Mackenzie Financial Corp Makes New $2.90 Million Investment in Block, Inc. $XYZ

Mackenzie Financial Corp purchased a new stake in Block, Inc. (NYSE:XYZ) during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund purchased 42,744 shares of the technology company’s stock, valued at approximately $2,904,000.

A number of other institutional investors also recently modified their holdings of XYZ. Motley Fool Asset Management LLC purchased a new position in Block during the second quarter worth about $2,055,000. Y.D. More Investments Ltd bought a new stake in shares of Block during the 2nd quarter valued at about $1,628,000. Norges Bank bought a new stake in shares of Block during the 2nd quarter valued at about $415,575,000. Korea Investment CORP purchased a new position in shares of Block during the second quarter worth about $13,937,000. Finally, Lane Generational LLC bought a new position in shares of Block in the second quarter worth approximately $6,043,000. 70.44% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several equities research analysts have issued reports on XYZ shares. Needham & Company LLC reiterated a “buy” rating and set a $80.00 target price on shares of Block in a research report on Monday, November 24th. Compass Point upgraded shares of Block from a “strong sell” rating to a “hold” rating in a research report on Friday, November 21st. Morgan Stanley lifted their price objective on shares of Block from $71.00 to $72.00 and gave the stock an “equal weight” rating in a report on Friday, November 21st. Weiss Ratings reissued a “hold (c+)” rating on shares of Block in a research note on Wednesday, October 8th. Finally, Oppenheimer restated an “outperform” rating and set a $85.00 price target on shares of Block in a research report on Friday, November 7th. Three investment analysts have rated the stock with a Strong Buy rating, twenty-one have given a Buy rating, twelve have assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $83.42.

Block Trading Up 1.8%

Shares of XYZ opened at $62.18 on Friday. The stock has a market capitalization of $37.78 billion, a P/E ratio of 12.54, a PEG ratio of 2.43 and a beta of 2.65. Block, Inc. has a twelve month low of $44.27 and a twelve month high of $99.26. The company has a quick ratio of 2.18, a current ratio of 2.18 and a debt-to-equity ratio of 0.25. The firm has a fifty day simple moving average of $70.88 and a two-hundred day simple moving average of $70.88.

Block (NYSE:XYZ) last issued its quarterly earnings data on Thursday, November 6th. The technology company reported $0.54 earnings per share for the quarter, topping analysts’ consensus estimates of $0.25 by $0.29. The firm had revenue of $6.11 billion for the quarter. Block had a return on equity of 5.54% and a net margin of 12.99%.Block’s quarterly revenue was up 2.3% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.53 earnings per share. On average, research analysts anticipate that Block, Inc. will post 2.54 EPS for the current year.

Insiders Place Their Bets

In other Block news, insider Arnaud Weber sold 7,095 shares of Block stock in a transaction on Friday, November 21st. The stock was sold at an average price of $61.40, for a total transaction of $435,633.00. Following the completion of the transaction, the insider owned 259,136 shares in the company, valued at approximately $15,910,950.40. The trade was a 2.66% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Chrysty Esperanza sold 3,608 shares of the company’s stock in a transaction dated Friday, November 21st. The stock was sold at an average price of $61.40, for a total transaction of $221,531.20. Following the completion of the transaction, the insider owned 123,198 shares in the company, valued at approximately $7,564,357.20. The trade was a 2.85% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 99,198 shares of company stock valued at $6,968,155 in the last 90 days. Corporate insiders own 10.85% of the company’s stock.

Block Profile

Square, Inc provides payment and point-of-sale solutions in the United States and internationally. The company's commerce ecosystem includes point-of-sale software and hardware that enables sellers to turn mobile and computing devices into payment and point-of-sale solutions. It offers hardware products, including Magstripe reader, which enables swiped transactions of magnetic stripe cards; Contactless and chip reader that accepts EMV® chip cards and Near Field Communication payments; Chip card reader, which accepts EMV® chip cards and enables swiped transactions of magnetic stripe cards; Square Stand, which enables an iPad to be used as a payment terminal or full point of sale solution; and Square Register that combines its hardware, point-of-sale software, and payments technology, as well as managed payments solutions.