Cyndeo Wealth Partners LLC Sells 7,502 Shares of BlackRock (NYSE:BLK)

Cyndeo Wealth Partners LLC reduced its stake in BlackRock (NYSE:BLK - Free Report) by 87.3% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 1,094 shares of the asset manager's stock after selling 7,502 shares during the period. Cyndeo Wealth Partners LLC's holdings in BlackRock were worth $1,036,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Legacy Capital Group California Inc. grew its stake in shares of BlackRock by 2.8% in the fourth quarter. Legacy Capital Group California Inc. now owns 368 shares of the asset manager's stock valued at $377,000 after acquiring an additional 10 shares in the last quarter. Mascoma Wealth Management LLC lifted its holdings in shares of BlackRock by 9.5% in the fourth quarter. Mascoma Wealth Management LLC now owns 127 shares of the asset manager's stock worth $130,000 after acquiring an additional 11 shares during the last quarter. Hazlett Burt & Watson Inc. lifted its holdings in shares of BlackRock by 2.1% in the fourth quarter. Hazlett Burt & Watson Inc. now owns 534 shares of the asset manager's stock worth $542,000 after acquiring an additional 11 shares during the last quarter. Annis Gardner Whiting Capital Advisors LLC lifted its holdings in shares of BlackRock by 4.5% in the fourth quarter. Annis Gardner Whiting Capital Advisors LLC now owns 257 shares of the asset manager's stock worth $263,000 after acquiring an additional 11 shares during the last quarter. Finally, Convergence Financial LLC lifted its holdings in shares of BlackRock by 1.6% in the fourth quarter. Convergence Financial LLC now owns 783 shares of the asset manager's stock worth $802,000 after acquiring an additional 12 shares during the last quarter. 80.69% of the stock is currently owned by institutional investors and hedge funds.

BlackRock Stock Performance

BLK traded up $8.70 during trading on Thursday, hitting $977.88. 662,589 shares of the company traded hands, compared to its average volume of 690,856. The company has a quick ratio of 4.34, a current ratio of 4.34 and a debt-to-equity ratio of 0.38. The firm has a market cap of $151.50 billion, a P/E ratio of 23.76, a price-to-earnings-growth ratio of 2.97 and a beta of 1.41. BlackRock has a one year low of $773.74 and a one year high of $1,084.22. The stock's fifty day moving average is $946.64 and its 200 day moving average is $970.82.

BlackRock (NYSE:BLK - Get Free Report) last issued its earnings results on Friday, April 11th. The asset manager reported $11.30 earnings per share for the quarter, topping analysts' consensus estimates of $10.84 by $0.46. The firm had revenue of $5.28 billion during the quarter, compared to analyst estimates of $5.47 billion. BlackRock had a net margin of 30.09% and a return on equity of 15.57%. The company's quarterly revenue was up 11.6% on a year-over-year basis. During the same quarter last year, the business earned $9.81 earnings per share. As a group, equities analysts predict that BlackRock will post 47.41 EPS for the current fiscal year.

BlackRock Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, June 23rd. Shareholders of record on Thursday, June 5th will be given a dividend of $5.21 per share. The ex-dividend date is Thursday, June 5th. This represents a $20.84 dividend on an annualized basis and a yield of 2.13%. BlackRock's dividend payout ratio is presently 50.63%.

Insiders Place Their Bets

In other news, Director J. Richard Kushel sold 2,000 shares of the firm's stock in a transaction that occurred on Monday, April 21st. The shares were sold at an average price of $852.01, for a total value of $1,704,020.00. Following the completion of the transaction, the director now directly owns 66,034 shares in the company, valued at approximately $56,261,628.34. This trade represents a 2.94% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 1.98% of the company's stock.

Analysts Set New Price Targets

A number of research analysts recently issued reports on BLK shares. Morgan Stanley dropped their price objective on shares of BlackRock from $1,275.00 to $1,124.00 and set an "overweight" rating for the company in a report on Monday, April 7th. Argus boosted their target price on shares of BlackRock from $1,028.00 to $1,090.00 and gave the company a "buy" rating in a research report on Tuesday. Bank of America lowered their price objective on shares of BlackRock from $1,196.00 to $1,178.00 and set a "buy" rating on the stock in a report on Thursday, April 3rd. TD Cowen lowered their price objective on shares of BlackRock from $1,251.00 to $1,032.00 and set a "buy" rating on the stock in a report on Wednesday, April 9th. Finally, JPMorgan Chase & Co. lowered their target price on shares of BlackRock from $1,046.00 to $988.00 and set a "neutral" rating for the company in a report on Monday, April 14th. Three investment analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company's stock. According to MarketBeat.com, BlackRock has a consensus rating of "Moderate Buy" and a consensus price target of $1,096.31.

BlackRock 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.