Alphabet Inc. (NASDAQ:GOOGL) is Kinney Asset Management LLC's 3rd Largest Position

Key Points

• Kinney Asset Management LLC reduced its holdings in Alphabet Inc. by 37.9%, making it their 3rd largest position at approximately 16.6% of total assets, valued at $12.65 million.
• In the last quarter, several hedge funds, including FMR LLC and GAMMA Investing LLC, significantly increased their positions in Alphabet, reflecting a broader interest from institutional investors.
• Alphabet announced a quarterly dividend of $0.21 per share, to be paid on September 15th, with a 0.4% yield based on its current valuation.

Kinney Asset Management LLC lessened its holdings in shares of Alphabet Inc. (NASDAQ:GOOGL - Free Report) by 37.9% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 81,799 shares of the information services provider's stock after selling 50,000 shares during the period. Alphabet accounts for approximately 16.6% of Kinney Asset Management LLC's holdings, making the stock its 3rd biggest position. Kinney Asset Management LLC's holdings in Alphabet were worth $12,649,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently modified their holdings of GOOGL. FMR LLC lifted its holdings in shares of Alphabet by 9.8% during the fourth quarter. FMR LLC now owns 248,416,916 shares of the information services provider's stock valued at $47,025,322,000 after purchasing an additional 22,100,902 shares during the last quarter. GAMMA Investing LLC increased its position in Alphabet by 16,993.2% during the 1st quarter. GAMMA Investing LLC now owns 16,062,457 shares of the information services provider's stock valued at $2,483,898,000 after buying an additional 15,968,487 shares in the last quarter. Northern Trust Corp raised its stake in Alphabet by 17.0% during the fourth quarter. Northern Trust Corp now owns 69,616,854 shares of the information services provider's stock valued at $13,178,470,000 after buying an additional 10,135,430 shares during the last quarter. Capital Research Global Investors boosted its holdings in Alphabet by 16.2% in the fourth quarter. Capital Research Global Investors now owns 72,033,086 shares of the information services provider's stock worth $13,635,878,000 after acquiring an additional 10,037,685 shares in the last quarter. Finally, Wellington Management Group LLP boosted its holdings in Alphabet by 15.9% in the fourth quarter. Wellington Management Group LLP now owns 66,050,135 shares of the information services provider's stock worth $12,503,291,000 after acquiring an additional 9,042,271 shares in the last quarter. 40.03% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

GOOGL has been the subject of several analyst reports. Piper Sandler raised their price target on Alphabet from $195.00 to $220.00 and gave the company an "overweight" rating in a report on Thursday, July 24th. Westpark Capital raised their price objective on shares of Alphabet from $210.00 to $220.00 and gave the company a "buy" rating in a research note on Thursday, July 24th. Truist Financial reiterated a "buy" rating and issued a $200.00 target price on shares of Alphabet in a research note on Wednesday, July 2nd. KeyCorp increased their price target on shares of Alphabet from $215.00 to $230.00 and gave the company an "overweight" rating in a report on Thursday, July 24th. Finally, BNP Paribas Exane restated a "neutral" rating and issued a $172.00 price objective on shares of Alphabet in a report on Friday, June 27th. Ten investment analysts have rated the stock with a hold rating, twenty-nine have given a buy rating and four have given a strong buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average target price of $211.53.

Insider Activity at Alphabet

In related news, insider John Kent Walker sold 23,820 shares of the business's stock in a transaction dated Monday, August 4th. The stock was sold at an average price of $194.70, for a total value of $4,637,754.00. Following the sale, the insider directly owned 42,999 shares in the company, valued at approximately $8,371,905.30. The trade was a 35.65% 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 John L. Hennessy sold 400 shares of the stock in a transaction that occurred on Monday, July 14th. The shares were sold at an average price of $181.98, for a total value of $72,792.00. Following the transaction, the director directly owned 6,013 shares of the company's stock, valued at approximately $1,094,245.74. The trade was a 6.24% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 273,219 shares of company stock valued at $49,474,273. 11.55% of the stock is currently owned by insiders.

Alphabet Stock Performance

NASDAQ:GOOGL opened at $201.42 on Monday. The stock has a 50-day moving average price of $180.89 and a 200 day moving average price of $172.80. The stock has a market capitalization of $2.44 trillion, a P/E ratio of 21.45, a P/E/G ratio of 1.36 and a beta of 1.01. Alphabet Inc. has a 12-month low of $140.53 and a 12-month high of $207.05. 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 announced its quarterly earnings data on Wednesday, July 23rd. The information services provider reported $2.31 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $2.15 by $0.16. The business had revenue of $96,428,000 billion during the quarter, compared to analyst estimates of $93.60 billion. Alphabet had a net margin of 31.12% and a return on equity of 34.31%. Equities research analysts forecast that Alphabet Inc. will post 8.9 EPS for the current fiscal 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. This represents a $0.84 dividend on an annualized basis and a yield of 0.4%. The ex-dividend date is Monday, September 8th. Alphabet's payout ratio is currently 8.95%.

Alphabet 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.

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