Forbes J M & Co. LLP Buys 4,573 Shares of Alphabet Inc. (NASDAQ:GOOGL)

Key Points

• Forbes J M & Co. LLP increased its stake in Alphabet Inc. by 2.1%, owning 227,188 shares valued at approximately $35.1 million.
• In recent transactions, insiders sold a total of 249,298 shares of Alphabet stock worth around $43.5 million over the last 90 days.
• Alphabet announced a quarterly dividend of $0.21 per share, with a yield of 0.43%, scheduled for payment on September 15th.

Forbes J M & Co. LLP lifted its holdings in Alphabet Inc. (NASDAQ:GOOGL - Free Report) by 2.1% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 227,188 shares of the information services provider's stock after acquiring an additional 4,573 shares during the period. Alphabet makes up 3.4% of Forbes J M & Co. LLP's portfolio, making the stock its 6th biggest position. Forbes J M & Co. LLP's holdings in Alphabet were worth $35,132,000 as of its most recent SEC filing.

Other hedge funds have also made changes to their positions in the company. FMR LLC increased its position in shares of Alphabet by 9.8% in the 4th quarter. FMR LLC now owns 248,416,916 shares of the information services provider's stock worth $47,025,322,000 after purchasing an additional 22,100,902 shares during the last quarter. Norges Bank acquired a new position in Alphabet in the fourth quarter worth about $24,383,677,000. Price T Rowe Associates Inc. MD grew its stake in Alphabet by 8.3% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 98,638,127 shares of the information services provider's stock worth $18,672,198,000 after purchasing an additional 7,574,417 shares in the last quarter. Capital Research Global Investors increased 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 valued at $13,635,878,000 after buying an additional 10,037,685 shares during the last quarter. Finally, 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 in the last quarter. Hedge funds and other institutional investors own 40.03% of the company's stock.

Analysts Set New Price Targets

Several research analysts have recently commented on the company. JPMorgan Chase & Co. lifted their target price on Alphabet from $200.00 to $232.00 and gave the stock an "overweight" rating in a research report on Thursday, July 24th. Susquehanna lifted their price objective on shares of Alphabet from $220.00 to $225.00 and gave the stock a "positive" rating in a report on Thursday, July 24th. Royal Bank Of Canada boosted their target price on shares of Alphabet from $200.00 to $220.00 and gave the company an "outperform" rating in a research note on Thursday, July 24th. Truist Financial restated a "buy" rating and issued a $200.00 price target on shares of Alphabet in a research report on Wednesday, July 2nd. Finally, Barclays lifted their price target on shares of Alphabet from $220.00 to $235.00 and gave the company an "overweight" rating in a report on Thursday, July 24th. Ten equities research analysts have rated the stock with a hold rating, twenty-nine have assigned a buy rating and four have issued a strong buy rating to the company. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $211.39.

Insider Buying and Selling at Alphabet

In related news, Director John L. Hennessy sold 400 shares of the company's stock in a transaction on Monday, July 14th. The stock was sold at an average price of $181.98, for a total transaction 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Sundar Pichai sold 32,500 shares of the company's stock in a transaction on Wednesday, July 16th. The shares were sold at an average price of $184.38, for a total value of $5,992,350.00. Following the transaction, the chief executive officer directly owned 2,527,392 shares in the company, valued at $466,000,536.96. The trade was a 1.27% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 249,298 shares of company stock valued at $43,505,967 in the last three months. 11.64% of the stock is currently owned by company insiders.

Alphabet Trading Up 0.4%

Shares of GOOGL stock traded up $0.78 during trading hours on Wednesday, reaching $196.53. 32,265,287 shares of the stock traded hands, compared to its average volume of 37,021,776. The company has a quick ratio of 1.90, a current ratio of 1.90 and a debt-to-equity ratio of 0.07. The firm has a market capitalization of $2.38 trillion, a PE ratio of 20.93, a PEG ratio of 1.30 and a beta of 1.00. Alphabet Inc. has a 1-year low of $140.53 and a 1-year high of $207.05. The business has a fifty day moving average price of $177.49 and a 200 day moving average price of $173.11.

Alphabet Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, September 15th. Shareholders of record on Monday, September 8th will be paid a dividend of $0.21 per share. This represents a $0.84 annualized dividend and a yield of 0.43%. The ex-dividend date is Monday, September 8th. Alphabet's dividend payout ratio (DPR) 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.