Alphabet Inc. (NASDAQ:GOOGL) is Manitou Investment Management Ltd.'s 2nd Largest Position

Manitou Investment Management Ltd. grew its position in shares of Alphabet Inc. (NASDAQ:GOOGL - Free Report) by 15.5% during the 1st quarter, according to the company in its most recent disclosure with the SEC. The fund owned 336,127 shares of the information services provider's stock after purchasing an additional 45,153 shares during the quarter. Alphabet makes up about 10.1% of Manitou Investment Management Ltd.'s holdings, making the stock its 2nd largest position. Manitou Investment Management Ltd.'s holdings in Alphabet were worth $51,979,000 at the end of the most recent reporting period.

Several other hedge funds also recently made changes to their positions in the company. Compass Planning Associates Inc acquired a new stake in shares of Alphabet during the fourth quarter worth about $30,000. PayPay Securities Corp boosted its stake in shares of Alphabet by 36.1% during the fourth quarter. PayPay Securities Corp now owns 245 shares of the information services provider's stock worth $46,000 after buying an additional 65 shares during the period. Anderson Financial Strategies LLC acquired a new stake in shares of Alphabet during the fourth quarter worth about $49,000. Navigoe LLC acquired a new stake in shares of Alphabet during the fourth quarter worth about $51,000. Finally, Prudent Man Investment Management Inc. acquired a new stake in shares of Alphabet during the fourth quarter worth about $53,000. Hedge funds and other institutional investors own 40.03% of the company's stock.

Insiders Place Their Bets

In other Alphabet news, CAO Amie Thuener O'toole sold 673 shares of Alphabet stock in a transaction that occurred on Tuesday, April 1st. The shares were sold at an average price of $155.33, for a total value of $104,537.09. Following the completion of the sale, the chief accounting officer now directly owns 15,303 shares of the company's stock, valued at approximately $2,377,014.99. The trade was a 4.21% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Sundar Pichai sold 32,500 shares of Alphabet stock in a transaction that occurred on Wednesday, June 4th. The stock was sold at an average price of $168.71, for a total transaction of $5,483,075.00. Following the completion of the sale, the chief executive officer now directly owns 2,587,696 shares of the company's stock, valued at $436,570,192.16. The trade was a 1.24% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 195,570 shares of company stock valued at $32,003,532. Company insiders own 11.64% of the company's stock.

Analyst Ratings Changes

Several equities research analysts have recently weighed in on the stock. DA Davidson decreased their target price on shares of Alphabet from $200.00 to $160.00 and set a "neutral" rating for the company in a research note on Monday, April 14th. JPMorgan Chase & Co. decreased their target price on shares of Alphabet from $220.00 to $180.00 and set an "overweight" rating for the company in a research note on Tuesday, April 8th. KeyCorp increased their target price on shares of Alphabet from $185.00 to $195.00 and gave the stock an "overweight" rating in a research note on Friday, April 25th. Bank of America increased their target price on shares of Alphabet from $185.00 to $200.00 and gave the stock a "buy" rating in a research note on Friday, April 25th. Finally, Truist Financial decreased their target price on shares of Alphabet from $220.00 to $200.00 and set a "buy" rating for the company in a research note on Thursday, April 17th. Ten research analysts have rated the stock with a hold rating, twenty-six have given a buy rating and four have issued a strong buy rating to the stock. According to MarketBeat.com, Alphabet currently has a consensus rating of "Moderate Buy" and an average target price of $199.75.

Alphabet Price Performance

Shares of Alphabet stock traded down $1.65 during trading on Thursday, hitting $175.70. 20,879,613 shares of the company were exchanged, compared to its average volume of 30,364,105. The company has a quick ratio of 1.84, a current ratio of 1.84 and a debt-to-equity ratio of 0.03. Alphabet Inc. has a fifty-two week low of $140.53 and a fifty-two week high of $207.05. The stock has a market capitalization of $2.13 trillion, a price-to-earnings ratio of 21.83, a P/E/G ratio of 1.34 and a beta of 1.01. The firm has a 50 day moving average price of $162.29 and a 200 day moving average price of $174.57.

Alphabet (NASDAQ:GOOGL - Get Free Report) last issued its quarterly earnings data on Thursday, April 24th. The information services provider reported $2.81 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.02 by $0.79. Alphabet had a return on equity of 32.49% and a net margin of 28.60%. The firm had revenue of $76.49 billion during the quarter, compared to the consensus estimate of $89.30 billion. During the same period in the previous year, the firm posted $1.89 EPS. On average, equities analysts expect that Alphabet Inc. will post 8.9 earnings per share for the current fiscal year.

Alphabet Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, June 16th. Shareholders of record on Monday, June 9th will be paid a $0.21 dividend. This is a boost from Alphabet's previous quarterly dividend of $0.20. This represents a $0.84 annualized dividend and a yield of 0.48%. The ex-dividend date is Monday, June 9th. Alphabet's payout ratio is presently 9.36%.

Alphabet Company 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.