New Mexico Educational Retirement Board lowered its stake in shares of Alphabet Inc. (NASDAQ:GOOGL - Free Report) by 2.3% in the first quarter, according to its most recent 13F filing with the SEC. The firm owned 273,020 shares of the information services provider's stock after selling 6,300 shares during the period. Alphabet makes up approximately 1.5% of New Mexico Educational Retirement Board's investment portfolio, making the stock its 7th largest position. New Mexico Educational Retirement Board's holdings in Alphabet were worth $42,220,000 at the end of the most recent reporting period.
Other hedge funds also recently added to or reduced their stakes in the company. Wealth Group Ltd. raised its position in Alphabet by 5.2% during the fourth quarter. Wealth Group Ltd. now owns 1,582 shares of the information services provider's stock worth $299,000 after acquiring an additional 78 shares during the last quarter. Eagle Capital Management LLC raised its holdings in Alphabet by 0.7% in the fourth quarter. Eagle Capital Management LLC now owns 50,132 shares of the information services provider's stock valued at $9,490,000 after acquiring an additional 371 shares in the last quarter. Brighton Jones LLC raised its holdings in shares of Alphabet by 3.9% during the fourth quarter. Brighton Jones LLC now owns 110,330 shares of the information services provider's stock worth $20,886,000 after purchasing an additional 4,110 shares during the period. Revolve Wealth Partners LLC increased its holdings in shares of Alphabet by 3.5% in the 4th quarter. Revolve Wealth Partners LLC now owns 14,930 shares of the information services provider's stock worth $2,826,000 after acquiring an additional 506 shares during the period. Finally, Highview Capital Management LLC DE grew its position in Alphabet by 3.6% in the 4th quarter. Highview Capital Management LLC DE now owns 29,100 shares of the information services provider's stock valued at $5,509,000 after buying an additional 1,003 shares in the last quarter. 40.03% of the stock is currently owned by institutional investors and hedge funds.
Alphabet Trading Up 0.3%
NASDAQ:GOOGL traded up $0.47 during midday trading on Friday, hitting $184.05. 10,761,344 shares of the company traded hands, compared to its average volume of 32,009,831. The company has a current ratio of 1.77, a quick ratio of 1.77 and a debt-to-equity ratio of 0.03. The firm's fifty day moving average is $172.26 and its 200-day moving average is $173.15. Alphabet Inc. has a 12-month low of $140.53 and a 12-month high of $207.05. The firm has a market capitalization of $2.23 trillion, a P/E ratio of 20.50, a P/E/G ratio of 1.28 and a beta of 1.00.
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 for the quarter, beating analysts' consensus estimates of $2.02 by $0.79. Alphabet had a return on equity of 34.54% and a net margin of 30.86%. The company had revenue of $76.49 billion for the quarter, compared to the consensus estimate of $89.30 billion. During the same quarter last year, the company earned $1.89 earnings per share. On average, sell-side analysts predict that Alphabet Inc. will post 8.9 EPS for the current year.
Alphabet Increases Dividend
The company also recently declared a quarterly dividend, which was paid on Monday, June 16th. Stockholders of record on Monday, June 9th were paid a $0.21 dividend. The ex-dividend date was Monday, June 9th. This is a positive change from Alphabet's previous quarterly dividend of $0.20. This represents a $0.84 dividend on an annualized basis and a dividend yield of 0.46%. Alphabet's payout ratio is currently 9.36%.
Wall Street Analyst Weigh In
GOOGL has been the subject of several research reports. Roth Capital restated a "buy" rating and set a $205.00 price objective (up previously from $180.00) on shares of Alphabet in a research report on Tuesday, July 8th. Cantor Fitzgerald boosted their target price on shares of Alphabet from $171.00 to $196.00 and gave the stock a "neutral" rating in a research report on Wednesday. BNP Paribas Exane reiterated a "neutral" rating and set a $172.00 price target on shares of Alphabet in a research note on Friday, June 27th. Tigress Financial boosted their target price on shares of Alphabet from $220.00 to $240.00 and gave the company a "strong-buy" rating in a research note on Wednesday, April 30th. Finally, Citigroup reiterated a "buy" rating and set a $203.00 price target (up previously from $200.00) on shares of Alphabet in a research report on Tuesday, June 24th. Ten research analysts have rated the stock with a hold rating, twenty-eight have issued a buy rating and four have issued a strong buy rating to the company. According to data from MarketBeat, Alphabet currently has a consensus rating of "Moderate Buy" and an average price target of $201.68.
Read Our Latest Research Report on Alphabet
Insider Transactions at Alphabet
In related news, Director Kavitark Ram Shriram sold 9,000 shares of the business's stock in a transaction on Thursday, May 22nd. The stock was sold at an average price of $175.00, for a total value of $1,575,000.00. Following the sale, the director owned 255,400 shares in the company, valued at approximately $44,695,000. The trade was a 3.40% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director John L. Hennessy sold 400 shares of the company's stock in a transaction dated Monday, July 14th. The stock was sold at an average price of $181.98, for a total value of $72,792.00. Following the transaction, the director directly owned 6,013 shares of the company's stock, valued at approximately $1,094,245.74. This represents a 6.24% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 215,843 shares of company stock valued at $37,288,490 over the last ninety days. Insiders own 11.64% of the company's stock.
Alphabet Company Profile
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Free Report)
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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