BlackRock (NYSE:BLK) Price Target Raised to $1,301.00

Key Points

• Investment analysts at TD Cowen raised BlackRock's price target from $1,252.00 to $1,301.00, indicating a potential upside of 12.22% from its current price.
• BlackRock's stock has seen varied target price adjustments from multiple analysts, with Goldman Sachs boosting its target to $1,312.00 and Wells Fargo lowering theirs to $1,170.00.
• In its latest earnings report, BlackRock exceeded expectations with $12.05 earnings per share for the quarter, reflecting a 12.9% increase in revenue year-over-year.

BlackRock (NYSE:BLK - Get Free Report) had its target price lifted by investment analysts at TD Cowen from $1,252.00 to $1,301.00 in a research report issued to clients and investors on Wednesday,MarketScreener reports. The brokerage presently has a "buy" rating on the asset manager's stock. TD Cowen's price objective indicates a potential upside of 12.22% from the company's current price.

A number of other equities research analysts have also weighed in on BLK. Wells Fargo & Company decreased their target price on BlackRock from $1,180.00 to $1,170.00 and set an "overweight" rating for the company in a research report on Wednesday, July 16th. JPMorgan Chase & Co. lifted their target price on BlackRock from $1,093.00 to $1,242.00 and gave the company a "neutral" rating in a research report on Thursday, October 2nd. Evercore ISI lifted their target price on BlackRock from $1,170.00 to $1,200.00 and gave the company an "outperform" rating in a research report on Friday, September 5th. The Goldman Sachs Group boosted their price target on BlackRock from $1,163.00 to $1,312.00 and gave the stock a "buy" rating in a research report on Friday, October 3rd. Finally, Jefferies Financial Group boosted their price target on BlackRock from $959.00 to $1,210.00 in a research report on Thursday, July 10th. One equities research analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating and three have assigned a Hold rating to the stock. Based on data from MarketBeat.com, BlackRock presently has an average rating of "Moderate Buy" and an average price target of $1,254.47.

BlackRock Stock Down 0.6%

BLK stock opened at $1,159.30 on Wednesday. BlackRock has a fifty-two week low of $773.74 and a fifty-two week high of $1,184.13. The business's 50-day moving average is $1,131.84 and its two-hundred day moving average is $1,031.25. 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 cap of $179.52 billion, a price-to-earnings ratio of 28.11, a P/E/G ratio of 2.22 and a beta of 1.45.

BlackRock (NYSE:BLK - Get Free Report) last issued its earnings results on Tuesday, July 15th. The asset manager reported $12.05 earnings per share (EPS) for the quarter, beating the consensus estimate of $10.41 by $1.64. BlackRock had a return on equity of 15.53% and a net margin of 29.68%.The company had revenue of $5.42 billion for the quarter, compared to the consensus estimate of $5.40 billion. During the same quarter last year, the company earned $10.36 EPS. The firm's quarterly revenue was up 12.9% on a year-over-year basis. As a group, analysts forecast that BlackRock will post 47.41 earnings per share for the current year.

Insider Buying and Selling

In other BlackRock news, CEO Laurence Fink sold 14,828 shares of BlackRock stock in a transaction dated Thursday, July 24th. The stock was sold at an average price of $1,122.28, for a total transaction of $16,641,167.84. Following the completion of the sale, the chief executive officer directly owned 263,751 shares of the company's stock, valued at $296,002,472.28. The trade was a 5.32% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Fabrizio Freda sold 4,434 shares of the business'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 directly owned 3,506 shares of the company's stock, valued at $3,936,571.86. The trade was a 55.84% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 66,494 shares of company stock valued at $74,694,573. 1.98% of the stock is currently owned by company insiders.

Institutional Trading of BlackRock

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Vanguard Group Inc. raised its stake in BlackRock by 1.7% during the 2nd quarter. Vanguard Group Inc. now owns 13,991,264 shares of the asset manager's stock valued at $14,680,334,000 after acquiring an additional 227,192 shares during the last quarter. Geode Capital Management LLC increased its position in BlackRock by 1.1% during the 2nd quarter. Geode Capital Management LLC now owns 3,143,429 shares of the asset manager's stock worth $3,281,641,000 after purchasing an additional 34,049 shares during the period. Norges Bank acquired a new position in BlackRock during the 2nd quarter worth approximately $2,644,007,000. Franklin Resources Inc. grew its holdings in shares of BlackRock by 72.5% in the 2nd quarter. Franklin Resources Inc. now owns 2,005,358 shares of the asset manager's stock worth $2,104,122,000 after acquiring an additional 842,901 shares during the period. Finally, Laurel Wealth Advisors LLC grew its holdings in shares of BlackRock by 105,267.4% in the 2nd quarter. Laurel Wealth Advisors LLC now owns 1,705,899 shares of the asset manager's stock worth $1,789,915,000 after acquiring an additional 1,704,280 shares during the period. 80.69% of the stock is owned by hedge funds and other institutional investors.

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.

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