BlackRock (NYSE:BLK) Reaches New 52-Week High – Time to Buy?

BlackRock (NYSE:BLK) hit a new 52-week high during mid-day trading on Wednesday. The company traded as high as $1,203.00 and last traded at $1,196.8980, with a volume of 51,754 shares. The stock had previously closed at $1,161.32.

More BlackRock News

Here are the key news stories impacting BlackRock this week:

• Positive Sentiment: BlackRock and its funds helped complete the acquisition of Anthem Entertainment assets, including music and film/TV catalogs, in a deal valued at more than $600 million. The transaction adds to its alternative-investment activity, though the specific financial impact for BlackRock was not disclosed. Influence Media completes Anthem Entertainment acquisition
• Positive Sentiment: Preqin, part of BlackRock, is collaborating with iConnections to integrate private-markets data into its AI-powered platform, potentially extending the reach of BlackRock’s data business. Financial terms were not provided. iConnections and Preqin announce collaboration
• Neutral Sentiment: BlackRock said U.S. midterm election results would not change its crypto strategy, signaling continuity but offering no immediate new product or financial details. BlackRock says midterm results do not change crypto strategy
• Negative Sentiment: Bitcoin fell about 6% to $75,700, while BlackRock’s IBIT lost $201.2 million in a session amid broader ETF outflows. Continued crypto volatility and fund withdrawals could pressure sentiment toward the firm’s digital-asset business, although the impact is limited relative to BlackRock’s overall operations. Bitcoin falls as liquidations rise

Analyst Upgrades and Downgrades

BLK has been the subject of several analyst reports. The Goldman Sachs Group lowered their price objective on BlackRock from $1,389.00 to $1,346.00 and set a “buy” rating for the company in a research report on Friday, October 2nd. JPMorgan Chase & Co. raised their target price on BlackRock from $1,435.00 to $1,449.00 and gave the stock an “overweight” rating in a research report on Thursday, October 15th. Zacks Research lowered BlackRock from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, August 25th. Morgan Stanley boosted their target price on BlackRock from $1,468.00 to $1,531.00 and gave the stock an “overweight” rating in a research note on Thursday, October 15th. Finally, Deutsche Bank Aktiengesellschaft upped their price target on BlackRock from $1,315.00 to $1,355.00 and gave the company a “buy” rating in a report on Thursday, October 15th. One equities research analyst has rated the stock with a Strong Buy rating, fifteen have given a Buy rating and two have assigned a Hold rating to the company. According to MarketBeat, BlackRock presently has a consensus rating of “Moderate Buy” and a consensus price target of $1,342.25.

BlackRock Price Performance

The firm has a market capitalization of $181.39 billion, a PE ratio of 26.63, a P/E/G ratio of 1.27 and a beta of 1.37. The company has a current ratio of 3.59, a quick ratio of 3.59 and a debt-to-equity ratio of 0.33. The company has a fifty day moving average price of $1,104.69 and a two-hundred day moving average price of $1,065.14.

BlackRock (NYSE:BLK) last released its quarterly earnings results on Wednesday, October 14th. The asset manager reported $15.93 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $14.32 by $1.61. The firm had revenue of $7.75 billion for the quarter, compared to the consensus estimate of $7.42 billion. BlackRock had a return on equity of 16.08% and a net margin of 24.22%. The firm’s quarterly revenue was up 19.1% compared to the same quarter last year. During the same quarter last year, the business posted $8.43 EPS. Sell-side analysts forecast that BlackRock will post 57.82 earnings per share for the current year.

Hedge Funds Weigh In On BlackRock

A number of institutional investors have recently modified their holdings of BLK. BlackRock Inc. acquired a new position in BlackRock in the 2nd quarter worth about $9,747,857,000. Temasek Holdings Private Ltd lifted its holdings in shares of BlackRock by 4.7% during the 1st quarter. Temasek Holdings Private Ltd now owns 5,330,492 shares of the asset manager’s stock valued at $5,126,387,000 after buying an additional 237,667 shares during the last quarter. Bank of America Corp DE lifted its holdings in shares of BlackRock by 0.7% during the 1st quarter. Bank of America Corp DE now owns 5,232,973 shares of the asset manager’s stock valued at $5,032,603,000 after buying an additional 35,069 shares during the last quarter. Wellington Management Group LLP lifted its holdings in shares of BlackRock by 23.3% during the 2nd quarter. Wellington Management Group LLP now owns 4,495,074 shares of the asset manager’s stock valued at $4,322,283,000 after buying an additional 850,406 shares during the last quarter. Finally, Santa Clara Valley Transportation Authority bought a new stake in shares of BlackRock in the 2nd quarter valued at approximately $129,138,253,000. 80.69% of the stock is owned by institutional investors and hedge funds.

BlackRock Company Profile

BlackRock, Inc is a global investment management and financial technology company serving individuals, institutions, governments and other organizations. Founded in 1988, the company is headquartered in New York City and operates in markets around the world.

BlackRock offers investment products and services across asset classes, including equities, fixed income, cash management and alternative investments. Its offerings include exchange-traded funds and other funds under the iShares brand, as well as portfolio management, investment advisory and risk management services.

The company also provides Aladdin, a technology platform used by investors and financial institutions for portfolio management, operations and risk analysis.