OLD National Bancorp IN Sells 3,177 Shares of Alphabet Inc. $GOOGL

Key Points

• OLD National Bancorp IN trimmed its Alphabet stake by 3,177 shares in the first quarter, leaving it with 426,925 shares worth about $122.8 million. Alphabet remains a meaningful holding, making up 2.1% of the firm’s portfolio.
• Wall Street sentiment remains bullish on GOOGL, with multiple firms reiterating buy-equivalent ratings and raising price targets. The stock’s consensus rating is “Moderate Buy,” with an average target price of $413.90.
• Alphabet continues to show strong operating momentum, recently beating quarterly EPS and revenue estimates and increasing its quarterly dividend to $0.22 per share. However, the article also notes ongoing regulatory and legal pressure in areas like antitrust and app-store fees.

OLD National Bancorp IN reduced its position in Alphabet Inc. (NASDAQ:GOOGL - Free Report) by 0.7% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 426,925 shares of the information services provider's stock after selling 3,177 shares during the period. Alphabet comprises about 2.1% of OLD National Bancorp IN's portfolio, making the stock its 9th biggest holding. OLD National Bancorp IN's holdings in Alphabet were worth $122,767,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. CIBC Bancorp USA Inc. acquired a new stake in shares of Alphabet in the third quarter valued at about $416,217,000. NewEdge Wealth LLC boosted its position in Alphabet by 11.8% during the fourth quarter. NewEdge Wealth LLC now owns 887,209 shares of the information services provider's stock worth $277,696,000 after acquiring an additional 93,293 shares during the last quarter. World Investment Advisors boosted its position in Alphabet by 9.2% during the fourth quarter. World Investment Advisors now owns 274,761 shares of the information services provider's stock worth $86,000,000 after acquiring an additional 23,107 shares during the last quarter. Retail Employees Superannuation Pty Ltd as trustee for Retail Employees Superannuation Trust purchased a new stake in Alphabet during the 4th quarter valued at about $28,902,000. Finally, Private Advisory Group LLC raised its holdings in Alphabet by 12.2% in the 4th quarter. Private Advisory Group LLC now owns 24,717 shares of the information services provider's stock valued at $7,736,000 after acquiring an additional 2,678 shares during the last quarter. Institutional investors and hedge funds own 40.03% of the company's stock.

Analyst Ratings Changes

A number of research firms have weighed in on GOOGL. KeyCorp reissued an "overweight" rating and issued a $425.00 target price on shares of Alphabet in a research note on Wednesday, May 20th. Mizuho upped their price target on Alphabet from $420.00 to $460.00 and gave the company an "outperform" rating in a research report on Wednesday, May 6th. Citizens Jmp reaffirmed a "market outperform" rating and issued a $515.00 price target on shares of Alphabet in a report on Wednesday, May 20th. Rothschild & Co Redburn lifted their price objective on Alphabet from $390.00 to $430.00 and gave the stock a "buy" rating in a research report on Thursday, April 30th. Finally, Deutsche Bank Aktiengesellschaft reissued a "buy" rating on shares of Alphabet in a research note on Tuesday, April 28th. Two equities research analysts have rated the stock with a Strong Buy rating, forty-seven have issued a Buy rating and five have given a Hold rating to the company's stock. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target of $413.90.

Alphabet News Summary

Here are the key news stories impacting Alphabet this week:

• Positive Sentiment: Alphabet’s addition to the Dow Jones Industrial Average is boosting visibility and may increase index-related demand for GOOGL. Alphabet debuts in Dow Jones Industrial Average as index tilts toward tech
• Positive Sentiment: Google’s Nano Banana 2 Lite launch could strengthen its AI product lineup by offering a faster, cheaper creation tool. Google introduces a faster, cheaper image generator with Nano Banana 2 Lite
• Positive Sentiment: Visa and Google signing onto OpenUSD expands Alphabet’s footprint in digital payments infrastructure. Visa and Google Sign on to Use Money Movement Stablecoin OpenUSD
• Neutral Sentiment: Recent insider stock sales by Alphabet directors and executives appear routine and are not large enough on their own to change the investment thesis. Director Frances Arnold sold 112 shares of Alphabet stock
• Negative Sentiment: A Swedish court ordered Google to pay damages in an antitrust case, reinforcing legal risk around its shopping and search practices. Swedish court orders Google pay $1.46 bn for favoring its price comparisons
• Negative Sentiment: UK regulators are moving against app-store fees and payment restrictions, which could pressure Google’s app platform economics. UK targets Apple, Google app store fees for developers

Alphabet Trading Up 1.1%

Shares of GOOGL stock opened at $361.21 on Thursday. Alphabet Inc. has a fifty-two week low of $172.77 and a fifty-two week high of $408.61. The company has a 50 day moving average price of $370.08 and a 200 day moving average price of $333.88. The stock has a market capitalization of $4.38 trillion, a P/E ratio of 27.55, a price-to-earnings-growth ratio of 1.53 and a beta of 1.24. The company has a debt-to-equity ratio of 0.16, a quick ratio of 1.92 and a current ratio of 1.92.

Alphabet (NASDAQ:GOOGL - Get Free Report) last released its earnings results on Wednesday, April 29th. The information services provider reported $5.11 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $2.64 by $2.47. Alphabet had a net margin of 37.92% and a return on equity of 38.99%. The company had revenue of $109.90 billion for the quarter, compared to analyst estimates of $106.98 billion. Equities research analysts predict that Alphabet Inc. will post 14.3 EPS for the current fiscal year.

Alphabet Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, June 15th. Investors of record on Monday, June 8th were issued a $0.22 dividend. This represents a $0.88 dividend on an annualized basis and a yield of 0.2%. This is a boost from Alphabet's previous quarterly dividend of $0.21. The ex-dividend date was Monday, June 8th. Alphabet's dividend payout ratio (DPR) is 6.71%.

Insider Activity

In other Alphabet news, Director Frances Arnold sold 112 shares of the stock in a transaction that occurred on Tuesday, June 30th. The shares were sold at an average price of $351.28, for a total value of $39,343.36. Following the sale, the director directly owned 18,833 shares of the company's stock, valued at approximately $6,615,656.24. This represents a 0.59% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, major shareholder 2019 Gp L.L.C. Gv sold 87,475 shares of the firm's stock in a transaction on Friday, May 15th. The shares were sold at an average price of $23.75, for a total transaction of $2,077,531.25. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 160,465 shares of company stock worth $8,020,511 over the last three months. Company insiders own 11.61% of the company's stock.

Alphabet Company Profile

Alphabet Inc is the holding company created in 2015 to organize Google and a portfolio of businesses developing technologies beyond Google's core internet services. Its principal operations are led by Google, which builds and operates consumer-facing products such as Google Search, YouTube, Android, Chrome, Gmail, Google Maps and Google Workspace, as well as advertising platforms (Google Ads and AdSense) that historically generate the majority of its revenue. Google also develops consumer hardware (Pixel phones, Nest smart-home devices, Chromecast) and developer and distribution platforms such as Google Play.

Beyond Google's consumer and advertising businesses, Alphabet invests in enterprise and infrastructure offerings through Google Cloud, which provides cloud computing, data analytics and productivity services to businesses and institutions.

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