New York State Teachers Retirement System reduced its stake in Alphabet Inc. (NASDAQ:GOOGL - Free Report) by 4.4% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 4,946,642 shares of the information services provider's stock after selling 228,305 shares during the quarter. Alphabet comprises approximately 1.8% of New York State Teachers Retirement System's portfolio, making the stock its 7th biggest holding. New York State Teachers Retirement System's holdings in Alphabet were worth $764,949,000 as of its most recent SEC filing.
A number of other institutional investors and hedge funds have also bought and sold shares of GOOGL. Norges Bank bought a new position in Alphabet during the fourth quarter valued at approximately $24,383,677,000. FMR LLC grew its position in Alphabet by 9.8% during the fourth quarter. FMR LLC now owns 248,416,916 shares of the information services provider's stock valued at $47,025,322,000 after acquiring an additional 22,100,902 shares during the last quarter. GAMMA Investing LLC grew its position in 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 acquiring an additional 15,968,487 shares during the last quarter. Northern Trust Corp grew its position in Alphabet by 17.0% during the fourth quarter. Northern Trust Corp now owns 69,616,854 shares of the information services provider's stock valued at $13,178,470,000 after acquiring an additional 10,135,430 shares during the last quarter. Finally, Capital Research Global Investors grew its position in Alphabet by 16.2% during the fourth quarter. Capital Research Global Investors now owns 72,033,086 shares of the information services provider's stock valued at $13,635,878,000 after acquiring an additional 10,037,685 shares during the last quarter. 40.03% of the stock is currently owned by institutional investors.
Insider Transactions at Alphabet
In other news, Director John L. Hennessy sold 600 shares of Alphabet stock in a transaction dated Thursday, May 22nd. The stock was sold at an average price of $175.00, for a total value of $105,000.00. Following the completion of the transaction, the director owned 6,813 shares of the company's stock, valued at $1,192,275. The trade was a 8.09% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Kavitark Ram Shriram sold 10,500 shares of Alphabet stock in a transaction dated Thursday, May 22nd. The stock was sold at an average price of $175.00, for a total value of $1,837,500.00. Following the completion of the transaction, the director directly owned 261,966 shares of the company's stock, valued at approximately $45,844,050. This represents a 3.85% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 215,643 shares of company stock valued at $36,330,928 in the last quarter. 11.64% of the stock is owned by insiders.
Alphabet Stock Up 1.3%
Shares of GOOGL traded up $2.26 during trading hours on Wednesday, hitting $176.62. The company had a trading volume of 42,989,506 shares, compared to its average volume of 31,791,107. The firm has a fifty day moving average price of $169.67 and a 200-day moving average price of $173.69. The company has a debt-to-equity ratio of 0.03, a quick ratio of 1.77 and a current ratio of 1.77. The stock has a market capitalization of $2.14 trillion, a price-to-earnings ratio of 19.69, a P/E/G ratio of 1.23 and a beta of 1.00. Alphabet Inc. has a 52-week low of $140.53 and a 52-week high of $207.05.
Alphabet (NASDAQ:GOOGL - Get Free Report) last posted its quarterly earnings results on Thursday, April 24th. The information services provider reported $2.81 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.02 by $0.79. The firm had revenue of $76.49 billion during the quarter, compared to analyst estimates of $89.30 billion. Alphabet had a return on equity of 34.54% and a net margin of 30.86%. During the same quarter in the previous year, the firm earned $1.89 EPS. On average, equities research analysts forecast that Alphabet Inc. will post 8.9 EPS for the current fiscal year.
Alphabet Increases Dividend
The business also recently declared a quarterly dividend, which was paid on Monday, June 16th. Stockholders of record on Monday, June 9th were given a $0.21 dividend. This represents a $0.84 annualized dividend and a dividend yield of 0.48%. The ex-dividend date was Monday, June 9th. This is a positive change from Alphabet's previous quarterly dividend of $0.20. Alphabet's payout ratio is currently 9.36%.
Wall Street Analysts Forecast Growth
Several brokerages have recently issued reports on GOOGL. Stifel Nicolaus cut their target price on shares of Alphabet from $225.00 to $192.00 and set a "buy" rating on the stock in a report on Wednesday, April 23rd. Westpark Capital restated a "buy" rating and issued a $210.00 target price on shares of Alphabet in a report on Thursday, May 8th. Truist Financial restated a "buy" rating and issued a $200.00 target price on shares of Alphabet in a report on Wednesday, July 2nd. DA Davidson cut their target price on shares of Alphabet from $200.00 to $160.00 and set a "neutral" rating on the stock in a report on Monday, April 14th. Finally, Sanford C. Bernstein raised their target price on shares of Alphabet from $165.00 to $185.00 and gave the stock a "market perform" rating in a report on Friday, April 25th. 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 stock. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of $200.13.
Check Out Our Latest Report on Alphabet
Alphabet Company Profile
(
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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