Fosun International Ltd Purchases 1,959 Shares of Alphabet Inc. $GOOGL

Key Points

• Fosun International Ltd increased its stake in Alphabet Inc. by 11.8% in Q1, now holding 18,498 shares valued at approximately $2.86 million.
• Several analysts raised their target prices for Alphabet stock, with ratings ranging from a Moderate Buy consensus to target prices as high as $225.00.
• Alphabet declared a quarterly dividend of $0.21 per share, reflecting an annualized dividend yield of 0.4% and a payout ratio of 8.95%.

Fosun International Ltd lifted its holdings in shares of Alphabet Inc. (NASDAQ:GOOGL - Free Report) by 11.8% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 18,498 shares of the information services provider's stock after acquiring an additional 1,959 shares during the quarter. Alphabet accounts for about 0.8% of Fosun International Ltd's investment portfolio, making the stock its 10th biggest position. Fosun International Ltd's holdings in Alphabet were worth $2,861,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Guardian Wealth Management Inc. increased its holdings in Alphabet by 242.9% in the first quarter. Guardian Wealth Management Inc. now owns 168 shares of the information services provider's stock valued at $26,000 after buying an additional 119 shares during the last quarter. IMA Advisory Services Inc. bought a new stake in Alphabet in the first quarter valued at about $28,000. von Borstel & Associates Inc. bought a new stake in Alphabet in the first quarter valued at about $28,000. NBZ Investment Advisors LLC increased its holdings in Alphabet by 85.7% in the first quarter. NBZ Investment Advisors LLC now owns 195 shares of the information services provider's stock valued at $30,000 after buying an additional 90 shares during the last quarter. Finally, Financial Gravity Asset Management Inc. bought a new stake in Alphabet in the first quarter valued at about $39,000. 40.03% of the stock is owned by institutional investors.

Alphabet Price Performance

NASDAQ:GOOGL traded up $2.40 during midday trading on Monday, hitting $208.49. 29,895,767 shares of the stock were exchanged, compared to its average volume of 31,370,868. The company has a market capitalization of $2.52 trillion, a price-to-earnings ratio of 22.20, a P/E/G ratio of 1.39 and a beta of 1.01. Alphabet Inc. has a one year low of $140.53 and a one year high of $210.52. The business has a 50-day moving average price of $187.44 and a two-hundred day moving average price of $173.28. 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 (NASDAQ:GOOGL - Get Free Report) last posted its quarterly earnings results on Wednesday, July 23rd. The information services provider reported $2.31 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.15 by $0.16. The company had revenue of $96,428,000 billion for the quarter, compared to analysts' expectations of $93.60 billion. Alphabet had a return on equity of 34.31% and a net margin of 31.12%. Sell-side analysts predict that Alphabet Inc. will post 8.9 EPS for the current year.

Alphabet Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, September 15th. Shareholders of record on Monday, September 8th will be issued a $0.21 dividend. The ex-dividend date of this dividend is Monday, September 8th. This represents a $0.84 annualized dividend and a dividend yield of 0.4%. Alphabet's dividend payout ratio is currently 8.95%.

Insider Buying and Selling

In other Alphabet news, CEO Sundar Pichai sold 32,500 shares of the company's stock in a transaction on Wednesday, July 2nd. The stock was sold at an average price of $178.52, for a total value of $5,801,900.00. Following the transaction, the chief executive officer owned 2,559,892 shares of the company's stock, valued at approximately $456,991,919.84. This represents a 1.25% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Kavitark Ram Shriram sold 18,566 shares of the company's stock in a transaction on Friday, July 18th. The shares were sold at an average price of $185.76, for a total value of $3,448,820.16. Following the completion of the transaction, the director directly owned 243,400 shares in the company, valued at $45,213,984. This represents a 7.09% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 254,719 shares of company stock worth $47,223,172 over the last three months. Corporate insiders own 11.55% of the company's stock.

Analysts Set New Price Targets

GOOGL has been the subject of a number of research reports. Barclays lifted their target price on Alphabet from $220.00 to $235.00 and gave the company an "overweight" rating in a research note on Thursday, July 24th. Citizens Jmp upgraded Alphabet from a "market perform" rating to an "outperform" rating and set a $220.00 target price for the company in a research note on Friday, June 27th. Truist Financial restated a "buy" rating and issued a $200.00 target price on shares of Alphabet in a research note on Wednesday, July 2nd. Sanford C. Bernstein lifted their target price on Alphabet from $185.00 to $195.00 and gave the company a "market perform" rating in a research note on Tuesday, July 22nd. Finally, Bank of America lifted their target price on Alphabet from $210.00 to $217.00 and gave the company a "buy" rating in a research note on Thursday, July 24th. Four research analysts have rated the stock with a Strong Buy rating, twenty-nine have issued a Buy rating and ten have given a Hold rating to the company's stock. According to MarketBeat, Alphabet currently has an average rating of "Moderate Buy" and a consensus price target of $211.53.

About Alphabet

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.