin of 26.64%.The business had revenue of $6.51 billion during the quarter, compared to analysts’ expectations of $6.22 billion. During the same quarter in the previous year, the company posted $11.46 EPS. The company’s revenue was up 25.2% compared to the same quarter last year. On average, equities analysts anticipate that BlackRock will post 47.41 earnings per share for the current fiscal year.

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.