Canoe Financial LP Has $234.18 Million Stock Holdings in Alphabet Inc. $GOOGL

Key Points

• Canoe Financial LP decreased its stake in Alphabet Inc. by 7.2%, now holding 1,328,814 shares valued at approximately $234 million.
• Alphabet reported Q2 earnings of $2.31 per share, surpassing expectations and generating $96.43 billion in revenue.
• The company recently announced a quarterly dividend of $0.21, yielding 0.3% and reflecting a payout ratio of 8.95%.

Canoe Financial LP lowered its stake in shares of Alphabet Inc. (NASDAQ:GOOGL - Free Report) by 7.2% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,328,814 shares of the information services provider's stock after selling 103,200 shares during the quarter. Alphabet accounts for 3.3% of Canoe Financial LP's investment portfolio, making the stock its 5th largest holding. Canoe Financial LP's holdings in Alphabet were worth $234,177,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also bought and sold shares of the company. Nuveen LLC bought a new stake in Alphabet during the first quarter worth about $4,317,606,000. GAMMA Investing LLC increased its holdings in shares of Alphabet by 16,993.2% in the 1st quarter. GAMMA Investing LLC now owns 16,062,457 shares of the information services provider's stock worth $2,483,898,000 after purchasing an additional 15,968,487 shares in the last quarter. Vanguard Group Inc. grew its holdings in shares of Alphabet by 2.9% in the first quarter. Vanguard Group Inc. now owns 509,826,331 shares of the information services provider's stock worth $78,839,544,000 after acquiring an additional 14,307,345 shares during the period. Assenagon Asset Management S.A. grew its stake in shares of Alphabet by 307.6% during the 1st quarter. Assenagon Asset Management S.A. now owns 10,302,644 shares of the information services provider's stock valued at $1,593,201,000 after acquiring an additional 7,774,811 shares during the period. Finally, Universal Beteiligungs und Servicegesellschaft mbH bought a new stake in Alphabet during the 4th quarter valued at approximately $1,375,509,000. Hedge funds and other institutional investors own 40.03% of the company's stock.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on GOOGL. Royal Bank Of Canada boosted their target price on Alphabet from $220.00 to $260.00 and gave the company an "outperform" rating in a research report on Wednesday, September 3rd. Susquehanna boosted their target price on shares of Alphabet from $220.00 to $225.00 and gave the stock a "positive" rating in a report on Thursday, July 24th. Bank of America boosted their price target on Alphabet from $210.00 to $217.00 and gave the stock a "buy" rating in a research note on Thursday, July 24th. Sanford C. Bernstein upped their price target on shares of Alphabet from $185.00 to $195.00 and gave the company a "market perform" rating in a research note on Tuesday, July 22nd. Finally, Needham & Company LLC boosted their price objective on shares of Alphabet from $220.00 to $260.00 and gave the company a "buy" rating in a report on Wednesday, September 3rd. Three analysts have rated the stock with a Strong Buy rating, thirty-two have issued a Buy rating and ten have issued a Hold rating to the company's stock. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus target price of $231.31.

Alphabet Trading Down 0.9%

GOOGL traded down $2.19 during mid-day trading on Monday, reaching $252.53. The stock had a trading volume of 32,240,768 shares, compared to its average volume of 38,953,800. Alphabet Inc. has a 52 week low of $140.53 and a 52 week high of $256.00. The company has a debt-to-equity ratio of 0.07, a quick ratio of 1.90 and a current ratio of 1.90. The stock has a market capitalization of $3.05 trillion, a P/E ratio of 26.89, a P/E/G ratio of 1.72 and a beta of 1.01. The firm's fifty day simple moving average is $209.36 and its two-hundred day simple moving average is $180.41.

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

Alphabet Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, September 15th. Investors of record on Monday, September 8th were issued a $0.21 dividend. This represents a $0.84 dividend on an annualized basis and a yield of 0.3%. The ex-dividend date was Monday, September 8th. Alphabet's dividend payout ratio is presently 8.95%.

Insiders Place Their Bets

In other news, CAO Amie Thuener O'toole sold 2,778 shares of the stock in a transaction dated Monday, September 15th. The shares were sold at an average price of $245.00, for a total transaction of $680,610.00. Following the transaction, the chief accounting officer owned 17,293 shares of the company's stock, valued at $4,236,785. This represents a 13.84% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Kavitark Ram Shriram sold 18,566 shares of the firm's stock in a transaction that occurred 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 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. In the last quarter, insiders sold 258,088 shares of company stock valued at $52,405,304. Insiders own 11.55% of the company's stock.

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.