Knightsbridge Asset Management LLC Sells 3,648 Shares of Alphabet Inc. $GOOGL

Key Points

• Knightsbridge Asset Management LLC reduced its stake in Alphabet Inc. by 6.1%, selling 3,648 shares and holding 55,744 shares valued at approximately $8.62 million.
• Alphabet recently announced a quarterly dividend of $0.21 per share, set to be paid on September 15th, representing an annualized yield of 0.4%.
• The company's stock has shown significant performance, with a 1-year high of $235.76 and a market capitalization of approximately $2.84 trillion.

Knightsbridge Asset Management LLC lessened its stake in Alphabet Inc. (NASDAQ:GOOGL - Free Report) by 6.1% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 55,744 shares of the information services provider's stock after selling 3,648 shares during the period. Alphabet accounts for about 2.1% of Knightsbridge Asset Management LLC's portfolio, making the stock its 13th largest position. Knightsbridge Asset Management LLC's holdings in Alphabet were worth $8,620,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors also recently added to or reduced their stakes in the stock. Nia Impact Advisors LLC boosted its stake in Alphabet by 0.3% during the fourth quarter. Nia Impact Advisors LLC now owns 17,161 shares of the information services provider's stock valued at $3,249,000 after buying an additional 59 shares in the last quarter. Enzi Wealth boosted its stake in Alphabet by 2.5% during the first quarter. Enzi Wealth now owns 2,561 shares of the information services provider's stock valued at $408,000 after buying an additional 62 shares in the last quarter. Whipplewood Advisors LLC boosted its stake in Alphabet by 1.2% during the first quarter. Whipplewood Advisors LLC now owns 5,438 shares of the information services provider's stock valued at $817,000 after buying an additional 67 shares in the last quarter. Aspire Capital Advisors LLC boosted its stake in Alphabet by 1.0% during the first quarter. Aspire Capital Advisors LLC now owns 7,020 shares of the information services provider's stock valued at $1,086,000 after buying an additional 67 shares in the last quarter. Finally, Rainey & Randall Wealth Advisors Inc. boosted its stake in Alphabet by 2.1% during the first quarter. Rainey & Randall Wealth Advisors Inc. now owns 3,209 shares of the information services provider's stock valued at $496,000 after buying an additional 67 shares in the last quarter. Hedge funds and other institutional investors own 40.03% of the company's stock.

Alphabet Stock Down 0.4%

Shares of GOOGL traded down $0.96 during midday trading on Monday, reaching $234.04. 32,427,222 shares of the stock were exchanged, compared to its average volume of 34,085,072. Alphabet Inc. has a 12-month low of $140.53 and a 12-month high of $238.13. The firm has a 50 day simple moving average of $196.95 and a 200-day simple moving average of $175.73. 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 company has a market cap of $2.83 trillion, a price-to-earnings ratio of 24.92, a P/E/G ratio of 1.58 and a beta of 1.01.

Alphabet (NASDAQ:GOOGL - Get Free Report) last posted its quarterly earnings results on Wednesday, July 23rd. The information services provider reported $2.31 earnings per share for the quarter, topping analysts' consensus estimates 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 during the quarter, compared to the consensus estimate of $93.60 billion. Research analysts forecast that Alphabet Inc. will post 8.9 EPS for the current year.

Alphabet Announces Dividend

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

Insider Transactions at Alphabet

In other news, CEO Sundar Pichai sold 32,500 shares of the firm's stock in a transaction dated Wednesday, September 3rd. The stock was sold at an average price of $229.73, for a total transaction of $7,466,225.00. Following the completion of the sale, the chief executive officer directly owned 2,429,892 shares of the company's stock, valued at $558,219,089.16. This trade represents a 1.32% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Kavitark Ram Shriram sold 15,000 shares of the firm's stock in a transaction dated Friday, July 18th. The stock was sold at an average price of $185.76, for a total value of $2,786,400.00. Following the sale, the director directly owned 240,400 shares of the company's stock, valued at $44,656,704. This trade represents a 5.87% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 254,710 shares of company stock valued at $49,208,380 over the last 90 days. Company insiders own 11.55% of the company's stock.

Wall Street Analyst Weigh In

A number of equities analysts recently weighed in on GOOGL shares. JPMorgan Chase & Co. increased their price target on Alphabet from $200.00 to $232.00 and gave the company an "overweight" rating in a research report on Thursday, July 24th. Loop Capital reiterated a "hold" rating and issued a $190.00 price target (up previously from $165.00) on shares of Alphabet in a research report on Tuesday, August 5th. Roth Capital increased their price target on Alphabet from $205.00 to $210.00 and gave the company a "buy" rating in a research report on Thursday, July 24th. DA Davidson increased their price target on Alphabet from $180.00 to $190.00 and gave the company a "neutral" rating in a research report on Tuesday, September 2nd. Finally, Wall Street Zen lowered Alphabet from a "buy" rating to a "hold" rating in a research report on Friday. Four research analysts have rated the stock with a Strong Buy rating, thirty-one have given a Buy rating and ten have given a Hold rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $221.44.

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.