1832 Asset Management L.P. Sells 1,569,018 Shares of Alphabet Inc. $GOOGL

Key Points

• 1832 Asset Management L.P. reduced its holdings in Alphabet Inc. by 47.9%, selling 1,569,018 shares, and now owns 1,706,246 shares valued at $263,854,000.
• Several analysts have increased their target prices for Alphabet, with Barclays raising it to $235.00 and Bank of America to $217.00, reflecting positive sentiment on the stock.
• Alphabet announced a quarterly dividend of $0.21 per share, payable on September 15th, representing an annual yield of 0.4%.

1832 Asset Management L.P. lessened its holdings in Alphabet Inc. (NASDAQ:GOOGL - Free Report) by 47.9% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 1,706,246 shares of the information services provider's stock after selling 1,569,018 shares during the period. 1832 Asset Management L.P.'s holdings in Alphabet were worth $263,854,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also added to or reduced their stakes in the company. Monetary Management Group Inc. grew its stake in shares of Alphabet by 1.0% in the first quarter. Monetary Management Group Inc. now owns 50,600 shares of the information services provider's stock valued at $7,825,000 after acquiring an additional 525 shares in the last quarter. Norinchukin Bank The boosted its stake in Alphabet by 27.9% in the first quarter. Norinchukin Bank The now owns 353,802 shares of the information services provider's stock valued at $54,712,000 after buying an additional 77,230 shares in the last quarter. Clarkston Capital Partners LLC grew its holdings in shares of Alphabet by 1.1% during the 1st quarter. Clarkston Capital Partners LLC now owns 169,656 shares of the information services provider's stock valued at $26,236,000 after purchasing an additional 1,846 shares during the last quarter. CW Advisors LLC increased its holdings in shares of Alphabet by 22.3% during the first quarter. CW Advisors LLC now owns 359,799 shares of the information services provider's stock worth $55,880,000 after buying an additional 65,531 shares in the last quarter. Finally, United Asset Strategies Inc. raised its position in Alphabet by 8.2% in the first quarter. United Asset Strategies Inc. now owns 197,937 shares of the information services provider's stock valued at $30,609,000 after purchasing an additional 15,078 shares during the last quarter. 40.03% of the stock is owned by institutional investors and hedge funds.

Alphabet Trading Up 0.8%

Shares of NASDAQ:GOOGL traded up $1.59 during trading on Friday, reaching $213.23. The company's stock had a trading volume of 25,453,381 shares, compared to its average volume of 36,107,535. The company has a current ratio of 1.90, a quick ratio of 1.90 and a debt-to-equity ratio of 0.07. Alphabet Inc. has a 12 month low of $140.53 and a 12 month high of $214.65. The stock has a market capitalization of $2.58 trillion, a PE ratio of 22.72, a price-to-earnings-growth ratio of 1.40 and a beta of 1.01. The firm's 50 day simple moving average is $189.51 and its two-hundred day simple moving average is $173.92.

Alphabet (NASDAQ:GOOGL - Get Free Report) last released its earnings results on Wednesday, July 23rd. The information services provider reported $2.31 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.15 by $0.16. Alphabet had a net margin of 31.12% and a return on equity of 34.31%. The firm had revenue of $96.43 billion during the quarter, compared to analyst estimates of $93.60 billion. On average, research analysts predict that Alphabet Inc. will post 8.9 EPS for the current fiscal year.

Alphabet Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, September 15th. Investors of record on Monday, September 8th will be issued a dividend of $0.21 per share. The ex-dividend date is Monday, September 8th. This represents a $0.84 dividend on an annualized basis and a yield of 0.4%. Alphabet's dividend payout ratio (DPR) is presently 8.95%.

Insider Transactions at Alphabet

In other Alphabet news, CEO Sundar Pichai sold 32,500 shares of the firm's stock in a transaction on Wednesday, July 2nd. The stock was sold at an average price of $178.52, for a total transaction of $5,801,900.00. Following the transaction, the chief executive officer directly owned 2,559,892 shares in the company, valued at $456,991,919.84. This trade represents a 1.25% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director John L. Hennessy sold 1,000 shares of Alphabet stock in a transaction on Friday, August 8th. The shares were sold at an average price of $200.00, for a total value of $200,000.00. Following the sale, the director directly owned 6,916 shares of the company's stock, valued at approximately $1,383,200. This trade represents a 12.63% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 254,608 shares of company stock worth $47,204,035 in the last ninety days. 11.64% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

GOOGL has been the subject of several analyst reports. JMP Securities raised their price target on shares of Alphabet from $220.00 to $225.00 and gave the stock a "market outperform" rating in a report on Thursday, July 24th. Roth Capital lifted their price objective on shares of Alphabet from $205.00 to $210.00 and gave the company a "buy" rating in a research note on Thursday, July 24th. Cantor Fitzgerald upped their target price on Alphabet from $196.00 to $201.00 and gave the stock a "neutral" rating in a research note on Thursday, July 24th. Stifel Nicolaus boosted their price target on shares of Alphabet from $200.00 to $218.00 and gave the stock a "buy" rating in a research note on Tuesday, July 22nd. Finally, KeyCorp boosted their price target on Alphabet from $215.00 to $230.00 and gave the company an "overweight" rating in a report on Thursday, July 24th. Four investment analysts have rated the stock with a Strong Buy rating, twenty-nine have given a Buy rating and ten have issued a Hold rating to the company's stock. According to data from MarketBeat, Alphabet presently has a consensus rating of "Moderate Buy" and an average target price of $211.53.

Alphabet Company Profile

Alphabet Inc offers various products and platforms in the United States, Europe, the Middle East, Africa, the Asia-Pacific, Canada, and Latin America. It operates through Google Services, Google Cloud, and Other Bets segments. The Google Services segment provides products and services, including ads, Android, Chrome, devices, Gmail, Google Drive, Google Maps, Google Photos, Google Play, Search, and YouTube.