Cornerstone Wealth Group LLC Has $6.45 Million Stock Holdings in BlackRock $BLK

Cornerstone Wealth Group LLC grew its holdings in BlackRock (NYSE:BLK) by 3.3% in the second quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 6,150 shares of the asset manager’s stock after buying an additional 196 shares during the quarter. Cornerstone Wealth Group LLC’s holdings in BlackRock were worth $6,453,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in BLK. Brighton Jones LLC increased its position in BlackRock by 23.1% in the fourth quarter. Brighton Jones LLC now owns 1,575 shares of the asset manager’s stock worth $1,615,000 after purchasing an additional 296 shares during the period. Bison Wealth LLC increased its position in BlackRock by 1.6% in the fourth quarter. Bison Wealth LLC now owns 1,052 shares of the asset manager’s stock worth $1,078,000 after purchasing an additional 17 shares during the period. GAMMA Investing LLC increased its position in BlackRock by 10.6% in the first quarter. GAMMA Investing LLC now owns 3,698 shares of the asset manager’s stock worth $3,500,000 after purchasing an additional 355 shares during the period. Wealth Enhancement Advisory Services LLC increased its position in BlackRock by 5.2% in the first quarter. Wealth Enhancement Advisory Services LLC now owns 35,049 shares of the asset manager’s stock worth $33,172,000 after purchasing an additional 1,740 shares during the period. Finally, Dynamic Advisor Solutions LLC increased its position in BlackRock by 2.6% in the first quarter. Dynamic Advisor Solutions LLC now owns 5,935 shares of the asset manager’s stock worth $5,618,000 after purchasing an additional 153 shares during the period. 80.69% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of analysts recently commented on the company. Zacks Research lowered BlackRock from a “strong-buy” rating to a “hold” rating in a research report on Thursday, August 14th. The Goldman Sachs Group raised their target price on BlackRock from $1,163.00 to $1,312.00 and gave the stock a “buy” rating in a report on Friday, October 3rd. Bank of America raised their target price on BlackRock from $1,224.00 to $1,396.00 and gave the stock a “buy” rating in a report on Thursday, October 2nd. Weiss Ratings restated a “buy (b-)” rating on shares of BlackRock in a report on Wednesday, October 8th. Finally, Morgan Stanley raised their target price on BlackRock from $1,224.00 to $1,362.00 and gave the stock an “overweight” rating in a report on Monday, October 6th. One research analyst has rated the stock with a Strong Buy rating, fifteen have given a Buy rating and three have issued a Hold rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $1,263.31.

Insider Activity at BlackRock

In other BlackRock news, Director Fabrizio Freda sold 4,434 shares of the firm’s stock in a transaction that occurred on Thursday, July 24th. The shares were sold at an average price of $1,122.81, for a total transaction of $4,978,539.54. Following the sale, the director directly owned 3,506 shares in the company, valued at approximately $3,936,571.86. This trade represents a 55.84% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, CEO Laurence Fink sold 12,054 shares of the firm’s stock in a transaction that occurred on Friday, July 25th. The stock was sold at an average price of $1,125.43, for a total transaction of $13,565,933.22. Following the sale, the chief executive officer owned 251,697 shares in the company, valued at $283,267,354.71. This trade represents a 4.57% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 66,494 shares of company stock valued at $74,694,573. Corporate insiders own 1.98% of the company’s stock.

BlackRock Stock Performance

Shares of BLK stock opened at $1,156.20 on Tuesday. The company has a debt-to-equity ratio of 0.39, a quick ratio of 4.04 and a current ratio of 4.04. The company has a market capitalization of $179.04 billion, a P/E ratio of 27.95, a price-to-earnings-growth ratio of 2.15 and a beta of 1.45. The company’s 50 day moving average price is $1,135.66 and its two-hundred day moving average price is $1,037.02. BlackRock has a 52 week low of $773.74 and a 52 week high of $1,184.13.

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

BlackRock Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Tuesday, September 23rd. Shareholders of record on Friday, September 5th were issued a dividend of $5.21 per share. This represents a $20.84 annualized dividend and a yield of 1.8%. The ex-dividend date was Friday, September 5th. 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.