Alphabet Inc. $GOOG is Intermede Investment Partners Ltd's 3rd Largest Position

Key Points

• Intermede Investment Partners trimmed its Alphabet stake by 4.9% in the fourth quarter, but GOOG still remains its 3rd largest holding at 6.8% of the portfolio, worth about $166.6 million.
• Alphabet reported strong quarterly results, with EPS of $5.11 beating estimates and revenue of $109.9 billion topping forecasts. Revenue rose 21.8% year over year, and analysts now expect $14.29 in earnings per share for the current fiscal year.
• The company also raised its quarterly dividend to $0.22 per share, while Wall Street remains broadly positive with a consensus Buy rating and a $376 average price target.

Intermede Investment Partners Ltd reduced its position in Alphabet Inc. (NASDAQ:GOOG - Free Report) by 4.9% in the 4th quarter, according to its most recent filing with the SEC. The firm owned 530,769 shares of the information services provider's stock after selling 27,493 shares during the period. Alphabet comprises approximately 6.8% of Intermede Investment Partners Ltd's holdings, making the stock its 3rd biggest holding. Intermede Investment Partners Ltd's holdings in Alphabet were worth $166,555,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently bought and sold shares of GOOG. Imprint Wealth LLC purchased a new stake in Alphabet in the 3rd quarter worth approximately $31,000. Nvest Wealth Strategies Inc. purchased a new stake in Alphabet in the 4th quarter worth approximately $38,000. Towne Trust Company N.A grew its stake in Alphabet by 34.0% in the 4th quarter. Towne Trust Company N.A now owns 134 shares of the information services provider's stock worth $42,000 after acquiring an additional 34 shares during the period. Winnow Wealth LLC purchased a new stake in Alphabet in the 3rd quarter worth approximately $63,000. Finally, CBIZ Investment Advisory Services LLC boosted its holdings in shares of Alphabet by 29.0% in the 3rd quarter. CBIZ Investment Advisory Services LLC now owns 258 shares of the information services provider's stock valued at $63,000 after purchasing an additional 58 shares during the last quarter. 27.26% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Alphabet

In other Alphabet news, CAO Amie Thuener O'toole sold 617 shares of the business's stock in a transaction on Wednesday, April 1st. The shares were sold at an average price of $289.63, for a total value of $178,701.71. Following the transaction, the chief accounting officer owned 10,093 shares in the company, valued at $2,923,235.59. The trade was a 5.76% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, major shareholder 2019 Gp L.L.C. Gv sold 87,475 shares of the business'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 SEC filing for this sale provides additional information. Insiders have sold a total of 193,016 shares of company stock worth $17,282,549 over the last three months. Insiders own 12.99% of the company's stock.

Alphabet Stock Performance

NASDAQ:GOOG opened at $358.39 on Wednesday. The company has a current ratio of 1.92, a quick ratio of 1.92 and a debt-to-equity ratio of 0.16. The firm has a market capitalization of $4.34 trillion, a price-to-earnings ratio of 27.34, a PEG ratio of 1.60 and a beta of 1.22. The firm's fifty day simple moving average is $344.61 and its 200 day simple moving average is $325.11. Alphabet Inc. has a twelve month low of $163.33 and a twelve month high of $404.47.

Alphabet (NASDAQ:GOOG - Get Free Report) last posted its earnings results on Thursday, April 30th. The information services provider reported $5.11 earnings per share for the quarter, beating the consensus estimate of $2.68 by $2.43. The business had revenue of $109.90 billion for the quarter, compared to analyst estimates of $106.96 billion. Alphabet had a net margin of 37.92% and a return on equity of 38.99%. The business's quarterly revenue was up 21.8% on a year-over-year basis. During the same quarter in the previous year, the business posted $2.81 EPS. As a group, equities research analysts expect that Alphabet Inc. will post 14.29 earnings per share for the current fiscal year.

Alphabet Increases Dividend

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

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on the stock. BMO Capital Markets reiterated an "outperform" rating and issued a $400.00 price target on shares of Alphabet in a report on Thursday, February 5th. Stifel Nicolaus set a $420.00 price target on shares of Alphabet in a report on Wednesday, May 20th. The Goldman Sachs Group reiterated a "buy" rating and issued a $450.00 price target on shares of Alphabet in a report on Thursday, May 21st. Needham & Company LLC set a $400.00 price target on shares of Alphabet and gave the company a "buy" rating in a report on Friday, March 13th. Finally, Sanford C. Bernstein reiterated a "market perform" rating and issued a $345.00 price target on shares of Alphabet in a report on Thursday, February 5th. Five investment analysts have rated the stock with a Strong Buy rating, twenty-nine have issued a Buy rating and four have issued a Hold rating to the company's stock. According to data from MarketBeat.com, Alphabet has a consensus rating of "Buy" and a consensus target price of $376.00.

More Alphabet News

Here are the key news stories impacting Alphabet this week:

• Positive Sentiment: Berkshire Hathaway’s $10 billion commitment to Alphabet supports the company’s AI strategy and signals strong long-term investor confidence. Berkshire invests extra $10 billion in Alphabet, deepening bet on AI
• Positive Sentiment: Some analysts say Google remains a key beneficiary of AI search growth, suggesting its core search and ad business may hold up better than feared. Google Is the Clear Beneficiary,’ Says Top Analyst as AI Search Takes Off
• Neutral Sentiment: Alphabet’s stakes in private AI-related companies such as Anthropic and exposure to future IPO optionality may add long-term upside, but this is not a near-term catalyst. Alphabet Stock Offers Exposure To SpaceX, Anthropic Before IPOs
• Negative Sentiment: The $80 billion stock sale raised concerns about dilution and the rising cost of Alphabet’s AI expansion, which is pressuring sentiment in the stock. Alphabet plans to raise $80 billion to pay for AI buildout
• Negative Sentiment: Reuters reported the EU may tighten cloud rules in strategic tenders, which could limit Google’s access to certain government contracts in Europe. EU cloud rules to curb Amazon, Google access to strategic tenders

About Alphabet

Alphabet Inc NASDAQ: GOOG is a multinational technology holding company headquartered in Mountain View, California. Formed in 2015 through a corporate restructuring of Google, Alphabet serves as the parent to Google LLC and a portfolio of businesses collectively known as "Other Bets." Google was originally founded in 1998 by Larry Page and Sergey Brin; Alphabet is led by CEO Sundar Pichai, who oversees Google and the broader company while the founders remain prominent shareholders and influential figures in the company's history.

Alphabet's core business centers on internet search and advertising, with Google Search and the company's ad platforms (including Google Ads and AdSense) generating the majority of revenue by connecting advertisers with consumers worldwide.

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