McElhenny Sheffield Capital Management LLC Makes New $231,000 Investment in BlackRock $BLK

Key Points

• McElhenny Sheffield Capital Management LLC invested approximately $231,000 to purchase 240,000 shares of BlackRock, representing 0.15% ownership by the end of the second quarter.
• Insider transactions included CEO Laurence Fink and Director Rachel Lord selling significant amounts of stock, indicating a decrease in their respective holdings by 4.57% and 48.43%.
• Several research firms have upgraded their price targets for BlackRock, with Citigroup increasing its target from $1,200 to $1,350, indicating positive market sentiment towards the company's stock.

McElhenny Sheffield Capital Management LLC purchased a new position in BlackRock (NYSE:BLK - Free Report) in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund purchased 240,000 shares of the asset manager's stock, valued at approximately $231,000. McElhenny Sheffield Capital Management LLC owned approximately 0.15% of BlackRock at the end of the most recent quarter.

Several other large investors have also recently made changes to their positions in the stock. MSH Capital Advisors LLC raised its position in shares of BlackRock by 0.8% in the 2nd quarter. MSH Capital Advisors LLC now owns 4,090 shares of the asset manager's stock worth $4,291,000 after acquiring an additional 31 shares in the last quarter. Lokken Investment Group LLC raised its holdings in BlackRock by 5.4% in the second quarter. Lokken Investment Group LLC now owns 1,635 shares of the asset manager's stock worth $1,716,000 after purchasing an additional 84 shares in the last quarter. Baxter Bros Inc. raised its holdings in BlackRock by 25.5% in the second quarter. Baxter Bros Inc. now owns 2,921 shares of the asset manager's stock worth $3,065,000 after purchasing an additional 594 shares in the last quarter. Beaumont Asset Management L.L.C. raised its stake in shares of BlackRock by 1.7% during the 2nd quarter. Beaumont Asset Management L.L.C. now owns 2,582 shares of the asset manager's stock worth $2,709,000 after acquiring an additional 42 shares in the last quarter. Finally, Columbus Macro LLC raised its stake in shares of BlackRock by 6.8% during the 2nd quarter. Columbus Macro LLC now owns 5,644 shares of the asset manager's stock worth $5,922,000 after acquiring an additional 361 shares in the last quarter. 80.69% of the stock is owned by institutional investors.

Insider Buying and Selling

In other BlackRock news, CEO Laurence Fink sold 12,054 shares of the stock in a transaction dated Friday, July 25th. The stock was sold at an average price of $1,125.43, for a total value of $13,565,933.22. Following the sale, the chief executive officer owned 251,697 shares of the company's stock, valued at $283,267,354.71. This trade represents a 4.57% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Rachel Lord sold 18,036 shares of the stock in a transaction dated Friday, July 25th. The shares were sold at an average price of $1,125.60, for a total value of $20,301,321.60. Following the completion of the sale, the director directly owned 19,205 shares in the company, valued at $21,617,148. This represents a 48.43% decrease in their position. The disclosure for this sale can be found here. Insiders sold 66,494 shares of company stock worth $74,694,573 over the last 90 days. 1.98% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

Several research firms recently commented on BLK. Argus reiterated a "buy" rating on shares of BlackRock in a research note on Tuesday, July 8th. Citigroup upped their price objective on shares of BlackRock from $1,200.00 to $1,350.00 and gave the company a "buy" rating in a report on Monday, September 29th. Weiss Ratings restated a "buy (b-)" rating on shares of BlackRock in a research note on Wednesday. JPMorgan Chase & Co. upped their price target on shares of BlackRock from $1,093.00 to $1,242.00 and gave the company a "neutral" rating in a research note on Thursday, October 2nd. Finally, Morgan Stanley upped their price target on shares of BlackRock from $1,224.00 to $1,362.00 and gave the company an "overweight" rating in a research note on Monday. One research analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and three have issued a Hold rating to the company's stock. According to data from MarketBeat.com, BlackRock currently has a consensus rating of "Moderate Buy" and a consensus price target of $1,258.13.

BlackRock Trading Up 0.1%

NYSE BLK opened at $1,165.64 on Friday. The firm's 50-day moving average is $1,134.03 and its two-hundred day moving average is $1,033.55. The company has a debt-to-equity ratio of 0.39, a current ratio of 4.04 and a quick ratio of 4.04. BlackRock has a 12 month low of $773.74 and a 12 month high of $1,184.13. The stock has a market capitalization of $180.50 billion, a P/E ratio of 28.18, a PEG ratio of 2.21 and a beta of 1.45.

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

BlackRock Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, September 23rd. Shareholders of record on Friday, September 5th were given a $5.21 dividend. The ex-dividend date of this dividend was Friday, September 5th. This represents a $20.84 dividend on an annualized basis and a yield of 1.8%. BlackRock's dividend payout ratio (DPR) is currently 50.39%.

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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