Allstate Corp Buys 231,729 Shares of Alphabet Inc. $GOOGL

Allstate Corp increased its position in Alphabet Inc. (NASDAQ:GOOGL - Free Report) by 109.6% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 443,197 shares of the information services provider's stock after purchasing an additional 231,729 shares during the quarter. Alphabet makes up 1.9% of Allstate Corp's portfolio, making the stock its 13th largest holding. Allstate Corp's holdings in Alphabet were worth $138,721,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. PMV Capital Advisers LLC acquired a new stake in Alphabet in the 4th quarter valued at $38,000. Kentucky Trust Co grew its holdings in shares of Alphabet by 142.9% in the 4th quarter. Kentucky Trust Co now owns 170 shares of the information services provider's stock worth $53,000 after purchasing an additional 100 shares during the last quarter. iSAM Funds UK Ltd bought a new stake in shares of Alphabet in the 3rd quarter worth about $53,000. Pilgrim Partners Asia Pte Ltd bought a new position in shares of Alphabet in the third quarter valued at approximately $53,000. Finally, Nvest Wealth Strategies Inc. bought a new stake in Alphabet during the 4th quarter worth approximately $69,000. 40.03% of the stock is owned by institutional investors.

Trending Headlines about Alphabet

Here are the key news stories impacting Alphabet this week:

• Positive Sentiment: Alphabet’s long-term AI opportunity remains a major bullish theme, with analysts arguing the company’s heavy investment could support future revenue growth and strengthen its competitive position in search, cloud, and AI. Alphabet: CapEx Pressure Is Real, But The Long-Term AI Opportunity Is Bigger
• Positive Sentiment: Alphabet continues to benefit from broader AI enthusiasm, including reports that Apple is turning to Google for help with its AI overhaul and that Google’s cloud and AI capabilities are being tied to major customer wins and partnerships. Apple tries again on AI, turns to Google for help
• Positive Sentiment: Waymo remains a strategic asset for Alphabet, with new robotaxi-related developments highlighting the unit’s leadership in autonomous driving and potential to unlock long-term value. Uber, Wayve and Waymo are headed towards a robotaxi showdown in London
• Neutral Sentiment: Alphabet is drawing investor attention after its latest earnings results showed strong quarterly performance, including earnings and revenue that beat expectations, which helps support the stock’s long-term valuation. Alphabet Inc. (GOOGL) Is a Trending Stock: Facts to Know Before Betting on It
• Neutral Sentiment: Alphabet’s dividend and other capital-return details are also getting attention, but these are unlikely to be the main driver of the stock’s move today. Google to pay dividends next week; Here's how much 100 GOOGL shares will earn
• Negative Sentiment: Shares are sliding because investors appear worried that Alphabet’s expanding AI spending could pressure margins and require more capital than expected before those investments pay off. What's Going On With Alphabet Stock?
• Negative Sentiment: Recent market-wide volatility has also weighed on megacap tech stocks, adding to the weakness in Alphabet despite the company’s long-term AI story. Alphabet (GOOGL) Stock Slides as Market Rises: Facts to Know Before You Trade

Insider Activity

In related news, Director John L. Hennessy sold 1,050 shares of the business's stock in a transaction on Friday, May 15th. The shares were sold at an average price of $393.26, for a total transaction of $412,923.00. Following the transaction, the director directly owned 2,531 shares in the company, valued at approximately $995,341.06. The trade was a 29.32% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, major shareholder 2019 Gp L.L.C. Gv sold 87,475 shares of the company's stock in a transaction on Friday, May 15th. The stock was sold at an average price of $23.75, for a total transaction of $2,077,531.25. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders sold 193,016 shares of company stock worth $17,282,549. 11.61% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

Several equities analysts have issued reports on the company. Morgan Stanley lifted their price objective on Alphabet from $330.00 to $375.00 and gave the company an "overweight" rating in a research report on Thursday, April 30th. Rothschild & Co Redburn raised their price target on shares of Alphabet from $390.00 to $430.00 and gave the company a "buy" rating in a report on Thursday, April 30th. UBS Group restated a "neutral" rating on shares of Alphabet in a research report on Wednesday, May 20th. Tigress Financial set a $415.00 price objective on Alphabet and gave the company a "strong-buy" rating in a research report on Thursday, February 19th. Finally, Piper Sandler restated an "overweight" rating and set a $445.00 target price (up from $425.00) on shares of Alphabet in a research report on Monday, June 1st. Two research analysts have rated the stock with a Strong Buy rating, forty-seven have given a Buy rating and five have issued a Hold rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $413.13.

Alphabet Stock Down 1.4%

Alphabet stock opened at $363.31 on Tuesday. The company has a 50 day moving average of $354.35 and a 200-day moving average of $328.67. Alphabet Inc. has a twelve month low of $162.00 and a twelve month high of $408.61. The stock has a market capitalization of $4.40 trillion, a PE ratio of 27.71, a price-to-earnings-growth ratio of 1.58 and a beta of 1.23. The company has a quick ratio of 1.92, a current ratio of 1.92 and a debt-to-equity ratio of 0.16.

Alphabet (NASDAQ:GOOGL - Get Free Report) last announced its earnings results on Wednesday, April 29th. The information services provider reported $5.11 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $2.64 by $2.47. The business had revenue of $109.90 billion for the quarter, compared to analyst estimates of $106.98 billion. Alphabet had a return on equity of 38.99% and a net margin of 37.92%. On average, equities research analysts anticipate that Alphabet Inc. will post 14.29 EPS for the current fiscal year.

Alphabet Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, June 15th. Shareholders of record on Monday, June 8th will be paid a $0.22 dividend. This represents a $0.88 annualized dividend and a yield of 0.2%. The ex-dividend date is Monday, June 8th. This is an increase from Alphabet's previous quarterly dividend of $0.21. Alphabet's dividend payout ratio (DPR) is presently 6.41%.

Alphabet Profile

Alphabet Inc is the holding company created in 2015 to organize Google and a portfolio of businesses developing technologies beyond Google's core internet services. Its principal operations are led by Google, which builds and operates consumer-facing products such as Google Search, YouTube, Android, Chrome, Gmail, Google Maps and Google Workspace, as well as advertising platforms (Google Ads and AdSense) that historically generate the majority of its revenue. Google also develops consumer hardware (Pixel phones, Nest smart-home devices, Chromecast) and developer and distribution platforms such as Google Play.

Beyond Google's consumer and advertising businesses, Alphabet invests in enterprise and infrastructure offerings through Google Cloud, which provides cloud computing, data analytics and productivity services to businesses and institutions.

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