Carnegie Investment Counsel Increases Holdings in BlackRock $BLK

Key Points

• Carnegie Investment Counsel increased its BlackRock stake by 5.9% in the first quarter, buying 2,392 more shares and bringing its total holding to 43,230 shares valued at about $39.8 million.
• Wall Street remains broadly bullish on BlackRock, with several firms raising price targets and the stock carrying a consensus “Moderate Buy” rating and an average target of $1,273.33.
• BlackRock reported strong quarterly results and continued shareholder returns, beating EPS and revenue estimates, posting 27% revenue growth year over year, and paying a quarterly dividend of $5.73 per share.

Carnegie Investment Counsel grew its stake in BlackRock (NYSE:BLK - Free Report) by 5.9% in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 43,230 shares of the asset manager's stock after acquiring an additional 2,392 shares during the quarter. Carnegie Investment Counsel's holdings in BlackRock were worth $39,827,000 as of its most recent SEC filing.

A number of other hedge funds have also recently modified their holdings of BLK. Legal & General Group Plc raised its position in BlackRock by 0.8% in the fourth quarter. Legal & General Group Plc now owns 920,578 shares of the asset manager's stock valued at $985,331,000 after purchasing an additional 7,457 shares during the period. Sarasin & Partners LLP grew its holdings in shares of BlackRock by 10.6% during the 4th quarter. Sarasin & Partners LLP now owns 251,856 shares of the asset manager's stock worth $269,572,000 after purchasing an additional 24,196 shares during the period. Hudson Bay Capital Management LP acquired a new stake in shares of BlackRock during the 3rd quarter worth about $3,791,000. TCV Trust & Wealth Management Inc. purchased a new stake in BlackRock in the 4th quarter valued at about $20,279,000. Finally, Texas Yale Capital Corp. lifted its position in BlackRock by 32.2% in the fourth quarter. Texas Yale Capital Corp. now owns 5,764 shares of the asset manager's stock valued at $6,169,000 after buying an additional 1,405 shares during the last quarter. Hedge funds and other institutional investors own 80.69% of the company's stock.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on BLK. Morgan Stanley lifted their price target on shares of BlackRock from $1,393.00 to $1,430.00 and gave the company an "overweight" rating in a research report on Friday, June 26th. BNP Paribas Exane lifted their target price on shares of BlackRock from $1,300.00 to $1,350.00 and gave the company an "outperform" rating in a report on Tuesday, June 23rd. UBS Group boosted their target price on BlackRock from $1,235.00 to $1,270.00 and gave the company a "buy" rating in a research report on Wednesday, April 15th. Keefe, Bruyette & Woods raised their price target on BlackRock from $1,240.00 to $1,275.00 and gave the stock an "outperform" rating in a research report on Friday. Finally, BMO Capital Markets boosted their price objective on BlackRock from $1,200.00 to $1,250.00 and gave the company an "outperform" rating in a report on Monday, April 20th. One equities research analyst has rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating and three have assigned a Hold rating to the company's stock. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $1,273.33.

BlackRock Stock Up 1.6%

Shares of BlackRock stock traded up $16.50 during trading hours on Friday, reaching $1,036.18. 595,032 shares of the company were exchanged, compared to its average volume of 794,052. The firm has a market cap of $160.85 billion, a PE ratio of 26.01, a PEG ratio of 1.32 and a beta of 1.43. The company has a debt-to-equity ratio of 0.34, a quick ratio of 4.09 and a current ratio of 4.09. BlackRock has a 1 year low of $917.39 and a 1 year high of $1,219.94. The stock's fifty day moving average is $1,034.39 and its 200 day moving average is $1,044.04.

BlackRock (NYSE:BLK - Get Free Report) last released its earnings results on Tuesday, April 14th. The asset manager reported $12.53 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $12.40 by $0.13. BlackRock had a return on equity of 14.74% and a net margin of 24.40%.The firm had revenue of $6.70 billion during the quarter, compared to analyst estimates of $6.56 billion. During the same period last year, the business posted $9.64 earnings per share. BlackRock's revenue was up 27.0% compared to the same quarter last year. As a group, equities research analysts forecast that BlackRock will post 53.96 earnings per share for the current year.

BlackRock Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, June 23rd. Stockholders of record on Friday, June 5th were given a dividend of $5.73 per share. The ex-dividend date of this dividend was Friday, June 5th. This represents a $22.92 dividend on an annualized basis and a dividend yield of 2.2%. BlackRock's payout ratio is currently 57.53%.

Key Stories Impacting BlackRock

Here are the key news stories impacting BlackRock this week:

• Positive Sentiment: Keefe, Bruyette & Woods raised its price target on BlackRock and maintained an outperform rating, signaling confidence ahead of earnings.
• Positive Sentiment: Barclays lifted its price target on BlackRock to $1,340 and kept an overweight rating, reflecting expectations for continued business momentum.
• Positive Sentiment: Analysts expect Q2 results to benefit from ETF inflows, higher market levels, and growth in assets under management, which could support earnings and revenue.
• Neutral Sentiment: BlackRock’s newer crypto-related products, including its Bitcoin income ETF and BUIDL tokenized treasury fund, are attracting attention but are not yet a major earnings driver.
• Neutral Sentiment: Broad crypto ETF outflows were reported, though BlackRock’s IBIT was flat, limiting direct negative impact on the company.

Insider Buying and Selling

In other BlackRock news, CEO Laurence Fink sold 33,900 shares of the business's stock in a transaction that occurred on Tuesday, April 28th. The shares were sold at an average price of $1,050.55, for a total transaction of $35,613,645.00. Following the completion of the transaction, the chief executive officer owned 230,516 shares in the company, valued at $242,168,583.80. The trade was a 12.82% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, President Robert Kapito sold 8,739 shares of the stock in a transaction that occurred on Monday, April 27th. The shares were sold at an average price of $1,056.60, for a total transaction of $9,233,627.40. Following the completion of the sale, the president directly owned 210,186 shares in the company, valued at approximately $222,082,527.60. This represents a 3.99% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 1.92% 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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