Tandem Investment Advisors Inc. Decreases Stake in BlackRock, Inc. (NYSE:BLK)

Tandem Investment Advisors Inc. cut its position in BlackRock, Inc. (NYSE:BLK) by 2.1% during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 86,580 shares of the asset manager’s stock after selling 1,853 shares during the period. BlackRock accounts for 3.1% of Tandem Investment Advisors Inc.’s investment portfolio, making the stock its 16th largest holding. Tandem Investment Advisors Inc. owned approximately 0.06% of BlackRock worth $82,208,000 at the end of the most recent quarter.

Several other institutional investors have also modified their holdings of the company. Norden Group LLC increased its holdings in shares of BlackRock by 38.5% in the 1st quarter. Norden Group LLC now owns 648 shares of the asset manager’s stock valued at $540,000 after acquiring an additional 180 shares during the last quarter. Geneos Wealth Management Inc. increased its stake in BlackRock by 6.0% in the first quarter. Geneos Wealth Management Inc. now owns 598 shares of the asset manager’s stock valued at $498,000 after purchasing an additional 34 shares during the last quarter. Advisory Services Network LLC raised its holdings in BlackRock by 8.2% during the first quarter. Advisory Services Network LLC now owns 4,321 shares of the asset manager’s stock worth $3,602,000 after purchasing an additional 328 shares in the last quarter. Empowered Funds LLC lifted its position in shares of BlackRock by 13.3% during the 1st quarter. Empowered Funds LLC now owns 4,350 shares of the asset manager’s stock worth $3,627,000 after buying an additional 509 shares during the last quarter. Finally, SG Americas Securities LLC boosted its holdings in shares of BlackRock by 174.4% in the 1st quarter. SG Americas Securities LLC now owns 34,049 shares of the asset manager’s stock valued at $28,387,000 after buying an additional 21,641 shares in the last quarter. 80.69% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several brokerages recently commented on BLK. Evercore ISI lifted their price target on shares of BlackRock from $1,040.00 to $1,160.00 and gave the stock an “outperform” rating in a research note on Thursday. TD Cowen lifted their target price on BlackRock from $960.00 to $1,077.00 and gave the stock a “buy” rating in a research report on Thursday, October 10th. StockNews.com assumed coverage on BlackRock in a research report on Tuesday. They issued a “hold” rating for the company. Citigroup lifted their price target on BlackRock from $920.00 to $930.00 and gave the stock a “buy” rating in a research report on Tuesday, July 16th. Finally, The Goldman Sachs Group increased their price objective on BlackRock from $960.00 to $1,040.00 and gave the company a “buy” rating in a report on Thursday, October 3rd. Three research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company’s stock. According to MarketBeat, BlackRock presently has an average rating of “Moderate Buy” and a consensus target price of $1,004.54.

Insiders Place Their Bets

In related news, Director Mark Wiedman sold 12,000 shares of BlackRock stock in a transaction that occurred on Friday, August 30th. The stock was sold at an average price of $900.00, for a total value of $10,800,000.00. Following the sale, the director now directly owns 6,480 shares in the company, valued at $5,832,000. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In the last 90 days, insiders have sold 35,061 shares of company stock worth $30,734,840. Company insiders own 0.90% of the company’s stock.

BlackRock Stock Performance

Shares of BLK opened at $1,036.38 on Friday. The stock has a market capitalization of $153.52 billion, a P/E ratio of 25.58, a P/E/G ratio of 1.78 and a beta of 1.30. The company has a debt-to-equity ratio of 0.37, a quick ratio of 5.06 and a current ratio of 5.06. BlackRock, Inc. has a 1 year low of $648.43 and a 1 year high of $1,057.51. The company’s fifty day moving average is $947.54 and its two-hundred day moving average is $857.04.

BlackRock (NYSE:BLK) last issued its quarterly earnings results on Friday, October 11th. The asset manager reported $11.46 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $10.42 by $1.04. The business had revenue of $5.20 billion for the quarter, compared to analyst estimates of $5.03 billion. BlackRock had a net margin of 31.37% and a return on equity of 15.52%. The business’s revenue was up 14.9% compared to the same quarter last year. During the same period in the previous year, the business posted $10.91 earnings per share. On average, sell-side analysts predict that BlackRock, Inc. will post 42.94 earnings per share for the current year.

About BlackRock

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.