Corebridge Financial Inc. Sells 62,330 Shares of Alphabet Inc. $GOOGL

Key Points

• Corebridge Financial Inc. has reduced its stake in Alphabet Inc. by 3.9%, selling 62,330 shares and now holding 1,532,313 shares, representing 1.4% of its investment portfolio.
• CEO Sundar Pichai sold 32,500 shares of Alphabet at an average price of $178.52, decreasing his ownership by 1.25% to approximately $457 million.
• Alphabet announced a quarterly dividend of $0.21 per share, with an annualized dividend yield of 0.4%, payable on September 15th to shareholders of record on September 8th.

Corebridge Financial Inc. lowered its holdings in shares of Alphabet Inc. (NASDAQ:GOOGL - Free Report) by 3.9% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,532,313 shares of the information services provider's stock after selling 62,330 shares during the period. Alphabet makes up 1.4% of Corebridge Financial Inc.'s holdings, making the stock its 7th largest position. Corebridge Financial Inc.'s holdings in Alphabet were worth $236,957,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also modified their holdings of the stock. Guardian Wealth Management Inc. lifted its stake in shares of Alphabet by 242.9% in the 1st quarter. Guardian Wealth Management Inc. now owns 168 shares of the information services provider's stock worth $26,000 after acquiring an additional 119 shares during the period. IMA Advisory Services Inc. acquired a new stake in shares of Alphabet in the 1st quarter worth approximately $28,000. von Borstel & Associates Inc. bought a new stake in shares of Alphabet in the 1st quarter worth $28,000. NBZ Investment Advisors LLC raised its position in Alphabet by 85.7% in the first quarter. NBZ Investment Advisors LLC now owns 195 shares of the information services provider's stock worth $30,000 after acquiring an additional 90 shares in the last quarter. Finally, Financial Gravity Asset Management Inc. bought a new stake in Alphabet in the first quarter worth about $39,000. 40.03% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Alphabet

In other Alphabet news, Director John L. Hennessy sold 600 shares of the business's stock in a transaction on Wednesday, August 13th. The shares were sold at an average price of $203.79, for a total value of $122,274.00. Following the sale, the director owned 6,316 shares of the company's stock, valued at $1,287,137.64. The trade was a 8.68% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Kavitark Ram Shriram sold 15,000 shares of the company's stock in a transaction dated Friday, July 18th. The shares were sold at an average price of $185.76, for a total transaction of $2,786,400.00. Following the completion of the sale, the director directly owned 240,400 shares in the company, valued at approximately $44,656,704. The trade was a 5.87% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 254,710 shares of company stock worth $47,225,230. Corporate insiders own 11.64% of the company's stock.

Wall Street Analyst Weigh In

GOOGL has been the subject of several recent research reports. Roth Capital increased their target price on shares of Alphabet from $205.00 to $210.00 and gave the company a "buy" rating in a research note on Thursday, July 24th. KeyCorp upped their price objective on shares of Alphabet from $215.00 to $230.00 and gave the company an "overweight" rating in a research note on Thursday, July 24th. Piper Sandler upped their price target on shares of Alphabet from $195.00 to $220.00 and gave the company an "overweight" rating in a research report on Thursday, July 24th. JMP Securities increased their target price on Alphabet from $220.00 to $225.00 and gave the company a "market outperform" rating in a report on Thursday, July 24th. Finally, Cantor Fitzgerald increased their price target on shares of Alphabet from $196.00 to $201.00 and gave the stock a "neutral" rating in a research report on Thursday, July 24th. Four analysts have rated the stock with a Strong Buy rating, twenty-nine have assigned a Buy rating and ten have issued a Hold rating to the company. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average price target of $211.53.

Alphabet Stock Performance

NASDAQ GOOGL traded up $1.27 during trading on Friday, hitting $212.91. The company's stock had a trading volume of 39,702,089 shares, compared to its average volume of 28,893,466. 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 50 day moving average price of $190.44 and a 200 day moving average price of $174.05. The firm has a market cap of $2.57 trillion, a P/E ratio of 22.67, a price-to-earnings-growth ratio of 1.43 and a beta of 1.01. Alphabet Inc. has a 52 week low of $140.53 and a 52 week high of $214.65.

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, topping the consensus estimate of $2.15 by $0.16. Alphabet had a return on equity of 34.31% and a net margin of 31.12%.The company had revenue of $96.43 billion for the quarter, compared to the consensus estimate of $93.60 billion. Equities research analysts forecast that Alphabet Inc. will post 8.9 earnings per share for the current fiscal year.

Alphabet Announces Dividend

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 issued a $0.21 dividend. This represents a $0.84 annualized dividend and a yield of 0.4%. The ex-dividend date of this dividend is Monday, September 8th. Alphabet's payout ratio is 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.