Why Has Berenberg Bank Given Blackrock Corporate High Yield Fund Inc. Common Stock (NYSE:HYT) a $60.00 Price Target
In a note revealed to clients and investors today, Berenberg Bank analysts began issuing Blackrock Corporate High Yield Fund Inc. Common Stock (NYSE:HYT) coverage with Buy rating, and a $60.00 PT.
The stock decreased 0.81% or $0.08 on December 8, striking $9.85. Approximately 800,765 shares of stock traded hands or 72.65% up from the average. Blackrock Corporate High Yield Fund Inc (NYSE:HYT) has declined 13.06% since May 6, 2015 and is downtrending. It has underperformed by 12.27% the S&P500.
The overall sentiment of institutions has increased to 0.87 in Q2 2015. Its up 0.23, from 0.64 in 2015Q2. The ratio is positive, as 13 institutions have sold all the shares of Blackrock Corporate High Yield Fund Inc that they owned while 39 funds have taken shares off the table. 23 funds have purchased shares for the first time while 22 added to their positions. These institutions now hold 33.52 million shares or 4.01% less than the 34.92 million shares they owned in 2015Q2.
The Fund Oak Hill Advisors Lp currently is holding shares equating to 9.1% of its total portfolio in Blackrock Corporate High Yield Fund Inc representing a total of 5.76 million shares. Another fund,Saba Capital Management L.P., is holding a total of 6.21 million shares equating to 4.8% of their holdings. Additionally, Rivernorth Capital Management Llc has a 3.16 million share stake in Blackrock Corporate High Yield Fund Inc which represents 1.92% of their total portfolio. The Fund, Trust & Fiduciary Management Services Inc, based out of Massachusetts, has also built up a stake in the stock, which represents a total of 1.71% of their total portfolio. Finally Permal Asset Management Llc, a fund which is based in the state of New York reported a total holdings of 137,300 shares.
BlackRock Corporate High Yield Fund Inc is a closed-end management investment company. The company has a market cap of $1.26 billion. The Trust’s primary investment objective is to provide shareholders with current income. It currently has negative earnings. The Trust’s secondary investment objective is to provide shareholders with capital appreciation.