Oddo BHF Asset Management Acquires Shares of BlackRock, Inc.

Oddo BHF Asset Management Sas has recently taken steps to strengthen its investment portfolio by acquiring a new position in shares of BlackRock, Inc. (NYSE:BLK) during the third quarter of the year. This information comes from their latest Form 13F filing submitted to the Securities and Exchange Commission. The institutional investor purchased a total of 546 shares of BlackRock's stock, which is valued at approximately $518,000.

Recent Developments in BlackRock

BlackRock has been making headlines, particularly with its recent $12 billion acquisition in the private credit sector, signaling a significant move towards expanding its investment capabilities.

Changing Dynamics Among Hedge Funds

Alongside Oddo BHF Asset Management, several other hedge funds have adjusted their holdings of BlackRock’s shares. For instance, FSA Wealth Management LLC initiated a new position worth $26,000 in BlackRock in the third quarter. Fairscale Capital LLC also acquired shares valued at $31,000 during the second quarter.

Moreover, Reston Wealth Management LLC bought new shares of BlackRock valued at about $37,000 in the third quarter. MFA Wealth Advisors LLC doubled its stake in BlackRock, now owning 40 shares worth $38,000 after purchasing an additional 20 shares. Addison Advisors LLC also increased its holdings by 81.5%, bringing their total to 49 shares valued at $47,000. Remarkably, institutional investors and hedge funds own approximately 80.69% of BlackRock's stock.

Insider Transactions at BlackRock

In related news, there have been notable insider transactions at BlackRock. General Counsel Christopher J. Meade sold 18,000 shares on December 6th at an average price of $1,045.83, totaling around $18.8 million. Following the sale, Meade’s ownership reduced by 67.6%, leaving him with 8,628 shares valued at about $9.02 million.

Similarly, COO Robert L. Goldstein sold 54,000 shares on December 5th for a total of approximately $56.5 million. Post-transaction, Goldstein holds 41,916 shares, valued at nearly $43.8 million, marking a 56.3% decrease in his position. Over the last 90 days, insiders have sold a total of 108,190 shares valued at $113.2 million, with insiders owning about 0.90% of the company’s stock.

Analyst Ratings and Predictions

Analysts have been optimistic regarding BlackRock's stock performance. Notably, Morgan Stanley adjusted its price target from $1,150 to $1,245 and maintains an “overweight” rating. TD Cowen also increased their target from $960 to $1,077, assigning a “buy” rating.

Deutsche Bank boosted its price target to $1,133, and Wells Fargo raised it to $1,070 while continuing to give it an “overweight” rating. The Goldman Sachs Group set a price target of $1,040. Currently, three analysts have a hold rating for the stock, and ten have made buy recommendations, suggesting a general consensus of a “Moderate Buy” with an average price target of $1,039.17.

BlackRock's Market Performance

Recently, BlackRock's stock opened at $1,056.54 and continues to be a significant player in the investment management industry, boasting a market capitalization of $163.64 billion, P/E ratio of 26.07, and a P/E/G ratio of 1.92. The company’s stock performance reflects a 12-month low of $745.55 and a high of $1,082.45.

On October 11th, BlackRock reported earnings of $11.46 per share, surpassing analysts' expectations of $10.42. The firm enjoyed a revenue of $5.20 billion, which exceeded forecasts of $5.03 billion. Compared to last year, revenue has increased by 14.9%, and projections suggest BlackRock will post earnings per share of 43.18 for the current year.

Dividend Announcements

Additionally, BlackRock has declared a quarterly dividend of $5.10, which will be distributed on December 23rd to shareholders recorded as of December 5th. This dividend translates to an annualized payout of $20.40, reflecting a yield of 1.93% with a payout ratio of 50.35%.

About BlackRock

BlackRock, Inc. is one of the world's leading investment management firms, serving various clients including institutional, intermediary, and individual investors. Its clientele includes corporate, public, union, and industry pension plans, insurance companies, mutual funds, endowments, and more, making it a vital entity in the financial landscape.

Investment, Stocks, Acquisition