Convergence Investment Partners LLC Sells 26,820 Shares of Alphabet Inc. (NASDAQ:GOOGL)

Key Points

• Convergence Investment Partners LLC reduced its stake in Alphabet Inc. by 44.1% in the first quarter, now holding 33,986 shares valued at approximately $5.26 million.
• Alphabet's latest quarterly dividend of $0.21 per share translates to an annual yield of 0.43%, with a payout ratio of 8.95%.
• Recent analyst ratings have boosted Alphabet's price targets, with BMO Capital Markets increasing theirs from $208 to $225, reflecting a generally positive outlook on the stock.

Convergence Investment Partners LLC cut its holdings in shares of Alphabet Inc. (NASDAQ:GOOGL - Free Report) by 44.1% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 33,986 shares of the information services provider's stock after selling 26,820 shares during the period. Alphabet comprises about 1.5% of Convergence Investment Partners LLC's investment portfolio, making the stock its 14th biggest holding. Convergence Investment Partners LLC's holdings in Alphabet were worth $5,256,000 at the end of the most recent quarter.

Several other large investors also recently modified their holdings of the business. von Borstel & Associates Inc. acquired a new position in Alphabet in the first quarter valued at approximately $28,000. Financial Gravity Asset Management Inc. acquired a new position in Alphabet in the first quarter valued at approximately $39,000. Elite Financial Inc. acquired a new position in Alphabet in the first quarter valued at approximately $42,000. Anderson Financial Strategies LLC acquired a new position in Alphabet in the fourth quarter valued at approximately $49,000. Finally, EQ Wealth Advisors LLC acquired a new position in Alphabet in the first quarter valued at approximately $49,000. 40.03% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of brokerages have commented on GOOGL. Wells Fargo & Company lifted their target price on Alphabet from $184.00 to $187.00 and gave the company an "equal weight" rating in a research note on Tuesday. UBS Group lifted their price target on Alphabet from $192.00 to $202.00 and gave the company a "neutral" rating in a report on Thursday, July 24th. Tigress Financial lifted their price target on Alphabet from $220.00 to $240.00 and gave the company a "strong-buy" rating in a report on Wednesday, April 30th. Stifel Nicolaus lifted their price target on Alphabet from $200.00 to $218.00 and gave the company a "buy" rating in a report on Tuesday, July 22nd. Finally, Rosenblatt Securities lifted their price target on Alphabet from $189.00 to $191.00 and gave the company a "neutral" rating in a report on Thursday, July 24th. Ten research analysts have rated the stock with a hold rating, twenty-nine have issued a buy rating and four have assigned a strong buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of $211.39.

Insider Buying and Selling at Alphabet

In related news, CEO Sundar Pichai sold 32,500 shares of the company's stock in a transaction on Wednesday, July 2nd. The shares were sold at an average price of $178.52, for a total value of $5,801,900.00. Following the completion of the sale, the chief executive officer directly owned 2,559,892 shares in the company, valued at approximately $456,991,919.84. This represents a 1.25% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director Kavitark Ram Shriram sold 18,566 shares of the company's stock in a transaction on Friday, July 18th. The stock was sold at an average price of $185.76, for a total transaction of $3,448,820.16. Following the completion of the sale, the director owned 243,400 shares of the company's stock, valued at $45,213,984. This represents a 7.09% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 249,399 shares of company stock worth $43,525,794. 11.64% of the stock is currently owned by corporate insiders.

Alphabet Stock Down 1.4%

Shares of Alphabet stock traded down $2.77 on Friday, hitting $189.13. 34,777,882 shares of the company traded hands, compared to its average volume of 38,669,572. The company has a 50-day moving average price of $177.91 and a 200 day moving average price of $173.12. The company has a quick ratio of 1.90, a current ratio of 1.90 and a debt-to-equity ratio of 0.07. Alphabet Inc. has a 12-month low of $140.53 and a 12-month high of $207.05. The company has a market cap of $2.30 trillion, a PE ratio of 20.14, a PEG ratio of 1.30 and a beta of 1.01.

Alphabet Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, September 15th. Stockholders of record on Monday, September 8th will be issued a dividend of $0.21 per share. This represents a $0.84 annualized dividend and a dividend yield of 0.4%. The ex-dividend date is Monday, September 8th. Alphabet's payout ratio is currently 8.95%.

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.