Platform Wealth Management LLC Makes New Investment in BlackRock $BLK

Platform Wealth Management LLC purchased a new position in BlackRock (NYSE:BLK) during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund purchased 10,136 shares of the asset manager’s stock, valued at approximately $10,849,000. BlackRock comprises approximately 2.9% of Platform Wealth Management LLC’s investment portfolio, making the stock its 10th biggest position.

Several other institutional investors and hedge funds have also bought and sold shares of the company. Evolution Wealth Management Inc. acquired a new stake in shares of BlackRock during the fourth quarter worth $26,000. Birchbrook Inc. acquired a new stake in shares of BlackRock during the fourth quarter worth $31,000. LFA Lugano Financial Advisors SA acquired a new stake in shares of BlackRock during the fourth quarter worth $32,000. Basepoint Wealth LLC acquired a new stake in shares of BlackRock during the fourth quarter worth $32,000. Finally, Hopwood Financial Services Inc. lifted its stake in shares of BlackRock by 866.7% during the third quarter. Hopwood Financial Services Inc. now owns 29 shares of the asset manager’s stock worth $34,000 after buying an additional 26 shares during the period. 80.69% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In related news, President Robert Kapito sold 8,739 shares of the business’s stock in a transaction 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 transaction, the president directly owned 210,186 shares in the company, valued at $222,082,527.60. The trade was a 3.99% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Laurence Fink sold 33,900 shares of the business’s stock in a transaction 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 transaction, the chief executive officer owned 230,516 shares of the company’s stock, valued at $242,168,583.80. This represents a 12.82% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders own 1.92% of the company’s stock.

BlackRock Trading Down 2.7%

NYSE BLK opened at $991.94 on Thursday. The company has a market capitalization of $153.98 billion, a PE ratio of 24.90, a P/E/G ratio of 1.33 and a beta of 1.42. The company has a fifty day moving average of $1,032.33 and a 200 day moving average of $1,051.99. BlackRock has a 1 year low of $917.39 and a 1 year high of $1,219.94. The company has a debt-to-equity ratio of 0.34, a current ratio of 4.09 and a quick ratio of 4.09.

BlackRock (NYSE:BLK) last posted 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. The company had revenue of $6.70 billion during the quarter, compared to the consensus estimate of $6.56 billion. BlackRock had a net margin of 24.40% and a return on equity of 14.74%. The firm’s quarterly revenue was up 27.0% on a year-over-year basis. During the same period in the previous year, the firm posted $9.64 earnings per share. Research analysts forecast that BlackRock will post 52.8 earnings per share for the current year.

BlackRock Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, June 23rd. Investors of record on Friday, June 5th will be given a dividend of $5.73 per share. The ex-dividend date is Friday, June 5th. This represents a $22.92 dividend on an annualized basis and a yield of 2.3%. BlackRock’s payout ratio is currently 57.53%.

BlackRock News Roundup

Here are the key news stories impacting BlackRock this week:

• Positive Sentiment: BlackRock disclosed a 5% stake in Kiwi Property Group, signaling continued activity in its institutional investment portfolio and potentially reinforcing confidence in its deal flow and global capital allocation franchise. BlackRock Takes 5% Stake in Kiwi Property Group
• Positive Sentiment: Jio BlackRock plans to give Indian investors access to global BlackRock ETFs via GIFT City, which could expand the firm’s international ETF distribution and long-term assets under management. Jio BlackRock plans access to global BlackRock ETFs for Indian investors via GIFT City
• Positive Sentiment: BlackRock executives remained constructive on markets, with Rick Rieder saying earnings growth and cash moving back into stocks support the bull case, which may help investor sentiment toward the firm’s asset-management outlook. Why BlackRock’s Rick Rieder feels ‘a bit more relaxed’ about AI bull market than dotcom era
• Neutral Sentiment: BlackRock launched a $25 million Future Builders grant initiative to support skilled trades training; the move is more reputational and philanthropic than immediately material to earnings. BlackRock Future Builders RFP Links Skilled Trades Philanthropy And Client Relations
• Neutral Sentiment: BlackRock also updated ETF methodologies and climate screens in Asia, and lifted its OMV stake above 4%, both of which reflect ongoing portfolio management but are unlikely to move BLK shares on their own. BlackRock Tightens Tracking and Refines Climate Screens for India and Asia ex Japan iShares ETFs BlackRock Lifts OMV Stake Above 4% Threshold
• Negative Sentiment: One Reuters report said BlackRock’s Atlas Renewable Energy froze $1 billion in Brazil renewables investments after grid rejection issues, which may raise concerns about delays in part of its infrastructure/energy growth strategy. BlackRock’s Atlas freezes $1 billion in Brazil renewables investments
• Negative Sentiment: Ryanair disclosed that BlackRock cut its stake below 3%, which may be viewed as a modest sign of reduced exposure in one institutional holding. Ryanair Discloses BlackRock Stake Cut Below 3% Threshold

Analyst Upgrades and Downgrades

Several research firms have recently commented on BLK. BMO Capital Markets lifted their price objective on shares of BlackRock from $1,200.00 to $1,250.00 and gave the stock an “outperform” rating in a research note on Monday, April 20th. Barclays lifted their price objective on shares of BlackRock from $1,290.00 to $1,310.00 and gave the stock an “overweight” rating in a research note on Wednesday, April 15th. Keefe, Bruyette & Woods lifted their price objective on shares of BlackRock from $1,150.00 to $1,240.00 and gave the stock an “outperform” rating in a research note on Wednesday, April 15th. Morgan Stanley lifted their price objective on shares of BlackRock from $1,368.00 to $1,393.00 and gave the stock an “overweight” rating in a research note on Wednesday, April 15th. Finally, Evercore reiterated an “outperform” rating and set a $1,220.00 price objective on shares of BlackRock in a research note on Wednesday, April 15th. One research 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. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $1,269.06.

BlackRock 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.