BlackRock $BLK Shares Acquired by Oak Harvest Investment Services

Key Points

• Oak Harvest Investment Services dramatically increased its position in BlackRock by 12,176.1% in Q4, buying an additional 1,582,159 shares to hold 1,595,153 shares (about 65.3% of Oak Harvest’s portfolio) worth roughly $1.707 billion and representing ~1.03% of BlackRock.
• BlackRock beat Q1 expectations with EPS of $12.53 vs. $12.40 and revenue of $6.70 billion vs. $6.56 billion (revenue +27% year-over-year), and analysts maintain a generally positive view (consensus rating "Moderate Buy" and a $1,266.28 target).
• Despite strong results and inflows, the stock faces headline risks from private-credit liquidity concerns (including a cap at its HPS vehicle) and an investor probe by Pomerantz, while insiders have sold shares recently.

Oak Harvest Investment Services lifted its stake in shares of BlackRock (NYSE:BLK - Free Report) by 12,176.1% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,595,153 shares of the asset manager's stock after buying an additional 1,582,159 shares during the quarter. BlackRock makes up about 65.3% of Oak Harvest Investment Services' investment portfolio, making the stock its largest holding. Oak Harvest Investment Services owned approximately 1.03% of BlackRock worth $1,707,356,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also made changes to their positions in the stock. Capital International Investors grew its position in shares of BlackRock by 0.6% during the third quarter. Capital International Investors now owns 1,841,088 shares of the asset manager's stock worth $2,146,663,000 after buying an additional 10,591 shares in the last quarter. Massachusetts Financial Services Co. MA grew its position in shares of BlackRock by 13.4% during the third quarter. Massachusetts Financial Services Co. MA now owns 1,213,561 shares of the asset manager's stock worth $1,414,854,000 after buying an additional 143,126 shares in the last quarter. Legal & General Group Plc grew its position in shares of BlackRock by 4.5% during the third quarter. Legal & General Group Plc now owns 913,121 shares of the asset manager's stock worth $1,064,580,000 after buying an additional 39,412 shares in the last quarter. Viking Global Investors LP boosted its holdings in BlackRock by 217.5% in the third quarter. Viking Global Investors LP now owns 619,492 shares of the asset manager's stock worth $722,247,000 after purchasing an additional 424,388 shares during the period. Finally, Amundi boosted its holdings in BlackRock by 39.5% in the third quarter. Amundi now owns 547,249 shares of the asset manager's stock worth $645,354,000 after purchasing an additional 154,907 shares during the period. Institutional investors and hedge funds own 80.69% of the company's stock.

Key BlackRock News

Here are the key news stories impacting BlackRock this week:

• Positive Sentiment: Q1 results beat expectations — BlackRock reported stronger-than-expected revenue and EPS with healthy net inflows, which supports fee growth and the stock’s rally. BlackRock, Inc. Just Beat Earnings Expectations
• Positive Sentiment: Senior management bullish — Rick Rieder highlighted “extraordinary” equity technicals and strong earnings momentum on Bloomberg, reinforcing a risk-on view that can attract flows into BlackRock products. BlackRock's Rieder Says Equity Technicals Are Extraordinary
• Positive Sentiment: Analyst support and higher targets — Recent analyst notes and a new UBS price target lift sentiment and provide cover for buyers after the earnings print. BlackRock Given New $1,270.00 Price Target at UBS Group
• Positive Sentiment: Media endorsements and product demand — Commentary (including Jim Cramer) and attention to BlackRock’s private-credit capabilities and high-yield iShares ETFs may support asset-gathering prospects. Jim Cramer Highlights “BlackRock Has Good Private Credit”
• Neutral Sentiment: Product innovation / retirement flows — Coverage about private assets possibly entering 401(k)s and interest in BlackRock dividend/high-yield ETFs could expand addressable market over time, but adoption and regulation are still uncertain. Private Assets Could Join Your 401(k): What You Need To Know 5 Best High-Yield BlackRock Dividend ETFs Paying Over 5%
• Negative Sentiment: Private-credit liquidity concerns — Investors remain wary after a March cap on quarterly repurchases at BlackRock’s HPS corporate-lending vehicle and softer quarter-end AUM versus year-end, which pressured sentiment and prompted a post-earnings pullback earlier in the week. BlackRock slips 3.2% as investors digest Q1 results and lingering private-credit concerns
• Negative Sentiment: Investor lawsuit inquiry — Pomerantz has opened an investigation into BLK investor claims; legal action can create headline risk and potential costs, keeping some investors cautious. Pomerantz Law Firm Investigates Claims On Behalf of Investors of BlackRock

BlackRock Price Performance

Shares of NYSE BLK opened at $1,052.56 on Friday. BlackRock has a fifty-two week low of $845.82 and a fifty-two week high of $1,219.94. The firm's 50-day simple moving average is $1,012.55 and its 200 day simple moving average is $1,067.73. The company has a quick ratio of 2.98, a current ratio of 2.98 and a debt-to-equity ratio of 0.37. The stock has a market cap of $163.71 billion, a P/E ratio of 26.42, a P/E/G ratio of 1.41 and a beta of 1.48.

BlackRock (NYSE:BLK - Get Free Report) last issued its quarterly earnings data on Tuesday, April 14th. The asset manager reported $12.53 earnings per share for the quarter, beating analysts' consensus estimates of $12.40 by $0.13. BlackRock had a net margin of 24.40% and a return on equity of 14.96%. The business had revenue of $6.70 billion for the quarter, compared to analysts' expectations of $6.56 billion. During the same period in the previous year, the business earned $9.64 earnings per share. The company's revenue was up 27.0% on a year-over-year basis. Equities analysts expect that BlackRock will post 47.41 EPS for the current year.

Analyst Upgrades and Downgrades

A number of research firms have commented on BLK. JPMorgan Chase & Co. decreased their price objective on shares of BlackRock from $1,269.00 to $1,128.00 and set a "neutral" rating for the company in a report on Monday, April 13th. Freedom Capital raised shares of BlackRock from a "hold" rating to a "strong-buy" rating in a report on Friday, January 23rd. Evercore reaffirmed an "outperform" rating and issued a $1,220.00 price objective on shares of BlackRock in a report on Wednesday. The Goldman Sachs Group boosted their price target on shares of BlackRock from $1,181.00 to $1,313.00 and gave the company a "buy" rating in a report on Wednesday. Finally, TD Cowen reduced their price target on shares of BlackRock from $1,238.00 to $1,105.00 and set a "hold" rating for the company in a report on Thursday, April 9th. One analyst has rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating and three have assigned a Hold rating to the company's stock. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $1,266.28.

Insider Activity at BlackRock

In related news, Director J. Richard Kushel sold 385 shares of BlackRock stock in a transaction dated Tuesday, February 24th. The shares were sold at an average price of $1,084.91, for a total transaction of $417,690.35. Following the sale, the director directly owned 3,335 shares in the company, valued at $3,618,174.85. The trade was a 10.35% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, COO Robert L. Goldstein sold 5,293 shares of BlackRock stock in a transaction dated Wednesday, February 11th. The shares were sold at an average price of $1,084.22, for a total transaction of $5,738,776.46. Following the sale, the chief operating officer owned 46,185 shares in the company, valued at approximately $50,074,700.70. This represents a 10.28% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 84,272 shares of company stock worth $92,323,426 over the last ninety days. 1.98% of the stock is currently owned by corporate insiders.

BlackRock Company Profile

BlackRock, Inc is a global investment management firm that provides a broad range of products and services to institutional, intermediary and individual investors. Its core activities include portfolio management across active and index strategies, exchange-traded funds (ETFs) under the iShares brand, fixed income, equity and multi-asset solutions, as well as alternatives such as private equity, real estate and infrastructure. The firm also offers cash management and liquidity solutions and retirement-focused products designed for defined contribution and defined benefit investors.

In addition to traditional investment management, BlackRock is known for its technology and risk management capabilities, most prominently its Aladdin platform, which combines portfolio management, trading and risk analytics and is used both internally and licensed to external clients.

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