Cim LLC Decreases Stake in Alphabet Inc. $GOOGL

Key Points

• Cim LLC reduced its stake in Alphabet Inc. by 11.2%, selling 16,565 shares, leaving it with 131,011 shares which are valued at around $20.26 million.
• Multiple institutional investors have adjusted their positions in Alphabet, with Nuveen LLC acquiring a stake worth approximately $4.32 billion and GAMMA Investing LLC increasing its position by 16,993.2%.
• Alphabet recently achieved a quarterly earnings report with $2.31 EPS, surpassing estimates and announcing a $0.21 per share dividend to be paid on September 15th.

Cim LLC cut its stake in shares of Alphabet Inc. (NASDAQ:GOOGL - Free Report) by 11.2% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 131,011 shares of the information services provider's stock after selling 16,565 shares during the period. Alphabet accounts for approximately 3.0% of Cim LLC's portfolio, making the stock its 10th largest holding. Cim LLC's holdings in Alphabet were worth $20,260,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently modified their holdings of GOOGL. Nuveen LLC bought a new stake in shares of Alphabet during the first quarter valued at about $4,317,606,000. GAMMA Investing LLC increased its position in shares of Alphabet by 16,993.2% during the first 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 during the period. Vanguard Group Inc. increased its position in shares of Alphabet by 2.9% during the first quarter. Vanguard Group Inc. now owns 509,826,331 shares of the information services provider's stock valued at $78,839,544,000 after buying an additional 14,307,345 shares during the period. Assenagon Asset Management S.A. increased its position in shares of Alphabet by 307.6% during the first 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 buying an additional 7,774,811 shares during the period. Finally, Universal Beteiligungs und Servicegesellschaft mbH bought a new position in shares of Alphabet in the fourth quarter worth approximately $1,375,509,000. 40.03% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several research firms recently weighed in on GOOGL. Oppenheimer restated an "outperform" rating and issued a $270.00 price objective (up from $235.00) on shares of Alphabet in a research report on Tuesday, September 2nd. Wells Fargo & Company upped their price objective on shares of Alphabet from $184.00 to $187.00 and gave the stock an "equal weight" rating in a research report on Tuesday, July 29th. BMO Capital Markets upped their price objective on shares of Alphabet from $208.00 to $225.00 and gave the stock an "outperform" rating in a research report on Thursday, July 24th. UBS Group upped their price objective on shares of Alphabet from $192.00 to $202.00 and gave the stock a "neutral" rating in a research report on Thursday, July 24th. Finally, DA Davidson upped their price objective on shares of Alphabet from $180.00 to $190.00 and gave the stock a "neutral" rating in a research report on Tuesday, September 2nd. Three investment analysts have rated the stock with a Strong Buy rating, thirty-two have assigned a Buy rating and ten have assigned a Hold rating to the company's stock. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $221.44.

Insider Buying and Selling at Alphabet

In other news, insider John Kent Walker sold 23,820 shares of the stock in a transaction that occurred on Monday, August 4th. The stock was sold at an average price of $194.70, for a total transaction of $4,637,754.00. Following the completion of the sale, the insider owned 42,999 shares of the company's stock, valued at approximately $8,371,905.30. This represents a 35.65% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Sundar Pichai sold 32,500 shares of the stock in a transaction that occurred on Wednesday, August 20th. The shares were sold at an average price of $199.92, for a total value of $6,497,400.00. Following the sale, the chief executive officer directly owned 2,462,392 shares of the company's stock, valued at approximately $492,281,408.64. This trade represents a 1.30% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 254,710 shares of company stock valued at $49,208,380 over the last ninety days. Insiders own 11.64% of the company's stock.

Alphabet Stock Up 0.5%

Shares of NASDAQ GOOGL opened at $240.37 on Friday. Alphabet Inc. has a one year low of $140.53 and a one year high of $242.25. The company has a debt-to-equity ratio of 0.07, a current ratio of 1.90 and a quick ratio of 1.90. The firm's 50 day simple moving average is $200.66 and its two-hundred day simple moving average is $177.03. The stock has a market capitalization of $2.91 trillion, a P/E ratio of 25.60, a PEG ratio of 1.61 and a beta of 1.01.

Alphabet (NASDAQ:GOOGL - Get Free Report) last issued its quarterly earnings results on Wednesday, July 23rd. The information services provider reported $2.31 EPS for the quarter, beating analysts' consensus estimates of $2.15 by $0.16. Alphabet had a net margin of 31.12% and a return on equity of 34.31%. The business had revenue of $96.43 billion for the quarter, compared to analysts' expectations of $93.60 billion. As a group, analysts expect that Alphabet Inc. will post 8.9 EPS for the current fiscal year.

Alphabet Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, September 15th. Shareholders of record on Monday, September 8th will be given a dividend of $0.21 per share. This represents a $0.84 dividend on an annualized basis and a yield of 0.3%. The ex-dividend date is Monday, September 8th. Alphabet's dividend payout ratio (DPR) is presently 8.95%.

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.

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