KCM Investment Advisors LLC Decreases Stake in BlackRock $BLK

KCM Investment Advisors LLC cut its holdings in shares of BlackRock (NYSE:BLK) by 6.7% in the 2nd quarter, Holdings Channel reports. The fund owned 2,235 shares of the asset manager’s stock after selling 161 shares during the period. KCM Investment Advisors LLC’s holdings in BlackRock were worth $2,345,000 as of its most recent SEC filing.

Other institutional investors have also modified their holdings of the company. Vanguard Group Inc. increased its holdings in BlackRock by 2.9% during the 1st quarter. Vanguard Group Inc. now owns 13,764,072 shares of the asset manager’s stock worth $13,027,419,000 after purchasing an additional 387,466 shares during the last quarter. Royal Bank of Canada grew its position in shares of BlackRock by 73.2% during the first quarter. Royal Bank of Canada now owns 1,313,350 shares of the asset manager’s stock worth $1,243,059,000 after buying an additional 555,098 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its position in shares of BlackRock by 10.2% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 1,206,935 shares of the asset manager’s stock worth $1,142,340,000 after buying an additional 111,694 shares in the last quarter. Goldman Sachs Group Inc. increased its stake in shares of BlackRock by 32.8% in the first quarter. Goldman Sachs Group Inc. now owns 1,131,919 shares of the asset manager’s stock worth $1,071,339,000 after buying an additional 279,336 shares during the last quarter. Finally, Invesco Ltd. raised its holdings in BlackRock by 13.2% in the first quarter. Invesco Ltd. now owns 932,899 shares of the asset manager’s stock valued at $882,970,000 after acquiring an additional 108,473 shares in the last quarter. Institutional investors and hedge funds own 80.69% of the company’s stock.

BlackRock Stock Up 1.1%

NYSE:BLK opened at $1,081.66 on Friday. 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 50 day moving average of $1,130.62 and a 200-day moving average of $1,069.28. The firm has a market capitalization of $167.50 billion, a PE ratio of 27.81, a price-to-earnings-growth ratio of 1.90 and a beta of 1.48. BlackRock has a 52 week low of $773.74 and a 52 week high of $1,219.94.

BlackRock (NYSE:BLK) last announced its quarterly earnings results 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). The company had revenue of $6.51 billion during the quarter, compared to the consensus estimate of $6.22 billion. BlackRock had a return on equity of 15.36% and a net margin of 26.64%.The company’s revenue for the quarter was up 25.2% on a year-over-year basis. During the same period last year, the business posted $11.46 EPS. Analysts predict that BlackRock will post 47.41 EPS for the current year.

Insider Transactions at BlackRock

In other news, Director Rachel Lord sold 12,000 shares of the business’s stock in a transaction on Monday, October 20th. The shares were sold at an average price of $1,165.04, for a total transaction of $13,980,480.00. Following the completion of the transaction, the director owned 7,205 shares of the company’s stock, valued at approximately $8,394,113.20. The trade was a 62.48% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Insiders own 1.98% of the company’s stock.

Analysts Set New Price Targets

Several brokerages have weighed in on BLK. TD Cowen raised their price objective on shares of BlackRock from $1,301.00 to $1,407.00 and gave the stock a “buy” rating in a report on Wednesday, October 15th. JPMorgan Chase & Co. lifted their price target on BlackRock from $1,093.00 to $1,242.00 and gave the stock a “neutral” rating in a research note on Thursday, October 2nd. Keefe, Bruyette & Woods upped their price objective on BlackRock from $1,215.00 to $1,300.00 and gave the company an “outperform” rating in a research note on Monday, October 13th. Evercore ISI increased their target price on BlackRock from $1,200.00 to $1,300.00 and gave the stock an “outperform” rating in a report on Friday. Finally, Jefferies Financial Group boosted their price target on BlackRock from $1,196.00 to $1,325.00 and gave the company a “buy” rating in a report on Tuesday, October 7th. Seventeen 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, BlackRock presently has a consensus rating of “Moderate Buy” and an average target price of $1,303.41.

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.